First quarter earnings from Ashtead Group were published this morning and despite profits falling, revenues continued to grow thanks to the company’s exposure to a number of mega-projects in the USA. Management concluded that the company was in a position of strength and retained the financial capacity to leverage further opportunities as they arise. Full year results remain forecast to be in line with expectations, leaving Ashtead’s share price to rise more than 4% higher shortly after the open.
Another well received update from the market this morning was posted by luxury timepiece retailer Watches of Switzerland. A trading statement covering the first 18 weeks of the financial year summarised that demand continued to outstrip supply and performance in the US was likely to be second-half weighted. Improved visibility over new store openings means that management are confident in delivering against previously stated FY25 guidance, leaving the Watches of Switzerland share price almost 10% higher in early trade.
The AIM-listed boutique drinks maker Distil has had a poor run of form lately but shares received something of a boost this morning after news that it had released bottles of whiskey from the first distillation at the Ardgowan Distillery. Moving production to the site is seen marking a new era for the company’s Blackwoods brand. The relatively modest uptick in the Distil share price of around 11% could also suggests that there’s a lot more to be done if the fortunes of this business are to see a step change.
Headlines we expect on Wednesday
Barratt Developments Final Results
This time last year Completions 17,206, Adjusted gross profit £1.13bn, Gross margin 18.3%
Direct Line Interim Results
This time last year Gross written premiums £1.6bn, pre-tax loss £76.3m, Dividend 0p
