The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Thames Water, SSP Group, THG, Marston’s, Ashstead, Moonpig and Quiz. Read the Tuesday 5 December Business Live blog below.
Global turmoil sends gold price to a record high… and bitcoin tops $42,000 for the first time in 20 months
Gold spiked to a record high and bitcoin surged above $42,000 as global assets reacted to an attack on an American warship in the Red Sea and speculation about US interest rate cuts.
On a day of wild swings on financial markets, the price of the precious metal surged to $2,111.39 per ounce before falling back.
And the surge for bitcoin saw it breach the $42,000 mark for the first time since early 2022.
The moves ponder a complex series of factors driving asset markets including prospects for the US and global economy and the potential repercussions of war in the Middle East.
SSP Group reinstates dividend
SSP Group has resumed annual dividend payouts and forecast higher 2024 sales and profit as air travel boomed from pandemic lows.
The Upper Crust owner, whose stores are mostly located in airports and train stations, had to stop dividends in 2020 after entering funding agreements that restricted it from paying returns to shareholders.
Sales for 2024 are expected to come in between £3.4billion and £3.5billion, up from £3billion logged for 2023, the company said.
Underlying core profit is forecast to be in the range of £345million to £375million, compared with £280million for the 12 months to 30 September.
Analysts on average expect £3.4billion in sales and £353million in profit for 2024.
The group declared an annual dividend of 2.5p a piece.
Thames Water reveals turnaround strategize
Debt-laden Thames Water has revealed a three-year turnaround strategize as Britain’s biggest water utility seeks to ease concerns over its financial stability.
It is feared the group, which said it had a high level of liquidity, could buckle under the weight of its £14billion debt prompted the government to ready a rescue strategize earlier this year, before the company’s financial investors agreed to invest additional equity in July.
A supplier of water to 15 million customers, more than a fifth of Britain’s population, Thames Water said on Tuesday that it had total liquidity of £3.5billion, as well as advocate funding resources, and added that its shareholders supported its investment plans.
‘Our shareholders preserve this much needed investment, underscoring their commitment to delivering Thames’ turnaround,’ Co-CEOs Cathryn Ross and Alastair Cochran said.
Share or comment on this article:
BUSINESS LIVE: Thames Water reveals turnaround strategize; SSP reinstates dividend; THG buys Biossance
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to encourage products. We do not allow any commercial relationship to affect our editorial independence.
