Three developing stories at the UK stock market open.
1. £125m buyback from Balfour Beatty
There are full year numbers out from Balfour Beatty LON:BBY this morning, noting pre-tax underlying profits up by 11% and a significantly strengthened order book compared to the position from a year ago. That’s paving the way for a 9% increase in full year dividends and a further £125m share buy back. The outlook is seen as being positive, with good visibility in the short term and significant potential in the longer term.
2. Business update from QBT as BTC price languishes
There’s a business update out from Quantum Blockchain Technologies LON:QBT. This looks at some of the product development the company has undertaken in recent years to make bitcoin mining more efficient, where it notes that disruptive products have now reached proof points. The company will be participating in a number of BTC events in the coming months, showcasing the products and potentially garnering more investor support.
3. FY earnings include £500m buyback from Legal & General
Full year numbers from Legal & General LON:LGEN are out today, with core operating profits up by 6%, a 5% uptick in dividends and news of a £500m share buyback. The Asset Management division did deliver a notably reduced contribution but that’s accounted for by increased investment in the product, with free revenue up on a diminished AUM. Management note that there’s strong momentum across the company’s three key divisions.
