Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Full year results are out from the headline writers’ favourite Hornby [LON:HRN] this morning and the company appears to be on the right track. Its run around plans are falling into shape with the year to March 31st seeing revenues rise more than 15% and operating losses halve. Looking ahead however, many investors will be keen to understand the impact the COVID-19 crisis has had on the business. The company maintained its warehouse operation and saw an increased volume of direct sales, in turn bolstering margins. Inventories were also strong as the lockdown began and the completion of a successful £15m cash raise in March also left the company well positioned.
Logistics firm Wincanton [LON:WIN] has this morning announced an extension of its cooperation with WM Morrison [LON:MRW]. The distributer will see 250 staff join under TUPE as it takes over transport operations at a site in Somerset. This extends an agreement reached last year which saw Wincanton take on 550 staff for the supermarket. The distributor acknowledges that in the challenging circumstances, they are delighted that they have been able to build on the valued partnership between the two businesses.
Tesco [LON:TSCO] has this morning announced the sale of most of its Polish store network for £181 million, settled in cash with the proceeds being used for general corporate purposes. The remaining stores are being disposed of too, but this shows a continued trend of the business refocusing on its core proposition.
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