Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Independent vehicle retailer Motorpoint has a full year trading update out this morning. Gross margins have come under some pressure as a result of the over-supply of vehicles, but the company still expects to report full year profit growth in the region of 10%. The company also noted that growth had been more modest in the second half of the year, but its share of market was increasing. Full results will be published in mid-June.
The sports betting and gaming group GVC has published a Q1 trading update today. Net Gaming Revenue is up across the board – that’s the amount of bets taken minus the payout – with the exception of the UK where numbers have flat lined. The company also cautions that new fixed odds betting terminal restrictions which came into force in the UK at the start of the week will have an effect and it will be some weeks before the impact here is known, but current expectations are that profits will be in line with expectations.
A trading update from the Iron Ore company Ferrexpo covering Q1 of 2018 has been published. This shows a meaningful 11% downturn in production on a quarter on quarter basis, but there’s no accompanying comment from the board to explain why. Production dips like this have been seen before and the share price has responded accordingly, although 2018 was clearly a good year for the business so the comparatives may be the challenge here.