Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Hotel developer and operator PPHE [LON:PPH] has published interim results today, covering the six months to June 30th. The company notes it outperformed in the first two months of the year before the pandemic took hold, pushing revenues for the period down to £61.9m, compared to £155.3m a year earlier. The chain is now 84% open and notes a strong rebound in demand. The company doesn’t give much else away but notes it continues with development plans and has access to as much as £200m liquidity but will continue to monitor the ongoing disruption to the sector, adapting as necessary to preserve cash.
CMC Markets [LON:CMCX] has published a trading update for July and August this morning, noting a continued strong performance following an upbeat first quarter’s trade. This has resulted in an upgrade for the full year, with the board confident net operating income will exceed the upper end of current market consensus. The H1 pre-close trading statement is due for release in early October.
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There’s a statement out from DART Group [LON:DTG], the company behind leisure airline Jet2, this morning ahead of its AGM. Although the business has restarted flights in the wake of the COVID lockdown, they admit quarantine arrangements have presented setbacks and the winter flying schedule hasn’t been released reflecting shorter lead times from customers. The business’ liquidity position looks sound, with £629m of own cash (excl customer deposits) up from £520m at the end of March. The company notes that following the disposal of its freight business, it will also be renamed as Jet2 plc, with that process ongoing.
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