Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Interim numbers from CVS
Veterinary services company CVS LON:CVSG has issued interim results today for the six months to 31st December. Like for like sales are up 7.5%, with this positive message being reflected in profitability, too. The company continues to grow through acquisition and management are confident that full year results will be in line with market expectations.
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#2. IAG to complete Air Europa purchase
International Consolidated Airlines Group LON:IAG, the owners of British Airways, Aer Lingus and Iberia, have this morning confirmed they will complete the acquisition of Air Europa in a part cash, part shares deal. The move will see IAG develop Madrid into one of Europe’s largest passenger hubs and is reported to have the potential to deliver significant synergies by 2026-2028. Further details will be released in a subsequent capital markets day.
#3. Cineworld update on Chapter 11 proceedings
Cineworld LON:CINE has provided an update on the Chapter 11 proceedings that are taking place across certain subsidiaries in the US. The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the Group’s business, but on what has been received to date, it is not expected that any sale transaction will provide any recovery for the holders of the Company’s equity interests. The note adds that any sale transaction for the Group as a whole would not include the sale of the equity interests in Cineworld itself and would therefore not be subject to the rules of the Takeover Code. As previously stated, Cineworld continues to operate its global business and cinemas as usual without interruption.
