Three things you need to know in the financial markets today from investment writer, Tony Cross.
1. WISE full year results show 33% revenue growth
Payments company WISE (LON:WISE) published full year results this morning, sustaining revenue growth at 33% for the year to 31st March, whilst payment costs came down 8bps whilst gross profits grew to 43%. Customer numbers also grew by 29% with business accounts growing faster but from a far smaller base than the consumer equivalent. Expectations are that revenue growth for the current FY will be between 30% and 35%.
2. Petrofac: high oil price lending support
A pre-close trading update from Petrofac (LON:PFC) for the six month period to 30th June was in line with expectations set out at the AGM. The company continues to benefit from the high underlying oil price and although project delays are still being accrued off the back of the COVID pandemic, there’s now a growing order backlog for engineering and construction work.
3. Metro Bank cap requirements lowered
Metro Bank (LON:MTRO) has this morning advised the market that the Prudential Regulation Authority has reduced the bank’s pillar 2A cap requirement from 1.11% to 0.5%, whilst the minimum requirement for own funds and eligible liabilities, as set by the Bank of England, has also been reduced to 17%. Both took effect from yesterday and on the basis this ought to free up capital, the share price reaction will be worth watching.
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