Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There’s a trading update out from JD Sports this morning, covering the 48 weeks to January 5th. Investors arguably will have something worth cheering here, with news that sales are up 15%, 5% on a like for like basis and margins have been maintained. The company is steering away from reactive discounting but despite changing retail habits in the UK, this doesn’t seem to be having an adverse effect on trade. Full year results will be published mid-April.
Tool hire company HSS Hire has been through something of a reorganisation of late. Today’s news that it has completed the disposal of UK Platforms Limited for just over £60m isn’t really a surprise – more a confirmation of a deal which was originally announced last summer. However with the surplus cash being reinvested into the business and paying down some debt, it’s arguably another step in the right direction.
There’s a full year trading update from recruitment specialists Page Group this morning, showing gross profit up across all geographical divisions of the company with the exception of the UK. However even in spite of Brexit uncertainty, the decline in the domestic market was just 1.7% for the year, whilst on a quarterly basis, growth has been recorded since the summer. Operating profit for the full year is expected to remain in line with consensus.