Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Everyman Media’s bumper start to H2
Everyman Media Group LON:EMAN, the operator of the eponymous cinema group, has published a trading update covering the first half of the year. Revenues are down slightly against a strong comparative, but the company notes that high profile cinema releases have fallen in H2 of the year, something that is reflected in the very strong figures which have been posted for July. Noting demand not just for cinema but also the company’s high quality F&B offering, management are showing few concerns in terms of economic headwinds.
#2. Great Portland Estates’ West End property acquisition
Great Portland Estates LON:GPE has announced the purchase of King Sloane Properties, who own a series of central London freehold interests. The cash consideration is based on a valuation of £70m, with the buildings currently yielding £1.48m pa. Plans are to upgrade the existing quality of the lets, presumably with a commensurate uptick in rent charged.
#3. Tan Delta admitted to AIM
Tan Delta Systems [LON:TAND], a market leading real-time equipment monitoring and data analytics business, has announced that its shares will be admitted onto AIM today. On admission, the company will have a market cap of £19m and management herald the fact that this underlines the state of innovation in the UK. Based in Sheffield, the company will use the fresh funds for sales, marketing, product development and general working capital requirements.
