Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Pets at Home continues to grow post-pandemic
Pets at Home [LON:PETS] has published a Q3 trading statement this morning. Continued growth has resulted in another upgrade to profit guidance, with the company noting retail growth of almost 10% against the comparative and up almost 30% on pre-pandemic levels. The company is evidently becoming an increasing part of the life of UK pet owners, continues to grow both its footprint and customer numbers and adds that it is well placed to mitigate industry-wide inflationary pressures.
#2. Bloomsbury Publishing milestone hit in new digital division
Bloomsbury Publishing [LON:BMY] issued a pre-year end trading update today, covering the 12 months to 28th February. Revenue is expected to be comfortably ahead of market expectations, resulting in a material uplift to profits. The company has met its digital milestone of creating a sizable e-division – back in 2016 a commitment was made to have this unit delivering £5m of profit by Feb ’22 and that has been done, underlining the success of the company’s move into the genre.
#3. Wizz Air COVID headwinds persist despite route expansion
Eastern European low cost airline Wizz Air [LON:WIZZ] issued Q3 numbers today, covering the period to 31st December. Passenger levels are rising but there may be some short term concern amongst investors that losses are heading higher too, reaching EUR 267m for the quarter. The cash position is improving, but management note that Omicron hit momentum at the end of last year and that this will likely continue to drag through Q4. Longer term there’s a belief that the company can ride out the turbulence, but with wider markets looking skittish, will the airline be in for a bumpy day?
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