Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Pets at Home
There’s a minor profit upgrade from Pets at Home LON:PETS contained in today’s trading update. Covering the last 16 weeks, retail revenues are up 9% whilst vet revenues have added 19%, leading the company to indicate that full year performance will now be slightly ahead of expectations. Uncertainty across the wider retail sector is flagged as a risk, but the business remains cautiously optimistic.
IAG
A six month update from British Airways’ owners IAG LON:IAG has been published this morning. Revenues are growing comfortably, but rising fuel, staff and maintenance costs have taken a toll, with operating profits down by 11%. Whilst the company is upbeat when it comes to the trading outlook, there’s no reference made to either Brexit or impending strike action by BA pilots, both of which could have a meaningful impact on numbers in the second half.
Royal Bank of Scotland
A boost for taxpayers this morning with half year results from Royal Bank of Scotland [LON:RBS] containing news of a 2p interim dividend plus a 12p special dividend payment. Pre-tax profits were around 15% higher than had been forecast, but with the bank cautioning over the economic outlook for the next 18 months, investors may yet be wary of making further commitments.
