Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Eddie Stobart
There’s an update form Eddie Stobart [LON:ESL] out today, as the company continues to work on resolving issues in its interim results. The note adds that the full year outlook has been reassessed and EBIT will now come in significantly below the board’s previous expectations. Shares in the company remain suspended whilst those first half results are finalised but presumably the news is unlikely to impress investors.
MJ Gleeson
Low cost housebuilder MJ Gleeson LON:GLE has published full year numbers this morning. As with most others in the sector, revenues continue to rise – up 27% – although margins are evidently suffering with profits for the period rising a more conservative 11% before tax. The company had been considering divesting its strategic land division, but a decision has now been made to retain this within the group. Arguably that provides some valuable geographic diversification, too.
Avon Rubber
There’s a pre-close statement out from Avon Rubber LON:AVON today, the business behind a varied range of products including military grade gas masks and attachments for milking cows. H2 trading has been in line with expectations and the board is confident of delivering against full year expectations. This is however caveated by the impact felt from the US government shut down at the start of the calendar year, which delayed a number of sales. Full year numbers are set to be published on November 13th.
