Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Marks and Spencer ups full year profit forecasts
There’s a trading update out from Marks and Spencer Group LON:MKS this morning covering the 19 weeks to August 14th. Total sales are up 4.4% on the corresponding figure from two years ago, although food is the key driver here. The company notes that whilst there may be an element of pent up demand driving the situation, structural change within the business should also continue to yield results in the longer term. There is uncertainty over the economic outlook, but full year profit forecasts are being upped and should now come in above the previously guided range of £300-£350m.
#2. Vertu Motors six month pre-tax profits expected to come in at no lower than £50m
Vertu Motors LON:VTU has a trading update out this morning, noting that – as with the wider industry – gross margins are being retained and pre-tax profits for the six months to August 31st are now expected to come in at no lower than £50m. The company does however acknowledge that the UK-wide labour shortage and rising wages remain a risk for the outlook.
#3. Remote Monitored Systems enters partnership with Indian firm for antiviral face masks
Remote Monitored Systems [LON:RMS] has published an update this morning advising that it has entered into a partnership with an Indian firm for its Pro-Larva antiviral face masks. The technology is proven to kill COVID-19 and influenza viruses and this could provide some optimism for shareholders, who saw downside pressure earlier in the week after a statement from the business acknowledging that mask sales in the UK hadn’t taken off in quite the way that had been anticipated.
