Another set of numbers showing double digit organic sales growth for a third consecutive year has been sufficient to drive Coca Cola HBC stock to the top of the FTSE-100 leader board by mid-morning. Shares are trading around six percent higher, with shareholders benefitting from a close-on 20% increase in dividend, too. Management note that the post-pandemic boom period may be over but with revenue growth of 6-7% still in focus for the current financial year, sentiment is bubbling over.
Being Valentine’s Day, not sure if the timing of this was deliberate or coincidental but news this morning that Futura’s erectile dysfunction treatment would be available on prescription in England and Wales from 1st March gave the stock something of a lift. By mid-morning, shares were trading around 5% higher and this news comes off the back of a well-received trading update earlier in the month.
An interesting update from The Works this morning who have appointed two new non-executive directors. The two hires currently hold senior director roles at Kelso Group, an investment company that seeks to identify engage and unlock trapped value in the UK stock market. The underlying shares are up almost 9% in morning trade, a move that’s starting to help reverse the losses posted off the back of the underwhelming Christmas trading update.
Headlines we expect tomorrow:
RELX
full year results
This time last year Revenue £8,553m, Adjusted pre-tax profit £2,489m, Full year dividend 54.6p
MJ
Gleeson interim results
This
time last year Revenue £171m, Completions 894, Average selling price
£186,400
