Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Recently IPO’d drinks company British Honey [NEX:BHC] has published an update this morning, noting that its quick pivot into the production of hand sanitizer gel has already delivered revenues in excess of £500,000, more than offsetting revenue declines elsewhere in the business. The company notes that problems in the alcohol supply chain across Europe are now starting to emerge – something which is instrumental for both its core business and the new medical line – but that they have access to sufficient capacity through to the end of the year.
Cruise operator Carnival [LON:CCL] has served up another blow for investors – and presumably many guests too – by announcing that its fleet of ships will remain offline until the end of August. The company’s share price had a volatile session yesterday, falling sharply on the back of reports that it would face a US government inquiry into its handling of the COVID-19 crisis, although losses had been largely recouped by the close.
Mears Group [LON:MER] has published a COVID-19 trading update this morning. The company’s core business in terms of providing housing maintenance to local authorities should be resilient, given the work is non-discretionary. Moves have been made to only undertake emergency work during the current climate, with other projects being deferred. Various government schemes are being drawn upon to support the business too, and the losses incurred during the lockdown are expected to be modest. As previously announced, dividends have been suspended but the company is looking to resume these, once confidence over the outlook returns.
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