Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
AO World
AO World [LON:AO] has full year results out today, covering the 12 months to March 31st. Unsurprisingly as physical stores were shuttered and consumers shifted their focus to online sales, the company has had a stellar year with sales up by 62% and pre-tax profits jumping from just £1m a year ago to £20m now. The company notes that it welcomed more than 2 million new customers during the period and is optimistic that given the high quality of their service, a loyal following will be formed even now that the option to buy in-store has returned.
Associated British Foods
Associated British Foods [LON:ABF] has published a third quarter trading update this morning. The stand out line here is retail with the reopening of Primark stores leaving sales to surge by more than 200% when put against the same period a year ago – one which straddled the first round of lockdowns. The sugar division also saw a good run, with sales up by 21% thanks to rising prices and it was only the grocery division that was left lagging on an annualised basis, as a result of some tough comparatives last year after lockdowns drove a spike in dining at home.
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Revolution Bars Group
There’s a positive trading update from Revolution Bars Group [LON:RBG] ahead of the year end which concludes on Saturday. The company has seen a stronger than expected recovery since hospitality venues reopened in the Spring and the board is confident that further pent-up demand exists, leading to the conclusion that the full year performance will be ahead of previous expectations. It’s not all plain sailing however with a definite air of caution over the risk of further restrictions in the winter and the prospect that by July 19th, there may still be constraints on trade.
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