Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Hotel Chocolat
There’s an encouraging post-close trading update out from Hotel Chocolat LON:HOTC this morning, covering the 52 weeks to June 27th. Sales are up 21% against FY 2020 and 24% against FY 2021, with the digital and subscription sales serving the company well. The company is more measured in its assessment of physical store performance since reopening, with stronger trading in small cities and market towns offsetting weaker sales in tourist and commuter locations. The company does however note that pre-tax profits are now expected to come in ahead of previous expectations.
Howdens Joinery Group
Some robust news from Howdens Joinery Group LON:HWDN too, who have published an update on half year results, with revenues of £785m. That compares to £465m for the same period last year and £652m in 2019, leaving the company eyeing profits of £300m for the full year. Rising input costs and broader economic uncertainty both need to be taken into account, but there’s a definite air of confidence here. Half year results will be released next Thursday.
British Land Company
There’s an operational update from British Land Company LON:BLND, coinciding with the company’s AGM. The note includes a flurry of key metrics, including the fact that in the company’s retail parks, footfall is at 95% of pre-pandemic levels, whilst sales are at 99%. Rent collection is also improving with 99% of office premises paid up for the quarter ending June 24th, although the number for retail at 71% is rather less encouraging. The tapering of government support in the coming months stands to truly test the resilience of businesses like British Land.
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