Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Savills: worst of the storm now over?
Savills LON:SVS the global estate agent, has this morning released half year results to 30th June. Revenues are only 2.5% lower, but underlying profits slumped by around 75% as the business accounted for well reported challenges facing the sector. The company notes that it is now seeing positive signs of recovery in select markets although uncertainty over timings means that providing accurate forward guidance remains an issue. Volumes are however expected to continue improving from current levels.
- Share tip: This FTSE 250 stock has an attractive valuation and room to grow
- This FTSE 250 stock offers great exposure to defence sector as conflicts continue
- Companies Reporting: LVMH, ASOS, Entain, Netflix, Rentokil
#2. Entain revenues advance but external risks remain
Entain LON:ENT has published interims today, showing a 19% uptick in net gaming revenues. The company is optimistic about the outlook, although remains mindful of the challenges posed by the macroeconomic environment. FY group EBITDA is tipped to be just above £1bn, against the £499m recorded in the first half. A proposed 5% increase in the dividend has been tabled, reflective of the company’s progressive policy. Management have also provided an update on an ongoing HMRC investigation which it believes may be nearing resolution on, albeit at a cost of more than £500m.
#3. Antofagasta revenues tick higher as copper prices rise
A half year report also from Antofagasta LON:ANTO is out today, noting revenues up by 14% against the comparative thanks largely to higher copper prices. Pre-tax profits were up by 12.5% and an interim dividend of 11.7 cents has been declared, in line with the company’s agreed distribution policy. Expectations are that the company’s desalination plant will continue to see capacity increasing, resulting in higher Copper production from Los Pelambres in the second half.
