Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Dixons Carphone
Dixons Carphone [LON:DC] has published full year results for the 12 months to May 1st this morning. Group revenues are up 2% on a like for like basis despite the impact of lockdowns, with electricals outperforming mobile and online sales jumping by more than 100%. Government support of over £200m has been repaid, the company is to resume dividend payments and management note that the start of the financial year has seen continued strong trading across all markets.
Topps Tiles
Topps Tiles LON:TPT has published Q3 results, covering the 13 week period to June 26th. The first two weeks were restricted as this fell into the closure of non-essential retail, but since this sector reopened, sales were up 18.5% from the 2019 comparator. The business expects to benefit from increased consumer confidence and spending as the summer progresses, noting that it has repaid all government support received in H1 and remains debt free.
Pendragon
Motor group Pendragon LON:PDG has issued a pre-close update this morning, noting that it continues to make good progress against its strategic aims, with H1 profits expected to come in around £30m, reversing the £31m loss posted for the same period a year ago. However there are a series of fundamental drivers likely to impact both the new and used card market during the second half of the year, including a normalisation of pricing and production delays. That performance expected in H1 isn’t likely to be repeated, although guidance is that full year profits of £45m-£50m may be seen.
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