Online estate agents Rightmove published full year results this morning highlighting revenue and profits both up by 9%, with this pace expected to be sustained in the year ahead. As previously announced the company is accelerating its investment plans – something that didn’t get the best reception from the market last time around – but has also announced a capital return of £90m via a share buyback. That has been sufficient to drive the stock to the top of the FTSE-100 leaderboard and the Rightmove share price was up more than 5% in early trade.
The value added engineering firm Senior issued a note this morning, providing an update on bid approaches that have been made for the company. Further improvements have now been seen in the all-cash offers tabled and the company is now formally in an offer period. No further details are included but the Senior share price was trading 18% higher shortly after the open.
Full year results from investment manager Rathbones were issued this morning. A modest increase in operating income has translated into a significant jump in profitability, as synergies from the company’s combination with Investec continue to deliver. Margin improvement was also cited and that’s a trajectory they expect to see maintained for some time yet with a target of 30% by the end of the year. The dividend has been upped and the share buyback plan extended by a further £20m, which has helped drive the Rathbones share price up more than 5% by 8.30am.
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