In a matter of weeks, the weight loss drug Wegovy has skyrocketed into the public consciousness – and with good reason. The once-weekly injection, which suppresses appetite, is thought to be the most effective anti-obesity treatment ever brought to market. Shares in its manufacturer, Novo Nordisk (US:NVO), have soared by more than 33 per cent in the past six months as the buzz around the drug grew.
Click here to read the full story
Bloomsbury upgrades forecasts again
Shares in Bloomsbury (BMY) jumped by 9 per cent this morning after the publisher upgraded its full-year forecasts. Revenue for the year ended 28 February 2023 is now expected to exceed £260mn, compared with consensus expectations of £242.6mn. Meanwhile, adjusted profit before tax is expected to reach £30mn, compared with consensus forecasts of £26.9mn.
The group said fantasy novels and digital academic resources had driven its strong performance, and cookery books also sold well. “Reading remains hugely popular throughout the world with books regarded by many readers as an affordable pastime,” chief executive Nigel Newton concluded. JS
Read more about Bloomsbury’s compelling narrative here
Just one London-listed developer has not signed Gove’s contract
Housebuilder Inland Homes (INL) has the dubious honour of being the only London-listed developer who has failed to sign the government’s legally binding contract on post-Grenfell fire safety by the deadline yesterday. Inland has been approached for comment.
All of the other listed housebuilders and housing developers have signed the contract, which makes the promise from last year’s building safety pledge to fix unsafe buildings above a certain height a legal requirement. Many signalled in their most recent results an intention to sign ahead of the deadline, hoping it would draw a line under their responsibility for fixing the issue going forwards. ML
Read more: Housebuilders and landlords face competition probe
Trainline rides on after international revenue boom
Despite industrial action which blighted the UK travel network, revenues at ticket seller Trainline (TRN) rose by 74 per cent to £327mn for the year to 28 February. The company’s international consumer business, where revenues more than tripled, drove the top-line performance.
Chief executive Jody Ford pointed to “the arrival of carrier competition on key European routes, particularly in Spain” as a key tailwind. Trainline said it expects full-year cash profits to be in line with market expectations and company guidance. The shares fell by 1 per cent. CA
Severfield shops in Europe
Structural steel company Severfield (SFR) has bought Dutch competitor Voortman Steel Construction Holding (VSCH) for €24mn (£21mn).
The company said the deal would help to accelerate its European growth plans. VSCH has earned a “normalised” cash profit of between €4.5mn-€5.5mn over the last four years when accounting for sharp rises in steel prices that it was unable to fully pass on to competitors. Broker Jefferies said it expects “mid-single-digit” upgrades to its pre-tax profit and earnings per share forecasts as a result of the deal, which is “very much in line” with management’s previously-stated goal of expanding its European presence. MF
