Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s a trading update out from ITM Power [LON:ITM] this morning, showing that the business has a growing and healthy order book and a reasonable £38.5m worth of cash in hand. COVID-19 has caused some modest delays in specific projects, but these are expected to be short-lived. The company is at the forefront of climate change technology and sees themselves as being well placed to capitalise on the opportunity as governments increasingly acknowledge their need to address this subject. Shares in the company remain on a tear, having more than doubled in the last month.
Car dealers Lookers [LON:LOOK] updated the market last week, suggesting that full year results would be released by the end of the month – the latest possible date allowed under FCA rules. The delay came about following an investigation into possible fraudulent activity. However, the auditors have now pushed back on this, noting that they will need additional time to complete their work. As such, it’s anticipated that shares in the company will be suspended on 1st July, until the results are filed. This should be no later than the end of August.
The Restaurant Group [LON:RTN] has this morning published a statement addressing media speculation over restructuring. Noting that the casual dining sector was already facing significant pressures as a result of over-capacity before COVID-19 hit, the statement says only that discussions are ongoing with landlords and that Wagamama, airport concessions and pub operations are unaffected. Shares have so far managed to rally from lows of 25p in March to 74p at Friday’s close.
Sign up for three quick facts and more with our Free Daily Digest newsletter, every weekday morning.