Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
AB Dynamics [LON:ABDP] has published a trading update this morning. The company supplies test systems for the automotive sector and cautions that numbers for the full year to August 31st will be reported in late November. Revenues are tipped to be between £60m and £62m for the reporting period, numbers which have been hit both by COVID related disruption and also the fact the business is working against tough comparatives. The company maintains a relatively strong cash position and the full year dividend is to be reinstated.
John Laing Group
There’s a divestment update from John Laing [LON:JLG] out today. They have sold their 30% stake in InterCity Express for £421m, a project which was valued at £333m as recently as June. Critically shareholders will benefit from this as the dividend policy means the group will pay 5-10% of gross proceeds from the sale on an annual basis.
We reach the week’s finishing post with interim results from Newbury Racecourse [LON:NYR]. Again the business has been hit hard by the COVID lockdown restrictions, holding just three regular races before closing in March and a further three in late June on a behind closed doors basis. Turnover for the first six months was down 68%, resulting in a £1.69m loss. The company adds that the current situation is both challenging and continuously changing. Tough decisions are being made although these will continue to drain cash reserves. Investors may struggle to find much to cheer in this note.
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