Half year numbers from Smiths Group gave the market something to cheer with 3.9% organic revenue growth and a 16.5% increase in the order book being seen. The FTSE-100 listed engineering group is currently topping the table as a result, with full year guidance being reaffirmed. Underpinning this is the expectation that margins will continue to improve too, the interim dividend is up by 5% and a further £100m share buyback has been announced. Just over an hour into the day and shares are trading around 4% higher.
The online grocery play published Q1 numbers for its retail arm this morning showing it had passed the one million active customer mark and that revenues for the JV with Marks & Spencer were up by more than 10% year-on-year. Management note that this builds on the strong momentum seen in FY23 and believe the combined approach of lower prices along with an expanded range is resonating with customers. Shortly after the open, the stock was as much as 5% higher although gains are abating.
AIM-listed Zoo Digital, the provider of cloud based localisation services provided a trading update this morning. Management have updated on the timing of work after the recent Hollywood strike action negatively impacted workflows earlier in the year. However with a growing backlog, the company now expects to beat its revised full year guidance, revenues are seen as being at least $40m and EBITDA losses will be reduced, too. Forward bookings are also promising, lifting the share price by 25% in early trade.
Headlines we expect to see on Wednesday
S4 Capital Final Results
This time last year Revenue £1.069bn, Basic loss per share 27p, Net debt £110m
