Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Cineworld
Cinema operator Cineworld has published half year numbers, which for the first time include the impact of the recent acquisition of Regal Entertainment Group. On a like for like basis, admissions are up almost 5% whilst revenues are up over 10%. This increase in income is evenly split between box office and retail, which arguably bodes well for the longer term sustainability of such growth.
AA
There’s a trading update out from the AA this morning, showing steady motoring at the insurance to car breakdown business. The number of motor insurance policies written is up by 7%, whilst the recent decline in the number of house insurance policies is said to be slowing. The roadside recovery business however is still going through a transformation as the company bids to return the division to profitability and a higher than expected level of call-outs over the last 12 months – up 8% year on year – has proven costly.
Adnams
Half year numbers are out from the brewer Adnams today, too. Beer sales are outperforming the market whilst its Copper House gin is also performing very well, in line with the general renaissance for the spirit. However the first half performance hasn’t been all that encouraging – the company notes that income spikes are seen in the summer and at Christmas, both of which fall in the second half of the year. The modest profit posted in H1 of 2017 has unfortunately transformed into a loss this time round.
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