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Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.

#1. AO World six month revenues up 60%

There’s a trading statement out from AO World [LON:AO] covering the six months to 30th September. The company found favour during the first COVID lockdown and growth has continued, albeit moderated by supply chain constrains. On a two-year basis, group revenues are up by more than 60% and adjusted EBITDA for the full year is expected to be between £35m and £50m.

#2. JD Wetherspoon COVID affected numbers

Preliminary results are out from JD Wetherspoon [LON:JDW] this morning, covering the year to 25th July. Obviously these numbers have been affected by COVID hospitality restrictions, with like-for-like sales coming in around 40% lower. In the first nine weeks of the new financial year, sales are 8.7% down on 2019 levels and the trend here appears to be improving. There doesn’t appear to be any comment on supply chain challenges hitting the company but the report notes they have had a “reasonable” number of applications for jobs posted, although recruitment in the South West has been an issue over the summer.


#3. Ocado debt deal to reduce borrowing costs

There’s a quick note out from Ocado [LON:OCDO] on a debt financial deal they have completed. This has driven down borrowing costs by 12.5bps and pushed maturity out by two years, which in an environment of forecast interest rate rises is to be applauded.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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