Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Pets at Home
A comparatively quiet day in terms of high profile corporate news, but Pets at Home LON:PETS is back on the list. Today they have announced the disposal of their five specialist referral practices for a total consideration of £100m, allowing the business to focus on “customer-facing activities across our omnichannel retailing and First Opinion veterinary operations”.
Topps Tiles
Topps Tiles LON:TPT has published its annual financial report this morning. The impact of COVID and associated store closures saw revenues slide 12% and drive the company from a £12.5m profit last year to a £9.8m loss on a statutory basis. The dividend has been suspended but the outlook for the current financial year which began at the end of September remains upbeat. With discretionary spend not pointing towards travel, home improvements are in demand, helping lift sales by almost 20% in the first eight weeks of the trading year.
Weir Group
Rounding off with some good news from Weir Group LON:WEIR this morning, with a note that they have been awarded a contract worth £95m to support the Iron Bridge magnetite project in Australia. This follows the £100m contract the company was awarded on the same gig back in 2019, although revenues here won’t be recognised until the agreements start date of 2022, running for seven years thereafter.
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