Shares in London hit four-month low as guidance weakens
- OSB Group shares fell after posting a fall in pretax profit for 2023
- Shares in London were down 27% at their lowest price in four months
- Net interest income was down from the previous year
- OSB expects a 5% growth in net loan book for 2024
- The board declared a final dividend and a share buyback program
- Deputy CFO Victoria Hyde will replace CFO April Talintyre on an interim basis
OSB Group shares fell after the group posted a fall in pretax profit for 2023 due to a hit from an adverse effective interest rate adjustment and said it sees headwinds persisting as it issued guidance for the year ahead. At 0808 GMT, shares in London were down 125.4 pence, or 27%, at 335 pence, their lowest price in four months. The specialist lending and retail-savings group posted a pretax profit of 374.3 million pounds ($479 million) for the year ended Dec. 31 compared with GBP531.5 million in 2022. Net interest income was GBP658.6 million, down from GBP709.9 million, OSB said. Its net loan book grew 9% in 2023, in line with its upgraded guidance. For 2024, it expects to deliver underlying net loan book growth of around 5% based on current application volumes and the subdued mortgage market, it said. The board has declared a final dividend of 21.8 pence a share, bringing the total payout for the year to 32.0 pence a share. The group said it will start a share buyback program that will return up to GBP50 million to shareholders. OSB’s Deputy Chief Financial Officer Victoria Hyde will replace CFO April Talintyre on an interim basis when she retires on May 9 after 11 years, it added.
Factuality Level: 8
Factuality Justification: The article provides specific details about OSB Group’s financial performance, including pretax profit, net interest income, net loan book growth, and future guidance. The information is presented in a straightforward manner without any obvious bias or sensationalism. The article focuses on the facts and figures related to the company’s financial results.
Noise Level: 3
Noise Justification: The article provides detailed information about OSB Group’s financial performance, including profit figures, interest income, loan book growth, and future guidance. It stays on topic and does not contain irrelevant information. However, it lacks in-depth analysis, accountability, or antifragility insights.
Financial Relevance: Yes
Financial Markets Impacted: OSB Group shares
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses the fall in pretax profit and the impact on OSB Group shares. However, there is no mention of an extreme event or its impact.
Public Companies: OSB Group (N/A)
Key People: Andy Golding (Chief Executive), Victoria Hyde (Deputy Chief Financial Officer), April Talintyre (CFO)
www.marketwatch.com 
