Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Slim pickings in terms of corporate news as we start the week, but easyHotel has published its year end trading update this morning, describing the last 12 months as being transformational. There has been a 42% increase in the room portfolio and the pipeline of new properties has been expanded, too.
The critical “revpar” metric – revenue per available room – has increased 11% whilst like for like revenues ate 12% higher. Full year results are expected to be published on December 6th.
Outsourcing specialist MITIE has announced it will acquire Vision Security Group from Compass in a note this morning. The deal is worth £14 million in cash and brings with it £192 million worth of annual revenues.
The division is currently loss making, but with a reported £42.4 million worth of assets, this has the potential to be a profitable deal. Last year the business posted a small loss, but expectations are that the year ending September 30th will yield a positive figure.
A quick update from student accommodation provider Unite is out this morning, noting that both the property portfolio and the investment portfolio have posted modest growth over the quarter of 1.1% and 1.6% respectively.
Its properties are currently 98% let as the new academic year gets underway, showing that there is still healthy demand in this sector.