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Three Quick Facts: Dunelm Group, Biffa and WM Morrison

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Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.

#1. Dunelm Group profits to be ahead of expectations

There are full year numbers out from Dunelm Group [LON:DNLM] this morning, covering the period to 26th June and show a 26% uplift in sales, and 21% higher than was seen in the year to June 2019. Almost 50% of volume was conducted online, with the company’s digital transition certainly being well timed ahead of lockdowns. Perhaps more importantly, sales for the last 10 weeks as the economy starts to normalise have also remained upbeat, although part of that was fuelled by a summer sale which may take a toll on margins. Regardless, expectations for the coming year are that pre-tax profits will be modestly ahead of the upper end of expectations and shareholders are also benefitting from a 65p special dividend.

#2. Biffa working hard to mitigate national shortage of HGV drivers

Waste management firm Biffa [LON:BIFF] has this morning published a trading update, noting that the first half of the year has continued in line with the board’s expectations as last published in mid-July. Revenues in the 5 months to August ’21 were 12% higher than then comparable level in 2019, although this number is a more modest 3% once acquisitions are stripped out. Although detail beyond this is limited, the note does caution that the company is working hard to mitigate against the national shortage of HGV drivers, whilst it also faces other supply chain problems, too.

#3. WM Morrison expects offer to shareholders at the end of September

WM Morrison [LON:MRW] has published a statement regarding the takeover offers which have been tabled for the company. Neither suitor has made their offer final, so there’s still scope for further revisions to be made, but management expect the higher CD&R offer to be put to shareholders on or around September 25th, with the matter being concluded by the week commencing October 18th. It’s worth noting that the share price currently sits above the CD&R offer, hinting at some optimism in the market that this still isn’t a done deal.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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