Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. BP buy back plans extended but challenges ahead
Q1 numbers are out from BP LON:BP. this morning, with a replacement cost profit of $1,606m being reported, up from $1,526m in the previous quarter but well down on the number printed a year ago. The dividend is being held at 7.27c per share and a further $1.75bn share buy back has been announced. The outlook isn’t entirely positive with concern noted over margins and Q2 upstream production expected to fall, too.
#2. Mixed bag from Totally
AIM listed Totally LON:TLY has issued a full year trading update this morning, noting an improved performance against a tough operational backdrop. Revenues are set to be down by more than 25% but the cash position is notably improved from a year ago. Work has also been undertaken to trim overheads.
#3. Games developer Frontier eyes improved full year outlook
Another AIM listed company, video games developer Frontier LON:FDEV has issued a trading update this morning. Coming just a matter of weeks after its last note to the market, management note that recent performance has been upbeat, the board expect FY revenues to be at least £85m and EBITDA for the period to come in above previous expectations – although still posting a loss.
