Bumper gains for the global hotelier IHG who issued interim results this morning. Despite the uncertain macroeconomic backdrop, the company posted some solid progress including incremental growth in room rates, a 3.9% increase in fee margin and a 13% jump in operating profits. The company is on track to meet full year expectations and despite the aggressive capital returns seeing debts creep up, markets were quick to applaud the news. The IHG share price was up almost 6% in early trade.
Multinational pharma company Hikma also had interims out today, with operating profits tumbling 26% against tough comparatives whilst a change in the product mix was also cited as weighing on performance. Management have reiterated the outlook for the full year but investors have taken a more jaded view of the situation, with concerns over the potential for significant US tariff increases to take a toll. The Hikma share price was down more than 6% shortly after the open.
Positioned as one of the world’s largest independent oil & gas companies, FTSE-250 listed Harbour published interim results this morning along with news of a $100m share buyback. Strong first half results were seen with the benefits of a recent acquisition yielding a positive contribution. Revenue and other income jumped to $5.3bn from a comparative of $1.9bn and full year guidance has been upped. The Harbour Energy share price was trading almost 16% higher by 8.40am.
Most read news on Investegate this morning
Recommended Cash Offer for Epwin Group plc - - Epwin Group (EPWN)
Half-year Results - - Harbour Energy (HBR)
Termination of recommended cash acquisition by IFX - - Argentex Group (AGFX)
