Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Foxtons
Estate agency Foxtons has published a Q1 trading statement this morning ahead of its AGM. The challenging state of the London property market continues to act as a drag on sales, with group revenue sliding by almost 3%. Rental income is up, but commission from real estate sales is down. Mortgage revenues from its Alexander Hall business remain flat.
Ryanair
Full year numbers from Ryanair have underlined the difficulties being faced by airlines at present. Profits slumped 29% as fares fell in a bid to keep planes flying full, something which was achieved with the load facts creeping up from 95% to 96%. The company has a cautious outlook for FY2020 and although bookings for the first half are ahead compared to last year, there’s no visibility on the outlook for H2. Unknowns ranging from Brexit risks to delivery delays of the grounded 737MAX aircraft make forecasts difficult. The market may not be ready to embrace this uncertainty.
Low & Bonar
A trading update has been published by Low & Bonar, highlighting slow delivery of the company’s transformation plans. The US/China trade dispute is weighing on the business, whilst sluggish demand in Europe is also taking a toll. Separately, the company has announced that its CEO will be leaving at the start of July as it looks for new ways to drive the change plan through the business.
