Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Ocado JV signed with Groupe Casino in France
Ocado LON:OCDO have issued an MOU to extend their partnership in France with Groupe Casino and create a new JV between the to companies. With no initial capital costs required from either side, there’s arguably little cause for concern amongst shareholders here, but looks set to harness the growing popularity of online grocery shopping right across the country. Further details are limited, but the M&S JV has evidently been a lucrative play.
#2. Moneysupermarket.com energy crisis hits performance
Moneysupermarket.com Group LON:MONY has published full year results this morning and it feels as if the company is very much caught in a perfect storm right now. Spiralling energy prices have ended the constant churn of consumers, whilst insurance products are also softer. It’s not all bad news however as the easing of travel restrictions has buoyed sentiment for this division. The company has managed a 4% margin improvement as a result of efficiencies, revenues are down and the £22m cash position of a year ago has morphed into a £60m debt. Regardless, the dividend is being maintained, as management look to signal confidence in future performance.
#3. BATM Communications full year results tipped to be better than expected
AIM listed BATM Communications [LON:BATM] has published an update this morning ahead of its full year results at the end of the month. The company notes it is set to report full year revenues slightly ahead of market expectations and that looking ahead, the order backlog continues to grow.
