The AIM listed owner of a portfolio of premium spirits brands Distil this morning announced a new distribution partnership with Global Brands to supply off-trade customers. The existing on-trade distribution partnership with Marussia Beverages remains in tact, but the strong relationships Global Brands has between other drinks manufacturers and major grocery customers is clearly seen as a significant added benefit. Shares in Distil added 20% in early trade.
Keeping with the small cap theme and Immupharma this morning highlighted a statement issued by Aquis-listed Incathera, the dermatology and oncology specialist in which they own a 10% stake. Incathera updated on a commercial skincare deal which will see a pan-European roll out, delivering £2m of revenues in Q2, profitability in FY25 and revenues of £33m in FY26. In Monday’s early trade, Incathera’s share price is up by around 50% whilst Immupharma is sitting 25% higher.
One FTSE-100 company reporting full year numbers this morning was Kingfisher, owners of the B&Q and Screwfix brands. The numbers were something of a mixed bag with more resilient consumer demand being seen in the UK & Ireland than was observed in France and Poland. High labour and energy costs are dragging and despite cost saving plans, it seems these are expected to weigh in the year ahead, too. Adjusted pre-tax profits were down by 25% and guidance is for another, albeit more modest, decline to be posted in FY25. The dividend has however been sustained and a £300m share buyback helped sweeten the deal further, leaving shares just a little over 2% lower an hour into the day.
Headlines we expect to see on Tuesday
Flutter Entertainment Final Results
This time last year Average monthly players 10.2m, Revenue £7.7bn, Adjusted post-tax profit £336m
Ocado Q1 Retail Trading Statement
This time last year Q1 revenues £584m, Average orders per week 381,000, Active customers 951,000
