Jul 29, 2021

Shell increases returns to shareholders as profits surge

Royal Dutch Shell has stepped up cash returns, raising its dividend almost 40 per cent and pledging to start a $2bn share buyback scheme to be completed by the end of this year. It beat expectations on sales, at $15.5bn compared to the consensus forecast of $14.8bn. Anglo American revealed plans to return an extra $2bn to shareholders after posting $12.1bn in interim underlying ebitda, up 262 per cent year on year. The defence contractor also raised its dividend by 5 per cent after posting half-year underlying earnings of £1bn, up 27 per cent year on year. Half-year results from the pest control group showed adjusted pre-tax profit rising 60 per cent to £194m on revenue up 18.3 per cent to £1.5bn. US investment bank Raymond James said it had reached a deal to buy Charles Stanley, the UK stockbroker, for £278.9m. Raymond James agreed to pay 515p in cash, a 43.5 per cent premium to Charles Stanley's July 28 close. The implosion of family office Archegos Capital continued to weigh on Credit Suisse's results as the Swiss bank reported a 78 per cent fall in profits for the second quarter.

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