AstraZeneca (AZN), Saga (SAGA), Chapel Down (CDGP) and Vertu Motors (VTU)
AstraZeneca (AZN) has reported a mixed set of results from two phase III trials of its immunotherapy drug Imfinzi, which is already approved to treat certain forms of lung and liver cancers.
While the medicine improved overall disease-free survival in patients with muscle-invasive bladder cancer, it did not manage to achieve the same result in patients with a specific type of non-small cell lung cancer.
AstraZeneca’s shares were broadly flat across the first few hours of trading today. The trials weren’t expected to move the needle much either way, as Imfinzi is already a resounding success, with more than 220,000 patients treated since its first approval in 2017. It’s also being trialled as a single treatment and in combination with other drugs for patients with breast cancer and several gastrointestinal cancers. JJ
Saga buoyed by holiday numbers
Saga (SAGA) has revealed differing performance updates for its travel and insurance businesses. The group, which targets the over-50s demographic, highlighted an encouraging start to the year for its ocean and river cruises arm on the back of strengthening bookings. Load factors – measures used to determine how many available rooms have been filled by passengers – stood at 83 per cent for its ocean cruises and 78 per cent for its river trips. All this meant that revenues were ahead by 14 per cent on the prior year comparator. Unfortunately, overall performance for the group is still being marred by a faltering insurance sector, where inflation continues to put pressure on claim costs, an industry-wide phenomenon. Saga said it had seen early signs of recovery for its car insurance arm, presumably linked to more reflective premium rates. MR
Vertu Motors grows sales as used car prices stabilise
Car retailer Vertu Motors (VTU) expects a full-year performance in line with current market forecasts, helped by its used car prices returning to “more normalised seasonal trends” and market share gains in its new-car business. In an AGM trading update, the company said like-for-like used vehicle volumes were up 6.7 per cent in the three months to 31 May. New and Motability volumes climbed 6.8 per cent, although new vehicle margins weakened from 8.1 per cent to 7.4 per cent. Management argued that the UK’s zero emissions mandate policy could “create volatility in the new car market” through a hit to vehicle supply and higher prices. CA
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