A trading update from the products and services provider for the over 50’s appears to have impressed the market this morning. Management note that full year underlying pre-tax profits are now expected to be ahead of the comparative and also up on the guidance offered at the half year point. Forward travel bookings are up across all categories, insurance sales are stable and there’s a belief that the business has also passed peak leverage with debt expected to fall in the new financial year. The Saga share price was almost 10% higher in early trade.
hVIVO, the medical trials specialist, produced a full year trading update this morning which showed revenues in line with expectations and forecasts a return to growth for the year ahead. Adjusted EBITDA margins are set to be better than guided, whilst recent acquisitions to expand the scope of the offering are also yielding results, although these investments have dragged cash balances down. That said the business remains cash free and the hVIVO share price was up as much as 10% shortly after the open although gains were being handed back as the morning progressed.
A Q3 performance update from private equity investment group 3i. Headlines include the NAV increasing to 3017p, whilst much of the note looks at Action, the pan-European non-food discount retailer. 3i owns 80% of this group, and with its store footprint expanding by more than 10% over the last year there’s a lot of space in the note for this investment. Most other investments continue to fare well, although the company’s holding in recruiter Wilson is flagged as struggling like many in the sector. With the balance sheet approaching £1bn in cash and gearing at just 1%, the company appears well positioned for astute investments or generous capital returns. The 3i share price is up 15% ay 8.30am.
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