Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Intertek sees margins recovering
Intertek LON:ITRK issued a trading statement this morning noting a strong start to the year with accelerated like for like revenue growth being noted. Margin progression has also been seen and the full year outlook has been reiterated. Management note that clients are increasing their focus on risk-based quality assurance and the company believes it’s on track to return to peak margin performance which stood at 17.5%.
- UK Stock Market News: Abingdon Health, Wood Group, Team Internet
- UK Stock Market News: NatWest, SEGRO, Wood Group
- UK Stock Market News: ME Group, Wood Group, Judges
#2. Wood Group rebuts latest bid approach
Wood Group LON:WG. has this morning responded to a third offer a suitor has made for the business, again noting that the modest uptick in the offer fails to recognise the value of the company. With the clock ticking, the suitor – Sidara – has less than two weeks to announce a firm bid. With such a modest premium being offered it could well be a difficult one to sell.
#3. PensionBee looks state-side for growth
PensionBee [LON:BPEE] has provided an update on its plans to move into the US market, the world’s largest when it comes to defined contributions pensions. A previously announced non-binding agreement with an institutional partner has now been formalised. Management add that given the enormous market opportunity in the US, PensionBee sees potential for this arm of the business to grow rapidly, at least matching the size of the UK business over the next decade. Perhaps the real story here is about the anticipated success of a UK fintech play looking state-side.
