Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Marston’s CEO making swift departure
Marston’s LON:MARS has this morning announced that the CEO will step down with immediate effect and that a new CEO has been found, but won’t be joining the company until mid-January. Whilst the outgoing CEO will remain available to the business to ensure a smooth handover, the timings suggest some friction may be in play with investors given longer term underperformance against some peers.
- Three Quick Facts: Marston’s, On The Beach, SSP
- Small Cap Stocks: AFC Energy, United Oil & Gas, Feedback
- Three Quick Facts: Ryanair, AFC Energy, Chemring
#2. AFC buys assets from Octopus
AIM listed hydrogen play AFC Energy LON:AFC has this morning advised the market that it has reached agreement to purchase some hydrogen assets from Octopus Hydrogen. The storage and distribution assets provide immediate logistics capacity to support the company’s growing number of H-Power Generator sets and cements AFC’s position across an integrated hydrogen value chain. Financials aren’t disclosed and the note adds that it’s not AFC Energy’s intention to become a capital intensive hydrogen logistics provider.
#3. Parkmead results impress, tax losses bode well for acquisitions
Independent energy group Parkmead LON:PMG has published preliminary results for the full year to 30th June. Revenues increased by 22% with gross profits adding around 17%. The company continues to build a balanced portfolio of assets and the note adds that Parkmead is sitting on some significant UK tax losses, leaving the company well placed to make acquisitions at a time when UK oil & gas tax liabilities for producers are very high.
