Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There has been an abrupt departure of the CEO at MJ Gleeson announced this morning. Full year results are reiterated as being in line with expectations, but citing issues with remuneration and succession planning, the market may well take a dim view of the speed at which this move has been made.
Menzies Aviation has been awarded a new long term ground handling contract for easyJet at Luton Airport. Details over duration and value are absent from the statement, but the news should arguably provide some reassurance for shareholders over a steady income stream. Understanding the operating margin would however be rather more insightful.
Ferguson, the company behind many brands supplying the building trade such as Wolseley, has announced quarterly results this morning. Revenues are up 6.2% whilst profits have risen by 2.3%. Gross margins are however improving too, although the company does note that in its Canadian operation, a slowing residential property market is having an effect. The outlook is in line with expectations, but the company is at risk of a broader slowdown in house building should the global economy stumble.