The iconic fashion label surged to the top of the FTSE-250 this morning following the publication of its Q3 trading update, Despite the news being less than stellar – sales are down across the board aside from some modest growth in the US – the decline in revenues was less than had been feared. Management also note that the recently implemented turn-around plan is starting to yield results. The Burberry share price was up 15% shortly after the open.
Discount bookseller The Works published its interim results and Christmas sales update this morning. Revenues advanced slightly, which was better than expected and reflected an outperformance against the wider market. Meaningful margin growth of 220bps was also reported, with recent cost saving initiatives yielding results. The company remains on track to meet full year expectations and further margin improvements are also seen as being deliverable. The Works share price was up as much as 12% in early trade, although it has been a volatile start to the day.
Currency and Asset Management specialists Record issued a quarterly update to the market this morning, noting the company had posted a strong period of growth. Greater volatility saw the company generate an additional £1.3m in performance fees, whilst net inflows into the asset manager hedging business delivered a further $0.9bn in AUM. A strengthening US Dollar is clouding the performance metrics to an extent, but investors are cheering the result. The Record share price is up around 10% an hour into the day.
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