Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. THG incubator company sold in MBO
There’s a strategic review update out from THG LON:THG today, noting that they have sold the OnDemand division to a Newco, lead by the existing management team and funded by an advisory and investment firm. Whilst the value of this transaction isn’t split out, the note adds that the cash consideration for this and the sale of ProBikeKit n Q2 to Frasers Group totals £4m.
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#2. Glencore half year production updated, full year guidance maintained
There’s a half year production report out from Glencore LON:GLEN. Whilst outputs in a number of key divisions are lower, full year guidance remains unchanged with second half weightings expected to outperform. There are other technical details included in the update such as the over supply of cobalt – which the company has been actively contributing to – but this seems unlikely to have much of a lasting drag on performance.
#3. Filtronic £3m ESA contract win
AIM listed Filtronic LON:FTC has this morning advised the market that it has been awarded a £3.2m contract from the European Space Agency. Given that equates to around 10% of the company’s market cap, it’s a meaningful deal although there’s no indication in the note when it comes to potential margins.
And that’s it for Three Quick Facts as the team at The Armchair Trader wind down for the summer break. I’ll be back with this column on Wednesday August 9th.