Three things you need to know in the financial markets this morning from investment writer, Tony Cross
October’s traffic figures from Ryanair have been published this morning, showing the airline’s load factor was up 11% – once the impact of its newly acquired Lauda subsidiary is taken into account. This growth remains eye-catching, not least because strikes and storms forced the cancellation of 300 flights during the month, too. Of course, the key metric here is how much revenue each passenger delivers, rather than simply how many seats are filled and the airline has already braced the market that with rising fuel prices and over capacity, the outlook is far from impressive.
There’s a trading update out from Microfocus International this morning, along with news of the appointment of a new CFO. Trading remains in line with expectations although revenue trajectory is expected to improve for the second half of the year. Contraction is still expected, although it will be at the better end of the -6% to -9% forecast. EBITDA margin guidance is a healthy 37%.
Greenfields Petroleum, which already has a Canadian exchange listing, has this morning announced its intention to seek a listing on London’s AIM market. The fact there’s another small cap oil company seeking a listing perhaps isn’t all that remarkable, but is it fair to say that the idea we’re seeing this activity against an uncertain domestic political backdrop means issuers see GBP denominated assets as having great value at current exchange rates?