Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Market outperformance for Restaurant Group as post COVID rebound continues
The Restaurant Group LON:RTN has published full year results this morning, with sales up by around 40%. Obviously this has been driven heavily by COVID lockdowns, but more accurate pre-Covid comparisons show like for like sales increasing in all divisions except concessions, which remains constrained as a result of depressed air travel numbers. The company notes that again its outperformance has continued in the early part of 2022.
#2. Yet more solid growth from Computacenter
Final results are also out from ComputaCenter LON:CCC this morning, covering the year to 31st December. Revenues are up by almost a quarter, pre tax profits are up 20% and investors are being rewarded with a 30% increase in dividend payments. The combination of acquisitions and a nimble approach to doing business seem to have positioned the company well over the last couple of years.
#3. ITM Power cautions over delays ahead of year end
AIM listed ITM Power LON:ITM has published an update on its Leuna Contract. The plan had been that factory acceptance testing of all 12 modules would be completed by the end of the financial year in April, but local supply chain constraints mean this will no longer be the case. The company’s share price has been skittish in recent days, having lost almost 20% as oil prices ebbed and hopes of a resolution to the conflict in Ukraine started to emerge – this news seems likely to add to the theme of volatility.
