Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Ted Baker making strides back to profitability
Ted Baker [LON:TED] has issued interim results this morning covering the 28 weeks to 14th August and a Q3 trading update which takes us up to 6th November. Half year revenues remain more than 35% down on 2019 comparators but the company notes it is making big strides back to profitability. The reporting of two sets of results simultaneously does seem to cloud the picture a little however and there’s no forward guidance, but management are comfortable with market consensus and supply chain disruption is seen as being minimal.
#2. Taylor Wimpey house price inflation continues to fully offset cost inflation
There’s a trading statement out from housebuilder Taylor Wimpey [LON:TW] noting that the market remains strong and house price inflation continues to fully offset cost inflation. Weekly sales per outlet currently stand just behind the levels achieved in 2019, the company is on track to deliver full year results in line with previous guidance and expectations are that completions will continue to accelerate over the next two years.
#3. Young and Co’s Brewery sees revenues up significantly
Interim results are also out from pubco Young and Co’s Brewery [LON:YNGA], covering the 26 weeks to 27th September. Revenues are up significantly – almost 200% – on the 2020 comparator and just 1% down on the 2019 figure. Looking just at the last 13 weeks paints an even more impressive picture with sales ahead of pre-pandemic levels on a like-for-like basis, with the company noting its central London venues are becoming increasingly busy. Net debt has fallen around 40% and the board has elected to resume dividend payments up to the maximum permitted under its banking covenants.