Shares in the company behind MoneySupermarket leapt as it promised to hand more cash to investors after a jump in profits. Mony Group rose 4.6 per cent, or 8.8p, to 198.7p after it said it will pay a dividend of 12.5p a share for 2024 – up 3 per cent on the previous year – and return £30million to shareholders through a buyback. The handouts came as Mony reported record annual revenues – up 2 per cent to £439.2million – as it benefited from growth in its insurance arm.
This helped offset weaker sales in its money, home services and travel comparison businesses over the year. Profits rose 11 per cent to £80.2million. With defence stocks on the rise across Europe, the FTSE 100 added 0.4 per cent, or 35.55 points, to 8768.01 and the FTSE 250 inched up 0.1 per cent, or 25.67 points, to 20938.68 while the Dax hit a record high in Frankfurt ahead of German elections this weekend. US markets were shut for the Presidents’ Day holiday.
Iron ore pellet producer Ferrexpo jumped 12.9 per cent, or 12.4p, to 108.8p on hopes of a peace deal in Ukraine, where it operates mines and a processing plant. Key role: Mony Group, advertised by Dame Judi Dench (pictured), rose 4.6% after it said it will pay a dividend of 12.5p a share for 2024 and return £30m to shareholders through a buyback. Shares in Wood Group crashed to a record low following last week’s dismal update.
The FTSE 250 engineering business’s stock fell 55 per cent on Friday after it sounded the alarm over its finances. That was followed by a further slide of 10.8 per cent, or 3.12p, to 25.88p yesterday. The company, which works in the energy sector, has had a tumultuous past few years. It has come under pressure from an activist investor to consider a sale and has seen two takeover proposals fall through.
The shares have fallen around 90 per cent since July last year. Britain’s banks remain in focus following upbeat results last week from Barclays (up 3.3 per cent, or 9.8p, to 304.4p) and Natwest (up 2.6 per cent, or 10.9p, to 439p). HSBC is expected to report annual profits of around £25bn tomorrow, up from £24.1billion in 2023, amid a shake-up under chief executive Georges Elhedery. Shares added 1.3 per cent, or 11.6p, to 881.3p yesterday.
Shares in car finance firms fell after a court ruled the Treasury will not be allowed to intervene in an upcoming case into the mis-selling scandal that could leave the industry facing a huge compensation bill. Close Brothers fell 8.1 per cent, or 28p, to 320p and Lloyds slipped 1.9 per cent, or 1.24p, to 62.92p. Anglo American said it has made ‘significant progress’ towards spinning off its platinum business as part of the radical restructuring plan announced last year after it fended off a £39billion takeover bid by larger rival BHP.
Its Anglo American Platinum arm will pay an additional £679million cash dividend ahead of its demerger in June. Anglo has already sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit – with a listing on the London stock market one of the options on the table. Anglo shares edged up 0.4 per cent, or 10.5p, to 2473.5p. Shares in Springfield Properties soared after profits nearly tripled for the six months to the end of November.
The AIM-listed Scottish housebuilder reported first-half profits of £3.5million – up from £1.2million in the same period a year earlier. This came despite a 13 per cent slide in revenues to £105.6million. Springfield said business is picking up amid ‘signs of increased confidence following interest rate cuts’. Shares rose 2.5 per cent, or 2.5p, to 101p. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
