Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Profits double at insurer Beazley
Half year numbers are out from insurer Beazley LON:BEZ this morning, with premiums written up by 7% but profits have surged, almost doubling to a record $729m. Management note the company’s expertise in underwriting and active risk selection as being key drivers in delivering the result.
#2. Helios Towers profits surge and guidance tightened
Mobile mast operator Helios Towers LON:HTWS has published its interim numbers today with revenues adding a further 11% and operating profits advancing 91% to $132m. Net debt continues to creep higher however although ratings upgrades from credit agencies have been delivered too, which will be lowering the costs of servicing this. Guidance has been tightened towards the upper end of previously stated ranges.
#3. Political stability sees sales growth at Persimmon
Housebuilder Persimmon LON:PSN published half year numbers with completions rising slightly against the comparative, whilst revenues added around 10%. An interim dividend of 20p – unchanged from a year ago – has been declared and management add that the full year outlook is positive with completions set to come in at the top end of previously offered guidance. The private sales rate since the 1st of July is up 68% on last year.