Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There may be news out this morning stating that under 25’s in the UK are turning their backs on alcohol, but brewer Marston’s has managed to post an impressive year-end trading update ahead of the final numbers which are due in six weeks time. Group turnover is up around 15% although interestingly this only translated into a 4% uptick in profits and there’s no reference to the margin erosion in the note.
There’s a trading update from AIM-listed housebuilder Telford this morning. Although the company focuses on the London area, they also specialise in more affordable locations with an average price point of £540,000 so this is providing some degree of insulation from the downturn which has been seen by the capital’s property market. The company expects to post a pre-tax profit of £50 million for the full year, although recognises that if market sentiment takes a nosedive over Brexit, this may not be achieved.
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There’s a full year trading update from Hollywood Bowl, the operator of 10-pin bowling alleys across the UK, and the company seems be brushing off any economic uncertainty. Revenues are up 5.8% but profits growth is tipped to be around the 10% mark with the company reaping the rewards of an ongoing investment strategy. The CEO’s statement references managing costs and improving margins – there’s little scope for stating this hasn’t been delivered.