Marks & Spencer
Full year numbers form Marks & Spencer this morning don’t make for pretty reading, but critically the headline figures – earnings per share and dividends – are in line with analyst expectations. One point that may attract criticism during the day ahead is margin pressures. The company is absorbing food price inflation which has seen profitability fall by 1.4% in the division. Rising property costs are also cited. A turn around plan may be in play, but the execution of this cannot wait.
Dairy Crest Group
Dairy Crest Group have published full year results this morning and the overall picture an is upbeat one. Revenues up 10%, profits up 3% and the pension deficit has been transformed into a surplus. Nothing is knocking analyst forecasts out of the ball park, but there’s certainly plenty to like about these numbers.
Britvic
When it comes to the soft drinks market it may be the ‘boutique’ brands who dominate but mainstay Britvic is still fighting as today’s half year results show. Revenues are up 4.5% – helped to a degree by foreign currency movements – and margins are improving, too. The sugar tax that is now applied to some soft drinks appears to be a threat and the impact is so far unknown, but the Pepsi Max brand is evidently outperforming in the Cola market. Investors are being rewarded with close to a 10% hike in the interim dividend.
