Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Shopping mall operator Intu [LON:INTU] has published a half year statement this morning, illustrating the impact of CVA’s on its business. Rental income is down close on 20% against the same period last year, leaving shares trading at a 35% discount to NAV. There’s no expectation of a rebound in the second half of the year either, and the drag is likely continue for some time yet. Interim dividends won’t be paid in a bid to provide some stability. See the half year report here
Mitchells & Butlers
PubCo Mitchells & Butlers [LON:MAB] has published a third quarter trading update, which comes against some tough comparatives given the timing of last year’s world cup. Total sales for the 10 weeks to July 27th are up 2.8%, with food up 5.4% and drink down 0.3%, reversing the dynamic which was driven by the football. Detail beyond this is scant, but investors may well be happy with this lot given the prevailing economic uncertainty. See the third quarter trading update here
Good news from fashion retailer Next [LON:NXT], who have this morning increased guidance for full year, full price sales up from 1.7% to 3.6%. Online sales continue to dominate, which is obviously bad news for the likes of Intu, but sales have been better than expected. Pre-tax profit for the year is now forecast to come in at £725 million, up from the £715 million which had been expected. See the full trading statement here.