Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Strong momentum in Saga’s travel divisions
Saga LON:SAGA has published a trading update ahead of its AGM, covering the first four and a half months of the year. Management note strong momentum for the cruise ship business and travel, with the latter seeing a close on 40% increase in performance year on year. The picture for insurance sales is somewhat less positive, although the travel and private medical sub-divisions here are again faring well.
- UK Stock Market News: SAGA, Assura, PageGroup
- UK Stock Market News: SThree, Computacenter, Close Brothers
- UK Stock Market News: BT, Serco, Saga
#2. SThree’s STEM contract recruitment remains in demand
Specialist recruiter SThree LON:STEM has a half year update out, noting a resilient performance driven by the company’s contract business. Group fees are down 2% although this comes against strong post-covid comparatives. Contract fees are up 3% but with this now representing more than 80% of income, it translates to something of an outperformance. Management note the long term demand for skilled STEM staff shows no sign of abating.
#3. Intercede: Bumper headline numbers and strong visibility for FY24
Cybersecurity company Intercede LON:IGP has full year numbers to 31st March out today. The company notes a 22% increase in revenue, a 20% uptick in gross profits and a 57% improvement in net margins. Strong sales of ID services to multiple government agencies are highlighted and management add that there’s good visibility of the pipeline for FY24, although to maintain momentum, investment in staff will be key.
