Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Lookers interims show strong sales despite rising interest rates
Interim results from car dealership Lookers [LON:LOOK] are out today. Revenues added 8%, with management noting that the strong performance hasn’t been adversely impacted by the sharp increase in borrowing costs. The company remains on course to be sold to Global Auto Holdings for 130p a share, reflective of the current price.
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#2. Oxford Biomedica expands agreement with US client
Oxford Biomedica [LON:OXB] has this morning announced that it is to expand its license and supply agreement with US-listed Cabaletta Bio. Under the terms, OXB will receive a series of undisclosed payments which clearly hampers the ability to apply a meaningful valuation uplift but the extension of work with existing clients is always welcome.
#3. Wood Group growing focus on sustainable business
Wood Group [LON:WG.] also has half year numbers out, with revenues up by 16% as the company benefits from the growth strategy that was set out just nine months ago. The order book is up by 5% and headcount has grown by a similar amount. With sustainable business lines now accounting for 20% of group revenues and the pipeline here looking strong too, expectations are for the growth to be sustained in the second half.
