Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Full year numbers from Virgin Money [LON:VMUK] are published today and again there’s little that offers much cause for surprise. Like many in the industry, the bank was surprised by the scale of PPI claims coming up to the August deadline, with such legacy costs pushing the business to report a statutory loss. However the situation is seen as being temporary, with ambitious growth targets being established for the near term, along with plans to leverage the wider Virgin brand to increase customer loyalty.
Go Ahead Group
There’s a trading update out from transport operator Go Ahead Group [LON:GOG] this morning. Overall sentiment appears positive, with regional passenger numbers up 0.5% against the same period a year ago, whilst revenues in the same division have risen by a rather more impressive 2.5%. There are some concerns over rising labour and engineering costs, but otherwise there’s little cause for concern.
A note out from Ocado [LON:OCDO] this morning highlights that its sixth customer fulfilment centre (CFC) is to be located in Bristol. It’s a smaller format than others operated by the company, but has the benefit of coming on stream faster than the legacy operations. This is seen as a key part of the company’s future growth, so performance of the site once operational will be worth following.