Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Hotelier IHG almost back to pre-pandemic occupancy
Q3 numbers out from hotel operator IHG [LON:IHG] today show continued growth in the hospitality sector, with RevPAR up 10.5% from a year ago and 12.8% compared to pre-pandemic levels. That’s impressive, but pales against the bumper numbers from Whitbread we saw posted earlier in the week. Occupancy for the company sits at 72%, which is just one percentage point behind 2019 levels.
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#2. Scancell delays full year results publication
Scancell [LON:SCLP] has issued a quick update this morning on its full year results, which relate to the period to 30th April. The clock is ticking to get these published but the auditor has requested more time. There’s no suggestion in the note that the deadline of Monday week won’t be met and no material issues have been found, but time is running out.
#3. ITM Power completes Motive Fuels sale
ITM Power [LON:ITM] has this morning announced that it has completed the sale of Motive Fuels for what is reported as a marginal cash consideration. This will however allow ITM to direct £28m of capital which had been ringfenced into the core operation.