Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
De la Rue
Secure printers De la Rue [LON:DLAR] has this morning announced the appointment of a new CEO. The company is going through a phase of transformation at present and the appointment had been on the cards after news earlier in the year that the incumbent boss was to step down following another profit warning from the firm. Shares currently sit around 50% lower than the levels seen earlier this year.
Student accommodation developer Unite Group [LON:UTG] has published a note announcing the disposal of two wholly owned properties in Coventry for a cool £96million. They comprise just over 1,100 bedrooms in total and the move is in line with the company’s previously declared strategy of recycling capital to fund further developments. The purchase price is said to be in line with book value, so no windfall for shareholders.
The retail sector may be plagued with issues, but it’s the niche players where success tends to be seen. Angling Direct’s [LON:ANG] interims released this morning seem to underline that ethos, with revenues up 21% and profits up 18% acting as headline figures. It’s not all about online sales, either – they may be rising, but in store traffic is also growing on a like for like basis. Expectations are that full year forecasts will be met, despite broader headwinds in the UK economy.