Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Cineworld
Cinema operator Cineworld LON:CINE has this morning announced to the market that it will be closing its portfolio of more than 600 cinemas both in the UK and US from Thursday. This isn’t in the note but some media sources over the weekend cited further delays to the release of the next Bond movie as having been instrumental in the decision. The company adds that its priorities right now include cash preservation and cost reduction, and that the search for fresh liquidity is ongoing.
Wizz Air
Eastern European low cost airline Wizz Air LON:WIZZ has published its traffic figures for September this morning. The wider world of aviation may be looking severely depressed, but Wizz have announced new routes and the arrival of two new aircraft, with passenger figures being down 40% for the month against the 2019 reading.
Mulberry Group
Luxury goods maker Mulberry LON:MUL has published full year results today, covering the period to the end of March. That in itself isn’t of much interest, with sales down 10% as the impact of COVID started to hit operations, but there are also notes regarding performance in the first half of the current year. Group revenues are down 29% but this is ahead of expectations, with digital revenue up 69% and Asia Pacific sales having added 27%. The company remains reliant on UK sales but at first inspection there seem to be a number of positives to take away from this note.
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