We have first quarter earnings from BP out this morning and the company has comprehensively beaten analyst expectations. High crude prices are clearly a key driver here whilst payments in the wake of the Gulf of Mexico oil spill are also being wound down. Yes there are longer term questions over the use of fossil fuels, but the company is reigning in spending and investors seem as if they’ll have something to cheer in at least the medium term.
There’s a Q1 update from Just Eat out this morning as well, showing continued growth for the online food ordering business. Revenues are up 49% despite order numbers only rising 32%, showing a growing focus on more expensive foods. Acquisition and the timing of Easter have both proved flattering for the comparators, but that pivot towards working with more expensive partners could prove key, with revenues collected as a percentage of the order value.
Good news for shareholders in Aviva, with the company announcing that it is to start a £600m share buy back. The business is so flush with cash that it’s already admirable 5.2% dividend yield is set to increase further, so the decision has been taken to return some cash to shareholders using a different approach. With a market cap of just over £20 billion, this buy back equates to around 3% of the shares in circulation.