Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Robert Walters profits to come in comfortably ahead of forecasts
There’s a very short trading update out from Robert Walters LON:RWA today, noting that a strong performance across the first two months of the fourth quarter and improved visibility in respect of December’s activity has given scope to revise profitability for the full year. This is now forecast to come in comfortably ahead of market expectations, with a Q4 update scheduled for 11th January.
#2. ITM Power revenues to be heavily weighted towards second half
ITM Power LON:ITM has published a H1 trading update, covering the period to 31st October. This shows the company making headway in terms of revenue although profitability remains elusive. There’s plenty of cash in hand however and full year guidance is being maintained, with revenues set to be heavily weighted into the second half of the year.
#3. Boohoo sales growth revised down
Fast fashion giants Boohoo Group LON:BOO published a trading statement this morning for the three months to 30th November. This is something of a mixed bag, with sales up 10% on 2020’s figure and 53% on the 2019 print, but the outlook isn’t quite as upbeat. For the full year to 28th February, net sales growth of 12% to 14% is now forecast down from previous suggestions of 20%-25% as the company squares up to an array of headwinds, including the impact of the Omicron variant. Longer term, there’s optimism as to just how far the business can expand, with a return to pre-pandemic annualised revenue growth of 25% targeted and a belief that sales have the scope over time to more than double, reaching £5 billion.
