Shares in the asset manager tumbled this morning following the publication of Q3 earnings which highlighted a £2.3bn outflow of funds at the group level and added that there was more to come, driven in part by the removal of a legacy mandate by Scottish Widows. Private Market and Wealth Management divisions did fare better with £1bn of inflows into each, but investors have been quick to mark down the stock off the back of the numbers here. The Schroders share price has now lost 50% from its September 2021 all-time highs and is trading down by 10% an hour into the session.
The owners of Primark published full year results this morning, highlighting strong growth across the group but especially in the retail division where margin improvements and revenue growth underlined the strength of the market’s performance. Sales growth of 30% in the US also appeared notable and investors are set to receive full year dividend payments of 90p, up 50% from the comparative. In early trade, the Associated British Foods share price was sitting some 2.5% higher.
Shares in the fats fashion paly ASOS were under the spotlight this morning after the company published its full year results. There’s been a project underway to run down inventory levels but again that has come at the expense of lower group revenues, falling margins and higher losses. That stock transition is however now complete so the company is optimistic when it comes to the outlook. For FY25, management are expecting a 300bps improvement in margins and EBITDA growth of at least 60%, but current revenue trends will continue in the short term. The ASOS share price was down as much a 7% in early trade.
Headlines we expect tomorrow
OSB Q3 Trading Update
This time last year Organic originations £1.3bn, Net loans £25.2bn
Totally Interim Results
This time last year Group turnover £55.8m, Pre-tax loss £1.9m, Cash position £1.7m
