Apr 6, 2021

BP is to resume share buybacks

BP looks set to restart share buybacks after hitting a debt reduction target earlier than expected. BP reiterated that having reached its target debt at least 60 per cent of surplus cash flow will be returned to shareholders by way of share buybacks, providing it can retain its investment-grade credit rating. Homeserve, the home repairs insurer, said in a trading update that adjusted profit before tax for its year ended March will be in line with expectations at around £191m, up 5.5 per cent year on year. Core membership in North America grew 7 per cent to 4.7m while in the UK, Homeserve said improved income per customer offset an 11 per cent fall in membership to 1.6m. The retention rate increased by 1 percentage point to 83 per cent, Homeserve said. The short-haul European airline said it operated just below 20 per cent of its capacity in March at a load factor - the percentage of available seating capacity that is occupied - of 63 per cent.

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