Online investment platform AJ Bell published interim results this morning that impressed, with revenues up 19%, pre tax profits some 15% higher and margins improved by 100 bps. The company’s pricing proposition has been seen as continuing to drive inflows and management now expect the full year performance to be better than previously guided. The share buyback scheme has been extended by £15m and the AJ Bell share price was up 13% in early trade.
Interim numbers from the casual dining and bar operator Mitchells & Butler were out this morning but despite modest revenue growth and unchanged profits year-on-year, the market failed to find any upside. Given the cost headwinds faced by the wider hospitality sector that feels like an admirable performance but the outlook is jaded by uncertainty over factors ranging from consumer spending power to supply chain disruption and further government policy shifts. The M&B share price was down 9% shortly after the open.
Full year numbers from the FTSE-250 listed defence firm QinetiQ were also released this morning, with the company noting a close on doubling of order intake, operating profits up by 18% and a 170bps improvement in margin. Shareholders are set to receive a 24% increase in dividend payments and the share buyback scheme has been extended by a further £200m. Management expect to maintain margins going forward and deliver a further 8%-10% EPS growth in the year ahead. The QinetiQ share price was trading up 9% by 8.30am.
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