Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
1. Pennon shareholders eye bumper dividend payout
Full year results are out from Pennon LON:PNN this morning, showing revenues up 22%, operating profits up 10.2% and the shareholder dividend being maintained at CPIH +2%. Write downs however probably leave the company in a better position than many utilities when it comes to criticism over the cost of living crisis, with “profit for the year” being reported as just £15.6m against the £1.76bn posted a year ago.
2. CPP trading update shows downside pressures
AIM-listed CPP LON:CPP published a trading update noting that its performance over the first three months was in line with expectations and revenues are 4% up from the comparative period. However, additional costs associated with the change management programme have resulted in a lowering of expectations for both the 2022 and 2023 financial years. EBITDA from continuing operations for the current FY is expected to be in the range of £5.8 million to £6.3 million, with a similar forecast for the 2023 financial year outturn.
3. B&M Retail’s CEO succession
B&M Retail LON:BME has this morning announced that the group’s CFO is to become its new CEO. This follows an announcement in late April that incumbent Simon Arora intends to retire. A handover plan is being prepared although both will remain in their existing roles for the time being.
