Three important things you need to know from across the markets this morning from investment writer, Tony Cross.
A bumper morning for Flutter which published its Q4 trading update this morning, driving shares up by more than 12% as a result. Especially strong revenue growth is being reported from the US and despite the ‘customer friendly’ results from many sporting fixtures, the fact that this pace of growth is being reported just days before the company launches a dual listing in New York is certainly giving cause for cheer.
A Christmas trading update from discount retailer The Works was out this morning but rather than being brim full of festive cheer, it was more a New Year’s day hangover. The cost of living crisis impacted holiday sales with management noting that consumer budgets were squeezed, whilst concerns are now turning to supply chain disruption off the back of the Red Sea situation. Full year EBITDA projections remain unchanged but by midday, shares were down more than 11%.
Food producers perhaps best known for pork and poultry issued Q3 numbers this morning. The statement was certainly upbeat, suggesting management were bringing home the bacon following a stronger than expected performance in the run up to Christmas. Full year adjusted pre-tax profits are now tipped to come in above the board’s previous forecasts, so perhaps the muted share price reaction is something of a surprise. Early gains did see the 4,000p mark tested but enthusiasm to push higher was lacking and the stock sat 1% up at midday.
