The radiator manufacturer issued interim results this morning which presented something of a mixed bag. Whilst revenues were down as a result of weaker demand, the company had managed to bolster margins on an adjusted basis sufficiently to deliver a marginal improvement to the adjusted operating profit. There is however concern over the current subdued market outlook although management are eyeing improvements in the second half. The Stelrad share price was more than 6% lower in early trade.
The sports betting and gambling company Flutter published a Q2 update this morning which saw continued growth in the US market although the overall performance was hampered by tough comparatives. Regardless, full year estimates for group revenue and adjusted EBITDA have both been revised marginally higher although the Flutter share price is struggling, down around 2.5% shortly after the open.
The London-listed central Asian banking group TBC issued interim results this morning. Despite there being a slew of positive points in the note, including a 23% increase in year on year operating income, net profits up 5% and a 24.35 return on equity, impairment charges were notably higher. Adding that to the ongoing uncertain geopolitical situation in the region and the TBC share price has found itself under pressure this morning, down 16% by 9am.
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