Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Biffa [LON:BIFF], the UK’s leading sustainable waste management company, has this morning released results for the 52 weeks to 26th March. Although revenues and profits are down on the previous year with the ‘collections’ division being hit hard by lockdowns in the first half, the company notes that the realised results are ahead of expectations. Margins have also been sustained, which is arguably important for the business moving forward and there’s a commitment to continue scaling up recycling capacity to keep pace with demand.
JD Sports Fashion
There’s a note out from JD Sports Fashion [LON:JD] this morning deflecting another volley of media speculation that the company is out to recruit a Chief Executive Officer. A version of this story seems to do the rounds on a fairly regular basis, with the latest chatter emerging off the back of last week’s publication of the annual reports and accounts. Contrary to what is considered governance best practice, the company has an “Executive Chairman” covering both the chair and CEO roles at present.
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The recently demerged Wickes Group [LON:WIX] has published a trading update this morning, reporting exceptionally strong growth for the 21 weeks to 22nd May. Sales are up 45% on a year ago, and 23% on the 2019 figure. Kitchen and bathroom sales are also reported as being strong following the reopening of showrooms in mid-April, with the company advising that it expects to deliver full year pre-tax profits in the upper half of current analyst expectations.
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