Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Associated British Foods
There’s a pre-close trading statement out from Associated British Foods this morning, ahead of full year results due on April 24th. Sales growth is expected across all divisions other than sugar and profit expectations are still set to be met. Primark is once again tipped to excel, with UK sales up 4% whilst higher margins are expected to impress here, too. Operations for the fashion chain in the Eurozone and USA are also performing well, too.
Bunzl
Distribution and outsourcing company Bunzl has announced another acquisition this morning, although admittedly one which is small in scale. Liberty & Glove, a US based personal protection equipment provider, is set to add a little to the company’s position across the Atlantic, although with annual revenues of under $100million versus the group’s figure which is well in excess of $10billion, the scale of the acquisition needs to be taken into account. This note accompanied full year results from Bunzl, which came in fractionally better than expected with an eps of 129.6p vs forecast 126.15p. Shareholders will see a slightly better than expected uptick in dividends, too.
Hiscox
Insurer Hiscox has reported full year earnings this morning and the numbers appear to have impressed in what has been a difficult period for the sector. Gross premiums are up 15% and a tripling of pre-tax profits has also been recorded. Shareholders may however be less than impressed with the mere 5% uptick in dividend that’s being tabled.
