Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Lloyds Bank profit unchanged as impairments rise
Full year numbers are out from Lloyds Banking Group LON:LLOY this morning. Pre-tax profits remain unchanged at £6.9bn, reflecting higher net income, lower total costs and an increase in impairment charges to £1.5bn. The closely watched Return on Tangible Equity figure sits at 13.5% and is expected to hold here for FY 2023, increasing to more than 15% by 2026. A final dividend of 1.6p per Lloyds share is being recommended, taking the full year payout up by 20%.
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#2. Slump in metals prices hits Rio Tinto profits
Rio Tinto LON:RIO also has its full year numbers out with wavering demand and rising costs taking a toll on the company’s fortunes. Profits are down by 38% with softer prices across the board and the company has as a result missed forecasts. The dividend is being culled as a result although if the global economic outlook can continue to stabilise, this may yet prove to be a short-lived issue for the sector.
#3. Steady performance at Angling Direct despite macro headwinds
AIM listed Angling Direct LON:ANG has a full year trading update out today. Numbers are in line with management expectations, where a modest uptick in revenue has been recorded. Physical store sales continue to grow as the company expands its footprint, whilst continental European sales are also performing well in the online channel. Full year EBITDA is now expected to be in line with market forecasts.
