London Stock Exchange
It’s largely a case of slim pickings on the company news this morning, but one exception here is the London Stock Exchange who have issued a Q1 trading update as they await the arrival of their new CEO. Most of the key metrics show double digit growth, although the one line that may catch investor attention is a contraction in the technology services division. Two tech businesses have been disposed of, but even accounting for this, the business unit is contracting, although the future direction and growth of the company won’t become clear until the new CEO is in place.
Anglo American
Anglo American has issued an update on a pipeline it operates in Brazil. The Minas-Rio pipe is the world’s longest iron concentrate pipeline but has been shut down owing to leaks. A thorough inspection process is now underway, it’s going to take around 90 days to complete and the company says that it will have a $300-$400 million reduction in earnings this year. Anglo has already been hit with more than $50 million worth of fines by Brazilian regulators over damage caused by the leaks.
City Fibre
Full year results from City Fibre are out today. This is the UK’s largest alternative provider of wholesale broadband and the company is seeing some stellar growth, although much of this is attributed to its acquisition of Entranet. Turnover is up 126% to over £34 million, whilst EBITDA grew from £2.5 million to £4.5 million. The company however remains loss making – there’s a lot of capital needed to build this infrastructure and the payback will take some time.
