Close Brothers FY23 Profit Before Tax Falls; Lifts Dividend

Close Brothers Group plc (CBG.L), a merchant banking company, on Tuesday reported lower profit before tax for fiscal 2023, despite growth in interest income.

For the full year, operating profit before tax decreased to 112 million pounds from 232.8 million pounds last year, driven by higher impairment charges in relation to Novitas.

After tax, earnings attributable to equity holders fell to 81.1 million pounds or 54.2 pence per share from 165.2 million pounds or 109.9 pence per share of the previous year.

Adjusted basic earnings per share were 55.1 pence per share, compared to 111.5 pence per share a year ago.

However, interest income grew to 897.5 million pounds from 690 million pounds last year.

Net interest income climbed to 592.6 million pounds from 578 million pounds in the prior year.

Additionally, Close Brothers proposed a final dividend of 45 pence per share, bringing the total to 67.5 pence, higher than last year’s 66 pence. The dividend is payable on November 24, to shareholders of record on October 20.

Looking ahead, the company said, “We have seen a good start to the 2024 financial year and our underlying business is well positioned to maintain stable returns this year, as we sustain growth momentum and pricing discipline, with a resilient credit performance, despite the near-term cost pressure.”

On Monday, shares of Close Brothers closed at 852.50 pence, up 0.41% on the London Stock Exchange.

Sanofi: SBLA For Dupixent Gets Priority Review From FDA

Sanofi (SNY) announced the FDA has accepted for Priority Review the supplemental Biologics License Application for Dupixent to treat children aged 1 to 11 years with eosinophilic esophagitis. The target action date for the FDA decision is January 31, 2024.

Sanofi noted that, if approved, Dupixent would be the first and only treatment indicated in the U.S. for children aged 1- 11 with eosinophilic esophagitis. Dupixent is the only treatment in the U.S. approved for children and adults aged 12 years and older with eosinophilic esophagitis, weighing at least 40kg.

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Alliance Pharma H1 Pretax Profit Declines – Quick Facts

Alliance Pharma plc (APH.L) reported that its first half pretax profit declined to 6.2 million pounds from 16.5 million pounds, last year. Earnings per share was 0.94 pence compared to 2.40 pence. Underlying pretax profit declined to 10.3 million pounds from 19.7 million pounds, prior year. Underlying earnings per share was 1.58 pence compared to 2.86 pence.

For the six months ended 30 June 2023, revenue increased to 81.4 million pounds from 78.8 million pounds.

The Board has decided to pause the interim dividend whilst it develops a new dividend policy with greater emphasis on reinvestment in the business to drive growth. The Board’s expectations for the full year performance remains unchanged.

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Finsbury Food Group FY Profit Rises; Revenue Up 16.0%

Finsbury Food Group Plc (FIF.L) reported that its fiscal year profit before tax increased to 16.2 million pounds from 14.3 million pounds, last year. Earnings per share was 8.2 pence compared to 7.9 pence. Adjusted profit before tax was up 4.2% to 17.7 million pounds. Adjusted EPS was 10.1 pence, flat with prior year.

For the year ended 1 July 2023, Group revenue was up 16.0% to 413.7 million pounds driven by price and volume.

The Directors expect to pay a further dividend of 1.73 pence per share by the end of the calendar year, taking the full year dividend to 2.60 pence per share.

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Origin Enterprises FY23 Profit Before Tax Falls; Lifts Dividend

Origin Enterprises plc (OGN.L), a farm services provider, on Tuesday reported lower profit before tax for fiscal 2023, despite growth in revenue.

For the full year, profit before tax decreased to 67.64 million euros from 104.21 million euros last year.

Adjusted profit before tax was 68.43 million euros, compared to 100.29 million euros a year ago.

Profit before tax, before amortisation of non-ERP intangible assets and exceptional items, decreased 29.1 percent to 81.87 million euros from 115.53 million euros last year.

After tax, earnings fell to 51.03 million euros or 43.31 cents per share from 79.90 million euros or 63.49 cents per share of the previous year.

Adjusted net profit decreased to 62.638 million euros or 53.16 cents per share from 90.019 million euros or 71.53 cents per share a year ago.

However, revenue grew 4.9 percent to 2.456 billion euros from 2.342 billion euros prior year. It increased by 6.5 percent on a constant currency basis.

Additionally, Origin Enterprises proposed a final dividend of 13.65 cent per share, bringing the total to 16.80 cents, reflecting an increase of 5 percent. The dividend is payable on February 9, 2024, to shareholders of record on January 19, 2024.

On Monday, shares of Origin Enterprises closed at 3.15 euros,  down 0.94% on the London Stock Exchange.

Eurozone Inflation Slows To 5.2%

Eurozone inflation slowed unexpectedly in August, revised data from Eurostat showed on Wednesday.

Consumer price inflation for August was revised down to 5.2 percent. Initially, the rate was seen at 5.3 percent, unchanged from July.

However, core inflation that excludes prices of energy, food, alcohol and tobacco, was confirmed at 5.3 percent. The core rate eased from 5.5 percent in July.

On a monthly basis, the harmonized index of consumer prices gained 0.5 percent in August.

At the September meeting, the European Central Bank had raised its key interest rates for the tenth consecutive session as rate-setters assessed the inflation to remain “too high for too long”, but signaled a pause.

The ECB Staff had raised the inflation projection for this year to 5.6 percent and that for next year to 3.2 percent. The forecast for 2025, however, was cut to 2.1 percent.

Last week, the European Commission lowered inflation outlook for 2023 to 5.6 percent from 5.8 percent, while the forecast for 2024 was revised up to 2.9 percent from 2.8 percent, reflecting the impact of higher oil prices.

Data today showed that energy prices dropped for the fourth straight month. Prices decreased 3.3 percent, slower than July’s 6.1 percent fall.

Food, alcohol and tobacco prices gained 9.7 percent after a 10.8 percent rise. Similarly, growth in non-energy industrial goods prices slowed to 4.7 percent from 5.0 percent. Services cost was up 5.5 percent, which was weaker than July’s 5.6 percent increase.