Some robust full year numbers from WH Smiths have done little to placate the market this morning with shares sliding in early trade. Despite a 17% increase in pre-tax profits, a broadly stable situation on the UK high street and some solid growth prospects in the US where the company’s travel business is soaring, investors have given the stock the cold shoulder, with the WH Smiths share price trading down more than 5% shortly after the open.
Are there some signs that the cost of living crisis may be coming to an end? Interims from Premier Foods this morning highlighted that customers were shifting away from unbranded lines, supporting the higher margin product sets. Branded sales were up 6.8%, pre-tax profits added almost 9% and some £52m of debt has been paid down. Full year guidance has been reaffirmed and the Premier Foods share price is sitting almost 5% higher in early trade.
Strong gains were seen for the insurance giant this morning after a trading update was filed. Positive numbers were reported across a series of metrics with general insurance premiums up 15%, wealth flows up 21% and retirement sales some 67% ahead. Management are confident about the final quarter of the year too, with expectations that dividend growth is also feasible. The Aviva share price was up by around 3% before 9am.
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