Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Associated British Foods
Full year numbers from Associated British Foods [LON:ABF], the owner of Primark, have been released this morning. The clothing retailer continues to perform well across all territories with sales increasing in line with profitability, so no sign of deep discounting here. Profits for the sugar division have been poor, but rising prices in the EU are tipped to lend support here going forward and the grocery business is also faring well. With adjusted EPS coming in slightly higher than consensus forecasts and the outlook remaining positive, investors may be reassured by these numbers.
Full year results from Imperial Brands [LON:IMB] are also on the table this morning, with the company making progress on overall revenues but cautioning that its performance in next generation products is somewhat underwhelming. Regulatory uncertainty and a generally competitive environment are weighing here, leading the company to dial back expectations for 2020, where low single digit revenue and EPS growth is now expected.
An interesting statement from Topps Tiles [LON:TPT] is on the wire, noting that their CEO will stand down on November 29th, a few days after the planned release of the company’s full year results. The company’s long standing CFO is being promoted into the role, but the question many will be asking is whether there’s some hidden message here over the numbers. The market may not appreciate the uncertainty.