Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Hollywood Bowl expansion plans remain in place
Hollywood Bowl LON:BOWL has this morning announced a trading update for the year to 30th September. Since reopening in mid-May, the company has recorded 29% like-for-like revenue growth, with exceptional levels of trading being reported during the school holidays, with income up 50% from summer 2019. Expansion plans remain in place and the intention is to grow the estate by a further 14-18 news properties by 2024.
#2. N Brown margins lifted from 44% to 51%
Clothing retailer N Brown LON:BWNG has published half year results for the 26 weeks to 28th August. Sales are broadly flat from where they stood 12 months ago, although revenue from its five strategic brands grew almost 15%. A reduction in write downs on the company’s credit side – which is a significant contributor – as a result of the COVID pandemic – resulted in a lower number of defaults than had been expected. This served to bolster group wide margins, which lifted from 44% to 51%.
#3. ITM Power consortium awarded grant funding
A note from ITM Power LON:ITM this morning explains that a consortium it is part of has been awarded EUR32m in grant funding to develop a 100MW electrolyser in the Rhineland. This is a follow on project from a 10MW electrolyser which came on stream in the summer, allowing green hydrogen to be made entirely from renewable resources. At a time when the world faces both a building energy crisis along with climate concerns driving desires for a zero emissions future, this news seems well timed.
