Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s a trading update out from Greggs [LON:GRG] this morning. The baker published a note in mid-May, highlighting the strong recovery in sales seen since the reopening of non-essential retail. It was anticipated that as pent-up demand waned, sales at Greggs would slow a little, too. This however hasn’t been the case and like for like numbers are around 1%-3% higher than the 2019 figures. This recovery is stronger than had been expected and if sustained will have a materially positive effect on interims due to be released at the start of August.
City Pub Group
City Pub Group [LON:CPC] has published a trading statement ahead of its AGM today, noting that since reopening in mid April, like for like sales are at 90% of 2019 levels. The company notes however an absence of large bookings, along with social distancing restrictions putting off customers from watching sports in pubs. There’s hope that a full easing of restrictions on July 19th will allow further improvements in trade, although the company adds a caveat that there’s a lack of certainty as to what happens next.
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There’s a note out from Lookers [LON:LOOK] this morning regarding the publication of its 2020 preliminary results. These were due to be released on June 29th and there’s a regulatory deadline of June 30th, but the company and its auditors need more time. Following accounting issues a year ago, the company’s shares were suspended after failing to report on schedule, so market reaction to this news will be worth watching. As the note says, the board isn’t aware of any material issues and they believe the extra day still makes delivery achievable, but some “timing risk” still exists in completing the audit processes.
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