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Stocks close higher ahead of ECB decision

The FTSE 100 closed 79.79 (0.97%) higher at 8,329.07 following the fall in inflation to 1.7%.

The pound weakened against the US dollar and dropped below the 1.30 level for the first time in a couple of months.

European Central Bank policymakers meet on Thursday amid weaker economic activity in the eurozone nudging them towards making another cut to interest rates.

Wall Street ended higher, with the Dow Jones Industrial Average up 0.8%, the S&P 500 up 0.5% and the Nasdaq Composite up 0.3%.

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Whitbread

Premier Inn owner Whitbread has lifted its half-year dividend and said it would buy back an additional £100m in shares, despite a fall in earnings.

The company held annual guidance as pre-tax profit for the six months to August 29 fell 22% to £309m on flat revenue of £1.5bn. The dividend was increased 7% to 36.4p.

Sales of Premier Inn hotel rooms in the UK rose 1%, while food and beverage sales were down 7%. This was partially offset by a 22% rise in accommodation sales in Germany.

It added that bookings across October and November had picked up and was “confident in driving like-for-like sales in the second half”.

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Quilter

Quilter saw record quarterly platform net inflows of £1.5bn during Q3 this year, while overall net inflows stood at £1.4bn.

Gross flows increased from £2.7bn in Q3 2023, to £4bn in Q3 this year, marking a 48.1% increase. Meanwhile, core net flows increased by 50% compared to the same period last year, from £1bn to £1.5bn.

In terms of productivity, gross sales per Quilter adviser in Q3 stood at an annualised £3.1m compared to £2.7m at the end of Q3 2023, marking a 14.8% increase.

Assets under management for the business overall stood at £116.2bn as at the end of September 2024, compared to assets of £101.4bn at the end of Q3 last year. The firm said this 2% increase was the result of net inflows, as well as higher market levels. However, it added this was “partially offset by sterling appreciation”.

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Vertu Motors

Car dealer Vertu Motors said September trading performance was in line with prior year levels. The board anticipates that full year profits will be in line with current market expectations.

Total group revenue for the half year to the end of August increased by 2.9% compared to H1 FY24.

H1 profits came in lower than prior year levels as anticipated as costs increased due to cost inflation and increased headcount to drive activity.

The bnoard has agreed a further £3m share buyback programme.

The key plate change month of September saw like-for-like new retail sales volumes up 5.2% with retail market down 1.8% continuing strong market outperformance.

All UK retail outlets will trade under the Vertu brand by the end of April 2025.  It said a single UK brand will enhance marketing ROI and deliver cost savings.

The board declared an increased interim dividend of 0.90p per share.

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Mony Group

MONY Group, also known as MoneySuperMarket.com, reported a 2% decline in revenue for the third quarter of 2024, with total sales coming to £112.9 million.

The company’s insurance division posted a modest growth of 1% to £62.7 million, helping to stave off a more significant year-on-year loss.

While insurance provided a cushion, other areas of the business faced challenges.

The money segment, which includes credit card and current account switching, dropped by 4%, largely due to limited attractive offers.

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Moonpig

Online greetings card company Moonpig has announced its first share buyback programme that will see £25 million returned to shareholders from November.

The company said that its strong balance sheet has provided “the financial flexibility to consistently return incremental excess capital to shareholders”.

The group generated operating cash inflows of £74.2 million in the year to 30 April.

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Marshalls

Landscaping and building materials supplier Marshalls held annual guidance as revenues remained under pressure amid a weak economic backdrop.

Group revenue during Q3 was 3% lower than the prior year: a material improvement over the 12 per cent like-for-like reduction in H1.

The board expects that the full year profit will be in-line with its previous expectations,

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Antofagasta

Commodities giant Antofagasta increased third-quarter copper production by 15% and confirmed it was on track to hit its targets this year for output and costs.

A 54% jump in gold production also helped the Chile-based group as grades at Centinela Concentrates started to recover.

… more follows