FTSE-250 listed lender Close Brothers issued a further update this morning in relation to the motor finance mis-selling, noting that in light of the latest FCA update it was increasing provisions on the matter. Originally set at £165m, this has been upped to £300m, reflecting the fact that more claims are now expected to be successful. The final outcome could still be materially different but the note adds that even with this revised provision, the tier 1 capital ratio would be 13%, significantly above the 9.7% regulatory requirement. The Close Brothers share price fell as much as 5% at the open before recovering some of the loss in early trade.
E-commerce retailer THG issued a Q3 trading statement this morning, noting a strong period of performance which has returned the group to revenue growth on a year to date basis. Guidance for H2 as published alongside the interim results remains on track, with management noting the company as being well positioned for the key trading period that lies ahead. The THG share price was up by more than 6% in early trade.
The strategic outsourcing and energy company Mitie published its H1 trading update before the market opened. This saw revenues up 10%, with operating profit guidance for the full year upgraded to at least £260m and the launch of a new £100m share buyback scheme was also announced. Cost synergies following a recent acquisition are also being delivered, with strong underlying momentum noted, too. Shares in Mitie Group were trading around 6% higher shortly after the bell.
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