Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s a Q1 trading update out from Dixons Carphone [LON:DC] this morning, which shows the company performing in line with guidance. International like for like revenue is performing well, but the business continues to struggle with mobile phone sales in the UK & Ireland, with like for like revenue down by 10% for the division. That decline is again in line with expectations, but the company is struggling to make headway – something that isn’t helped by the ongoing themes of political and economic uncertainty.
There’s a trading update out from boohoo [LON:BOO] this morning, which comes complete with a profit upgrade. Strong revenue growth has put performance ahead of expectations, with full year group sales now expected to be up by 33%-38%, against previous estimates of 25%-30%. More details will be seen in the interim results, due in just under three weeks.
Unlike some others in the sector, there’s no sign that housebuilder Redrow [LON:RDW] is losing any momentum with its full year results published today. Completions are up 13%, revenues are up 10% and the operating margin remains at a healthy 19.5%, although this is down from 19.9% a year ago. The company does note there’s uncertainty both over Brexit and the fact that government support for the sector won’t last forever, but the fact these numbers have come in at the upper end of analyst expectations should provide some reassurance.