Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Regional Airline FlyBe has published half year figures and simultaneously hoisted the for sale flag over its business this morning. The company is exploring a range of options as it continues to struggle in a sector that has seen a whole raft of companies go out of business in recent months. Further rounds of cost savings and injections of fresh capital are also being considered, but the business ultimately is undertaking its obligations to shareholders by ensuring they get the maximum value out of the current distressed situation. Earnings showed an almost 50% increase in pre-tax profits and an 8% increase in passenger revenue per seat.
Half year numbers are out from SSE this morning and investors are unlikely to be cheered by the news. Earnings per share have fallen almost 40% whilst pre-tax profits are down by a similar amount. Dividends are being increased by a modest 3.2% and the company has announced that it will also be creating a dedicated renewables business.
There’s a trading update out from Cobham today, covering the first 10 months of the year. The company is quick to note that trading is in line with expectations for the full year, although there will as always be significant trading activity seen in the last two months of the year. The scale of a dispute with Boeing is as of yet unrealised so will be a line worth watching.