The FTSE-250 listed IT services provider Softcat published full year results this morning, which received an upbeat reception from the market. Invoiced income was 11.3% higher whilst gross profits rose by a similar amount, marking another record year for the company. Management expects to see another year of double digit gains and market share growth in FY25. The Softcat share price was trading around 11% higher an hour into the day on Thursday.
The retail giant this morning tabled a notice to Boohoo Group – of which it owns 27% - requisitioning a general meeting in a bid to have Mike Ashley appointed as CEO. In a recent filing, boohoo noted that it was undertaking a review to unlock and maximise shareholder value, as well as advising that the incumbent CEO was to step down. There seemed to be some disquiet amongst investors in response to the gambit however, with the Frasers Group share price dropping by as much as 2% in early trade, before making a modest recovery.
The builders merchant Travis Perkins issued a Q3 trading update this morning, trimming profit guidance for the full year by a further 10%. This is the second such cut in a matter of months and stands at odds with signals that have been seen elsewhere regarding the prospects for an improving underlying economic outlook. Management do acknowledge that end markets are at least stabilising but investors have responded by marking the Travis Perkins share price down by around 6% shortly after the open.
Most read news this morning
Open letter to boohoo board - - Frasers Group (FRAS)
