Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Underlying revenues, pre-tax profits up at Saga
Lifestyle and insurance brand Saga LON:SAGA published interim results this morning, noting underlying revenues up by 11% whilst pre-tax profits more than trebled. The company’s cruising business is leading the way with performance well ahead of the comparative. Insurance and underwriting also returned to profit although the broking market remained challenging. Momentum so far and strong forward bookings are expected to drive further growth for the full year.
#2. US investment play adds to Vistry stake
Housebuilder Vistry LON:VTY took a battering earlier in the week after flagging some significant accounting issues but it seems that at least some investors are sensing there’s an opportunity to be had. US investment vehicle Browning West added to its holding in the business yesterday according to reports filed this morning. The California-based investment firm added around two million shares, taking its holding just above the 9% level.
#3. Q3 update from BP appears to offer few surprises
There’s a Q3 trading update out from BP LON:BP. this morning although there doesn’t seem to be much in the way of surprises here. Production is slightly higher than a year ago, but refining margins are down a shade. Benchmark gas prices are up from Q2 whilst crude oil is down and net debt is now forecast to be higher as a result of both those refining margins and the timing of payments from divestments.
