Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Bumper revenue, EBITDA growth at Gaming Realms
Interims from Gaming Realms LON:GMR have been released this morning, with the company noting an 18% uptick in revenues, whilst adjusted EBITDA grew by 30%. Strong cash generation has bolstered reserves and whilst adverse currency movements have delivered an impact, the momentum seen in H1 is reported as carrying into the second half. The current trajectory is seen as being sustainable.
2. Record H1 for Norman Broadbent
Recruiter Norman Broadbent LON:NBB also issued interims this morning. Despite the challenges facing the sector, the company posted net fee income of a record £6m, which was reflected in strong EBITDA growth. The quality and volume of work is seen as continuing to improve, whilst the fee income uptick has been delivered without needing to up headcount. It seems as if there’s plenty to cheer with this.
3. Share buyback launched at Foxtons
Estate agency Foxtons LON:FOXT has this morning announced the launch of a £3m share buyback. Equating to just under 2% of the company’s market capitalisation, the deal will be funded out of cash and the existing credit lines. Of interest, the note also highlights the fact that low underlying liquidity could see the transactions driving the buyback accounting for more than 25% of daily volumes and as such the company may consequently not benefit from exemptions in the market abuse regulations.
