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. Solid numbers from Hilton Foods see dividends up as profits rise
Hilton Food Group LON:HFG published full year earnings this morning noting outperformance in its core retail market with strong volume growth driving improved profitability. Adjusted operating profits were 12% higher and dividends for the full year of 34.5p will be paid a 7.8% YoY increase. The new year has started well and despite the uncertain macroeconomic backdrop, management are confident that the full year outlook remains on track.
2. Student accommodation provider Unite notes reservations down YoY
Student accommodation provider Unite LON:UTG issued a trading update this morning, noting that 75% of beds have been sold for the forthcoming academic year, down nine percentage points from the situation a year ago. Management note that is in line with the expected later leasing cycle but also claim that the business is on track to deliver 4%-5% in terms of rental growth and 97%-98% occupancy for the year ahead. Modest increases in property portfolio valuations have also been recorded.
3. £3m share buyback launched at Foxtons
A share buyback has been announced at Foxtons LON:FOXT this morning, with management committing to buy up to £3m of stock. That’s reflective of a number of factors including the company’s cash position and the current share price. With the valuation down by 15% in the last couple of weeks and the shares closing in on a test of 12 month lows, this sends an optimistic note to shareholders.
