Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Logistics company Wincanton [LON:WIN] published a trading update this morning ahead of interim results which will be released at the start of November. The company’s digital and e-fulfilment offerings have been well received by retailers in recent months as COVID restrictions have pushed even more trade online. Critically the group, which had a net debt of £15m a year ago has turned this into a cash positive £60m. Good progress has also been made in terms of reducing the pension deficit.
Global travel may not be set to pick up any time soon, but British Airways’ owner IAG [LON:IAG] has published the results of its recent rights issue today. 92.75% of rights were taken up, but more interestingly there was a meaningful over-subscription when it came to those looking to increase their holdings. Underwriting banks are off the hook and clearly despite the turbulence there’s still confidence that at least some in the airline industry can ride this out.
Rounding off with a very short note from cruise operator Carnival [LON:CCL]. They have announced that a conference call for analysts has been scheduled for next Thursday. All we know is that this is to provide a business update and with the industry essentially on hold right now, any direction here will likely be welcomed by investors who may be feeling somewhat marooned.
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