Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. The Restaurant Group snaps up Barburrito
There’s a business update out from casual dining operator The Restaurant Group (LON:TRG) this morning. This leads with the acquisition of Barburrito for £7m in cash, with the underlying company having £3.9m worth of assets and expectation of delivering EBITDA of £30m over the next 12 months. TRG also announced the early repayment of £44m of term loan facilities, along with hedging its interest rate exposure for the next four years.
#2. MJ Hudson: modest upward revision to full year guidance
AIM listed MJ Hudson (LON:MJH) published a trading update, noting a stronger than expected finish to the year, leaving management to modestly increase their guidance over final results. Given much of this outperformance in the second half stems from recurring client revenues, management add that this gives them further confidence in the growth outlook for FY 2023, and beyond.
#3. New exploration licenses awarded to KEFI Gold & Copper in Saudi Arabia
KEFI Gold & Copper (LON:KEFI) have announced that two new exploration licenses have been awarded for a partly owned JV in Saudi Arabia. This is obviously an early stage announcement and the company has faced a range of challenges in the past. The market reaction here will be worth watching.