Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Signs of recovery on horizon for Norman Broadbent
AIM listed recruiter Norman Broadbent LON:NBB has interim numbers out today, noting net fee income down 13% YoY against tough comparatives but up 36% on the H1 ’22 print. Given the pressures faced by the recruitment sector and reported via peers, there’s arguably some upside to be found in these numbers. Management note that whilst the timing of any full blown recovery remains difficult to predict, retainer income is improving and contraction in the labour market does seem to be easing, too.
#2. Computacenter’s margin improvement takes sting out of falling revenues
Computacenter LON:CCC also has its interims out today, with invoiced income down by 12% although margin improvement of more than 100 bps has contributed in limiting the decline in profitability to just 6%. Management are again noting tough comparatives and a normalisation in workflows as dragging but investors are benefitting from a 3% uptick in dividends. Stronger momentum is also expected in the H2 with the company having made a positive start.
#3. ImmuPharma interims show impact of Incanthera disposal
And ImmuPharma LON:IMM also delivered interims this morning, noting losses had been halved whilst expenses had also been trimmed against the comparative. In addition. the cash balance was improved, standing at £1.1m, up from £0.2m at this point a year ago, bolstered by the company’s disposal of its stake in Incanthera. Management note that there are products in late stage development but timings relating to when these may crystallise gains remain absent.
