The Asian-focused bank Standard Chartered published its first quarter earnings this morning and there’s no doubting that investors liked what they saw. Whilst impairment charges were significantly higher, pre-tax profits rose by more than 5%, whilst management also noted double digit income growth. Shares were sitting almost 7% higher in early trade.
A trading statement from insurers Hiscox this morning may have contained no big surprises but investors were evidently keen to cash out as a result, with the stock down almost 4% an hour into the day, propping up the FTSE-250 as a result. At a more granular level, some contraction was seen in individual business units, but this is expected to be short-lived.
Shares in Revolution Bars Group jumped by some 14% in early trade today, after the company confirmed media speculation that it was in talks with fellow leisure operator, Nightcap. Revolution has been struggling for some time with higher costs and strained disposable incomes from its patrons combining to create a perfect storm. Strategic options include a wholesale disposal of the business and the share price is responding to this prospect, although still trades down 70% since the start of the year.
Headlines we expect on Friday
Intercontinental Hotels Trading Update
This time last year RevPAR +33%, Global room count 915,000, Occupancy +10%
Trainline Final Results
This time last year Net sales £4,323m, Operating profit £28m, Basic eps 4.5p
