Full year profits on a statutory basis from Tesco this morning showed a 100% uptick, which given the ongoing cost of living crisis could be seen as verging on the embarrassing, although on an adjusted basis the number showed a rather more respectable 13% improvement. Price pressures are reported as easing and the outlook is for profits for the year ahead to be broadly unchanged. The market however was left underwhelmed, with the stock sitting around 0.5% higher in early trade.
The global semiconductor wafer supplier IQE has this morning issued full year results off the back of what has been a challenging period for the sector. Revenues are down by a third, resulting in a significant increase in losses. However a significant recovery was seen in the second half, mirroring the wider situation. Trade in Q1 ’24 has been in line with expectations and full year forecasts are in line with analyst forecasts. Shares were 24% higher by 9am as a result.
Full year numbers were out from Futura Medical this morning. That’s the company behind Eroxon, the non-prescription erectile dysfunction therapy. Despite headlines including the delivery of the first meaningful revenues and a gross profit of £1.8m, accounting for a 57% margin, the market was evidently wanting more. Distribution delays ahead of the year end appear to have taken a toll, but management are confident that as the product rolls out to a global audience, things are looking up… Shares were trading 13% lower an hour into the day.
