Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Share buyback plans extended at Imperial Brands
Imperial Brands LON:IMB has this morning published its pre-close trading statement, conforming that trading has been in line with expectations. Losses in its next generation products division are continue to fall and investors are on course to receive a 4.5% uptick in dividends. Management have also increased the share buyback program, with £1.25bn set to be repurchased in FY25.
#2. Rental growth remains strong at student accommodation provider Unite
Student accommodation provider Unite Group LON:UTG has provided a Q3 trading update, noting like for like rental growth of 8.2% and occupancy levels of 97.5% for the current academic year. Guidance has been reiterated although management note that the previous academic year was exceptionally strong in terms of demand. Recently introduced caps on international students into Canada and Australia are seen as lending further support for the business going forward and asset valuations continue to trend higher.
#3. Vodafone launches 10 year AI deal with Google
News from Vodafone LON:VOD this morning that it has strengthened ties with Google NASDAQ:GOOGL. The deal, covering 10 years and deemed as a multi billion dollar transaction includes cloud, cybersecurity and devices across Europe and Africa. The move will put AI enabled devices into the hands of more users, transforming the way they work and access information. This does seem to be another sign that Vodafone is taking the initiative when it comes to growing consumer appeal with value add products.
