It’s a predictably quiet start back after the holiday weekend but the African based insurer Old Mutual issued a trading statement this morning ahead of interim results which are set to be published in just over two weeks’ time. The performance has been bolstered by a share buyback and consequent reduction in capital, but adjusted headline earnings are expected to perform well. The initial market reaction has been positive, with the Old Mutual share price adding 6% in early trade.
It may not have been a stellar H1 for the distribution and outsourcing company Bunzl, but today’s half year report offered some cause for cheer with the idea that strategic shifts conducted in recent months will translate into a better performance in the latter part of the year. Management reiterated full year guidance, and the valuation, which made some progress last week, has been given another shot in the arm off the back of today’s news. The company’s growth through acquisition strategy continues unabated, too and the Bunzl share price was around 5% higher shortly after the open.
The London-listed advanced microelectronics company Filtronic has a market cap in excess of £300m and was delivered another boost today off the back of news that it had received a fresh $62.5m order from SpaceX. That’s for a next generation proprietary product to support the Starlink satellite network. The first production units from this contract will ship in FY2027 and are expected to deliver material revenues in FY2027 and FY2028, whilst terms associated with previously issued warrants have also been adjusted in what appears to be favour of shareholder outcomes. The Filtronic share price was up around 9% in the first minutes of trade
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