Three things you need to know in the financial markets this morning from investment writer, Tony Cross
FlyBe
FlyBe has this morning published a statement in response to weekend media reports. There’s – perhaps unsurprisingly – a degree of disquiet over the way the company has managed its sale process, with shareholders having been offered just 1p, well below the 295p floatation price. Shares have been volatile in recent days amidst speculation that the deal may not proceed although if the news of financing being withheld by credit card companies is correct, it’s perhaps difficult to see any other way out of this situation.
SThree
Staffing business SThree has published full year results this morning showing growth across all key metrics. Earnings per share and the proposed dividend have both come in above consensus forecasts too. Brexit uncertainty has however dogged progress in the UK, with no growth in contract staff being reported and a 20% decline being seen in permanent staff placements. The company’s global diversification should however offer a degree of protection here.
Petra Diamonds
Petra Diamonds has published a half year trading update, covering the period to December 31st. Revenues and production levels are both up impressively from the same period a year ago, whilst borrowing and expansion costs have fallen dramatically, too. One point of concern may be the underlying decline in rough diamond process which was bigger than had been anticipated, although keeping costs in check should help here.
