Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Steady performance from Hilton Foods
Hilton Food Group LON:HFG has this morning published its AGM Trading Update, noting an in line performance as volumes and sales are both ahead of the same period a year ago. A strong Easter period was also seen as benefitting the business, 2024 has started the year with no surprises and the board believe the company is well positioned for the year ahead despite the ongoing challenging economic conditions.
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- Three Quick Facts: Barratt, Hilton Food Group, Chapel Down
#2. Profits soar at Ryanair, share buy back announced
Ryanair [LON:0RYA] may no longer be dual listed in London but they do have a CDI and this morning announced full year profits of €1.92bn – up 34% – and a €70m share buy back. The company notes strong travel demand for the coming peak summer season with delivery delays and unplanned servicing requests keeping capacity in check across the industry. FY25 is set to see 8% passenger growth and the company’s cost advantage over its competitors continuing to grow.
#3. British Land exits Sheffield’s Meadowhall after 25yr investment
An interesting note from British Land LON:BLND this morning who have offloaded their 50% stake in the Meadowhall shopping mall to Norges Bank for £360m. That’s helping British Land redefine its own portfolio of holdings into areas that critically don’t include the once-popular out of town shopping centres. The deal ascribed a value of £743m to the whole complex, which opened in 1990 at a reported cost of £250m. Even accounting for inflation, that’s around £600m in today’s money, although British Land’s timing perhaps wasn’t so great, having acquired the site along with some nearby assets for just over £1 billion in 1999. A statement by the company shows British Land initially sold the other 50% in 2009 for £587m.
