Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Post-lockdown rebound cheers growing Various Eateries
Various Eateries [LON:VARE] has published results for the 53 weeks to 3rd October this morning. The company runs the Coppa Club chain and notes that sales across the franchise from COVID reopening in mid-May to the end of the financial year were some 21% up on pre-pandemic figures. That has arguably been bolstered by an expansion of the estate too – which continues – with a further 25% uptick in non-London sales being recorded after ‘Plan B’ restrictions were lifted at the start of the calendar year. The company also noted that hotel occupancy and average room rates were above 2019 levels post-reopening.
#2. Spectris calls off bid in wake of Ukraine war
Spectris [LON:SXS] has this morning issued a statement noting that it now no longer has an interest in making a firm offer for Oxford Instruments. Citing the economic uncertainty created off the back of Russia’s invasion of Ukraine as the driver here is certainly a profound statement to make given Spectris notes it has no operations in Ukraine.
#3. Vela Technologies portfolio company delivers upbeat clinical results
Vela Technologies [LON:VELA] has published an update regarding portfolio company St George Street Capital, which has just released an update of tests for its COVID therapy trial. The results are encouraging to the extent that it now enables active engagement with prospective commercial partners. Management note that they believe the AZD1656 treatment has the potential to show a healthy return for SGSC and therefore Vela, too.