Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
The Restaurant Group
Interim results from The Restaurant Group [LON:RTN] are out this morning, covering the 26 weeks to end of June. Revenues were more than halved leaving the company to trade a £28.1m profit a year ago into a £47.5m loss. The trading portfolio has been dramatically reshaped too, but the note is keen to stress how sales have bounced back since lockdown restrictions were eased on July 4th. 90% of the retained estate is open with the pubs division doing exceptionally well in terms of market outperformance. There’s a lot of detail here but management state that even with the uncertainty of further restrictions, they now have a business that can deliver long term shareholder value.
There’s a note from Oxford Biomedica [LON:OXB] this morning stating that they have received regulatory approval for an additional manufacturing suite. This is the culmination of a doubling of capacity from a year ago and the facility will be dedicated to the manufacture of COVID-19 vaccines.
There’s news from Oncimmune Holdings [LON:ONC] – the leading global immunodiagnostics group – that it has received UK government funding to help with better diagnosis of COVID-19 patients. The company is working on a ‘Validated research tool to be used to predict disease severity and individual therapeutic response to COVID-19 in aid of rapid vaccine and drug development’. The note doesn’t however appear to include any detail over the size of the funding which has been awarded.
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