Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Stagecoach Group
Transport operator Stagecoach group have issued a trading statement this morning ahead of a series of analyst meetings it has scheduled.
It’s a brief note, highlighting divisional performance over the last four months and although contraction has been posted in some sectors – notably London bus and North American operations – it’s all in line with expectations.
Kingfisher
Kingfisher – the owner of B&Q and Screwfix – has published half year results this morning as it continues to plot a turn-around plan.
Sales are up by a fraction, but profits are tumbling. The dividend is being maintained, but net cash in the business has dropped from £650m a year ago to £99m.
The company’s French operations continue to drag, but there’s a belief that strategic milestones can continue to be met. Investors may well be wary,
Babcock
Babcock has issued a trading statement today, but on the face of it there’s nothing in the note to cause any concern.
Trading is in line with expectations, 87% of revenue is now in place for the current financial year and 57% is lined up for 2019/20.
The company successfully completed a business realignment last year which is allowing it to focus on higher yielding contracts, but investors will have to wait for the half year results in November for more detail.
