Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Marks & Spencer
Full year results are out from Marks & Spencer LON:MKS this morning, with the retailer posting a notable loss in the wake of lockdowns. Revenues were just shy of £9 billion compared to £10.2 billion in the previous year, with clothing and home sale being hit hard. There was a modest uptick in food sales, although the closure of franchise outlets in transport hubs took a toll here, too. The company notes it is working through its latest transformation plan and that areas such as sales via Ocado and its own online channels are performing well. Some metrics have come in slightly ahead of forecasts but the question has to be whether investors will have been expecting more.
De La Rue
Secure printers De La Rue LON:DLAR have published full year numbers this morning as well. Revenues are off by 10% with the disposal of the identity solutions business providing the big drag here, although the adjusted operating profit has come in some 60% higher. Trading for the first two months of the current financial year has been in line with expectations although the business remains in its turn-around phase which is costing cash. That said, the ambition is for dividend payments to resume in FY 2022/23.
Finsbury Food Group
There’s a profit upgrade out from bakers Finsbury Food Group LON:FIF. Management notes that trade in the second half of the year has been strong and pre-tax profits for the full year are set to exceed £15m, ahead of current market expectations. As a result of the outperformance, the plan is to reinstate dividend payments for the current financial year, ending in a month’s time.
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