Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Balfour Beatty trading in line with expectations ahead of AGM
Balfour Beatty LON:BBY has today issued a trading update ahead of its AGM, covering the calendar year to date. Trading has been in line with expectations and management forecasts remain for full year profitability to be in line with the 2022 figure. At the end of March, the order book stood at £17 billion down from £17.4 billion at the end of last year.
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#2. THG terminates talks with Apollo
Online retailer THG LON:THG has this morning advised the market that it has terminated discussions with Apollo Global Management regarding the idea of taking the company private. Given ongoing improvements to profitability and cashflow, the board have confidence that the business can best serve shareholders on its own. Takeover rules mean Apollo has until the start of next week to make a firm offer for the company.
#3. Avani takes £20m+ stake in coal miner Bens Creek
Bens Creek LON:BEN, the AIM listed coal miner, has reported that Avani Resources has acquired a stake of almost 30% in the company from MBU Capital, who were formerly the largest investor in the business. Avani is a Singapore-based commodity trader as well as an investor in related assets. Management note that they welcome the move.
