Three developing stories at the UK stock market open.
1. Anglo American’s AAP demerger on track
Anglo American LON:AAL has this morning provided an update on the demerger of its Platinum division (AAP). Shareholder approval will be sought in April at the AGM with a primary listing in Johannesburg expected from June. AAL owns 67% of AAP – a stake that will initially drop back to just under 20% – and this means the parent company will qualify for dividend payments of around $0.6bn off the back of the latest set of earnings announced today.
2. Record revenues drive 11% uptick in Money Supermarket profits
Mony Group LON:MONY, the company behind Money Supermarket, has this morning issued full year results noting record revenues, the highest ever adjusted EBITDA and post tax profits up 11% to £80m. A slightly improved full year dividend is being proposed and management have also initiated a £30m share buyback. There’s also a degree of positivity when it comes to the outlook and ongoing cost pressures should be mitigated by efficiency gains.
3. Oxford Biomedica full year update eyes EBITDA profitability by H2 ‘25
Oxford Biomedica LON:OXB issued a full year trading update, noting a strong performance in line with forecast and an expectation that the momentum will carry through 2025. An operating EBITDA profit is expected in the second half of the current FY. Revenue backlogs are almost 60% higher than the comparative, the company has a gross cash position of £60m and a notable acceleration in performance was seen in the final quarter. Full year numbers will be published in early April.
