Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Low cost airline Ryanair may have published some upbeat traffic figures yesterday, but this morning the Civil Aviation Authority has announced it has started enforcement action with the company over its refusal to compensate passengers for delays caused by industrial action in the summer. This is set to test current process for the industry as a whole, so competitors and passengers alike will be keen to see the outcome.
Half year results are out from Stagecoach this morning, and the numbers are ahead of expectations. The positive resolution of outstanding matters over the company’s former South West Trains franchise plus high levels of profitability on the Virgin rail joint venture have served to bolster figures, although against strong comparatives there has been a year on year decline. The interim dividend is however being maintained.
Patisserie Holdings – the company behind Patisserie Valerie which found itself at the centre of an accounting scandal less than two months ago – has announced the appointment of an interim CFO. Shares in the company remain suspended, but a statement from the CEO makes clear that the business is working tirelessly to look to the future.