Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Unsolicited bid approach for Renalytix
We’ve mentioned Renalytix LON:RENX a few times of late off the back of their success in getting their kidney tests added to US healthcare insurance rosters. This morning the company has advised that it has received an unsolicited approach from a large and well capitalised publicly listed strategic diagnostics company. This has triggered a review of all options and management have initiated a formal sale process. A funding review is also underway as the company could use this opportunity to raise fresh debt or equity.
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#2. Ryanair passenger count up, load factor steady
Ryanair [LON:0RYA] has published February’s passenger figures this morning noting the flying of an additional 500,000 guests compared to a year earlier and with the load factor remaining at 92%. That’s reflective of the quieter winter season, with the rolling load factor for the year now standing at 94%, up from 93% at this point in 2023.
#3. Vertu Motors trading update shows FY performance in line
Vertu Motors LON:VTU has issued a trading update this morning covering the five months to 31st January and noting a stabilisation in used car prices in recent weeks. Operating expenses as a percentage of revenue fell slightly and full year profits are expected to be broadly in line with current consensus. There have been a string of headwinds here in terms of used vehicle price correction and increased financing charges impacting the cost of holding inventory, so the outcome could give investors something to cheer.