Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Meggitt
Meggitt LON:MGGT has published a full year trading update today. Subject to audit the company expects to deliver results in line with the guidance issued last November, although group performance in the final quarter was below the stated base case owing to a slower than expected recovery in civil aerospace demand towards the end of the year. There’s some optimism of demand recovering now a vaccine roll out plan is underway, but the company acknowledges this will take time to feed through to its business.
Segro
Commercial property specialist Segro LON:SGRO have published a short note to update the market on its outstanding rent positions with customers. 98% of rent has been collected for calendar year 2020, whilst advance payments relating to the first quarter of 2021 are already 88% booked. That represents a higher collection level than was seen at the corresponding time in each of the last three quarters. Segro’s exposure to warehouse style operations had been seen as rather more robust than offices or retail outlets, given the nation’s increased reliance on distribution networks. These numbers seem to suggest that Segro’s clients are faring well through the ongoing crisis.
British American Tobacco
British American Tobacco LON:BATS has advised the market that the Serious Fraud Office has discontinued its investigations into the company. This was first announced in August 2017 and although the note provides no further detail, investors will likely be pleased that a line can now be drawn under the situation.
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