Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. No surprises at Beazley
Insurer Beazley LON:BEZ has published Q1 numbers this morning, reporting they are in line with guidance. Net written premiums are up 11%, making what management see as being a solid start to the year with claims activity being unremarkable. Natural catastrophe activity has been within the margins anticipated and whilst there is some softening in terms of income this is noted as being a consequence of evolving distribution models.
#2. Hipgnosis: Blackstone offer grinds higher
Hipgnosis [LON:SONG] is back in play, with the management now recommending a revised offer made by Lyra Bidco – a Blackstone affiliate – at $1.30 per share. That’s more than 10% up on the initial offer price and given the modest incremental bidding we’re seeing here, is there really much more left in the tank?
#3. Christie Group struggles in FY23, eyes brighter outlook
Full year results for 2023 are out today from Christie Group LON:CTG the service provider to the services and retail sectors. Revenues are 4.8% lower and the £5.4m operating profit from FY22 has tipped to a small loss. The combination of high interest rates and inflation have both taken a toll on the company, but management believe brighter times lie ahead. This is reflected in pipeline activity, but comes with a caveat that much of this is weighted into H2.
