Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
The Sage Group
Slim pickings as is often the way for a Friday, but one heavyweight on the agenda today is Sage [LON:SGE]. The UK based software company published full year numbers which showed steady revenue increases but some margin erosion. The company has put aside a relatively small sum to account for bad debts arising off the back of COVID-19 and notes that even with the economic uncertainty that prevails right now, revenues for the coming year should increase by a further 3%-5%.
ImmuPhama [LON:IMM] has given investors a date for their diaries with news this morning that a meeting with the FDA has been confirmed for December 4th. This will allow its licensing partner to seek guidance from the regulator and also apply for conditional approval of a new drug to treat an auto-immune disease whilst phase 3 trials are underway. A further update has been promised as soon as news is released, but this clearly has the ability to drive sentiment.
There’s an update out from student accommodation providers Unite [LON:UTG], highlighting the fact they have secured a site in Paddington to build an 800 bed development subject to planning permissions. The note also includes details of how the current year is progressing, noting that 88% of all beds are let, down from 98% in the previous academic year. This, combined with rental arrears means that the anticipated reduction in rental income has been adjusted to a level of up to 20%, from a previously stated 10%-20% range. However the company believes students remain committed to studying away from home and this current episode can be overcome.
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