Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Eddie Stobart Logistics
GWSA, a subsidiary of which Eddie Stobart Logistics [LON:ESL] owns 49%, has published half year results this morning, covering the six months to May 31st. Revenues are off by just 1% but underlying EBITDA has spun from -£6.3m to £16.6m, with strong demand for logistics services in the face of COVID-19 providing support here. The outlook remains upbeat with full year EBITDA expected to be around £33m and net debt tipped to reduce for the full year.
A series of changes at the top of International Airlines Group [LON:IAG] have been announced this morning, taking place with immediate effect. Chairman and chief executive of British Airways, Alex Cruz, is to step down, being replaced by the current chairman and CEO of Aer Lingus. Mr Cruz will retain the title of non-executive chairman at BA. Other changes are also being seen, but with no further detail, the market will be left to speculate as to the rationale here. British Airways has had a rough ride through the COVID-19 pandemic – maybe this suggests the turbulence will continue for a while longer yet.
Orosur Mining [LON:OMI], a small cap which has been on the radar of our afternoon AIM column in recent weeks, has published an update over funding. A wholly owned Colombian subsidiary has received $650k worth of funding to begin an exploration project. There’s still some uncertainty as to the exact timing of works commencing but hopes are that survey drilling will start by the end of next month.
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