Three things you need to know in the financial markets this morning from investment writer, Tony Cross
The IPO for Aston Martin is racing ahead with conditional dealing due to start on exchange today. The offer price has been set at £19 per share, giving the company a market cap of £4.33 billion. That’s unlikely to be sufficient to land the business a place in the FTSE-100, with the automatic qualification point at the next reshuffle sitting around a billion pounds higher than that.
Interim numbers from Tesco are out this morning, showing a 12% jump in sales but this is matched with a close on 7% decline in operating profits. A dig through the numbers however reveals that this might not be a signal to panic – it’s a string of intangibles which have skewed the picture rather than a grocery price war.
A £16 million FCA provision for the banking division, restructuring costs and the closure of Tesco Direct have between them racked up almost £100m worth of charges for the period.
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A trading update from Topps Tiles for the last year has been published and they anticipate posting full year revenues up by around 1.5%, slightly ahead of the upper end of market expectations.
The company is highlighting its recent strategic shift as having been a success, although remains wary of the uncertain UK economic outlook – a focus on keeping costs in check is promised.