Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Currys on target to generate £1bn worth of free cash flow by 2023/24
Electricals retailer Currys [LON:CURY] has published half year results this morning, covering the period to October 31st. The company notes it achieved a strong UK market share and has been able to mitigate supply chain challenges which many have struggled with over the last few months, although management acknowledge that this has come at a price. Gross margins have been stabilised and the cash flow is strong. Guidance for the full year remains unchanged and the company is on target to generate £1bn worth of free cash flow by 2023/24.
#2. Hollywood Bowl momentum has accelerated since the start of the new Full Year
Ten pin bowling operator Hollywood Bowl [LON:BOWL] has announced its audited results for the year ending 30th September. Total revenues were down by around 10%, although improvements in operating margins were also noted. Since reopening in May, the company has however noted strong pent-up demand with revenue growth over the four and a half month period up almost 30% on the corresponding 2019 pre-COVID level. That momentum has accelerated further since the start of the new FY and whilst there’s a degree of caution over the Omicron variant, the tone is certainly upbeat.
#3. musicMagpie performance for the full year is in line with management expectations
Rounding off, there’s a pre-close trading update from musicMagpie [LON:MMAG], which aptly brands itself as a re-commerce business. The reseller of consumer technology reported that financial performance for the full year is in line with management expectations. Product innovation through concepts such as mobile phone rentals and growing consumer awareness of the issue of discarding technology to landfill arguably leaves the company well positioned for future trends, although it’s worth noting the share price has been sliding lower since its IPO earlier in the year.