Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Argo Blockchain sees gross profits exceed expectations
Q3 numbers are out from Argo Blockchain [LON:ARB] this morning covering the period to 30th September. The chief executive describes the quarter as having been pivotal for the company, including generating $26m worth of revenue, breaking ground on the sustainable coin mining operation on Texas and completing the Nasdaq listing. The company mined 597 bitcoins and did so at a gross margin of 120%. Favourable price changes for the underlying asset helped gross profits exceed expectations for the period.
#2. Wizz Air continues to find growth opportunities
Wizz Air [LON:WIZZ] has published its operational update for October, with the airline continuing to find growth opportunities. Almost three million passengers were carried, up 160% from the figure a year earlier and closing in fast on the 3.7million carried in October ’19. Load factors are also increasing, reaching just under 80% although this is still some way of the 95% from two years ago.
#3. Flutter Entertainment full year guidance revised up for the US and down elsewhere
There’s a Q3 trading update out from betting group Flutter Entertainment [LON:FLTR] today which shows a mixed bag although the overall trajectory remains squarely upward. Average monthly players are up 13% from a year ago and whilst UK revenues have slipped off the back of the busier sporting calendar a year ago, strong growth in the US where the company now boasts a 42% market share is notable. This shift has however allowed the company to firm up full year guidance which is being revised up for the US and down elsewhere, netting out at a very slight adjustment on the downside. The company also notes since the start of Q4 that a run of customer-friendly results of late is depressing margins and with the share price having been languishing over the last six weeks, will this be sufficient to offer the support that’s hoped for?