Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Stagecoach have published a trading update this morning, showing progress across most of the business. MegaBus in North America is dragging on performance in the territory but the company expects to dispose of the division by the end of the year. Further, EPS guidance has been moved higher from December’s interims, thanks to positive progress in its UK rail operations. Shareholders may be impressed, but commuters might not be so quick to share the enthusiasm.
Topps Tiles have published a half year trading update this morning, ahead of interims later next month. Like for like sales are up a shade (0.2%), but the timing of Easter and other seasonal factors appear to be driving sentiment here. There’s not much else in the way of detail here, but a newly deployed customer feedback system gave the company a customer satisfaction score of 86%, placing the business in the top five UK retailers.
The AA has published full year results today showing something of a mixed bag as the business executes its turn around plan. Revenues have come in a shade better than forecast, but the dividend is taking a bigger hit than had been expected as increased strategic spend needs to be covered from somewhere. The business remains committed to change, investors just have to try and ride out the inevitable speed bumps along the way.