Shares in the electrical retailer Currys soared this morning after the company published a full year trading update. Whilst group wide revenues are set to be lower year-on-year, since the Christmas trading peak, sales have picked up and margins have improved, too. There’s also a growing demand from customers for services and solutions, providing recurring revenue and being sufficient to drive the share price more than 10% higher in early trade.
Full year numbers from the mobile phone giant may have showed a contraction in adjusted core earnings owing to rising costs but revenues were in line with expectations and free cash flow also impressed. That was enough to lift the stock to the top of the FTSE-100 leaderboard in early trade, up by more than 2%, with the market evidently happy that turn around plans are working out.
Tour operator On The Beach has issued interim results this morning and despite this containing a lot of good news – summer sales are 22% ahead of where they stood a year ago and the company has just clocked up its ninth successive quarter of record performance – caution was noted over the value end of the market. The cost of living crisis continues to weigh on consumer sentiment and the rampant growth reported a year ago for this sector is fizzling out. Shares traded down around 10% by 9am.
Headlines we expect on Wednesday
Compass Group Interim Results
This time last year Revenue £15.8bn, Operating profit £1,050m, EPS 42.7p
Experian Final Results
This time last year Revenue (ongoing) $6,587m, Total dividend $0.5475
