Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Ted Baker sales in line with expectations
Fashion group Ted Baker [LON:TED] has published results for the second quarter this morning, covering the 16 week period from late April to mid-August. Sales were in line with expectations and far higher than posted for the comparable period in 2020 as a result of COVID reopenings, although remained 45% below the 2019 number, reflecting lower footfalls. Margins have improved as there has been renewed focus on full price sales, but it seems evident that there’s still work to be done here.
#2. TP ICAP profits fall by more than 40%
TP ICAP [LON:TCAP] has published interims for the six months to June 30th this morning. The company notes a subdued secondary market compared to the comparatives, dragging on revenues and seeing profits fall by more than 40% as a result. The interim dividend is being trimmed but the company is optimistic that volumes will pick up in the coming months as clients look to respond to inflationary pressures, whilst the return to offices could also lend some support. Trading over the last two months has been broadly in line with what was reported in 2020, suggesting a normalisation of activity post-COVID.
#3. Parsley Box Group revenues up, pre tax losses grow
Parsley Box Group [LON:MEAL], the ready meal provider which debuted on AIM in March, has this morning published results for the six months to June 30th. Revenues are 26% ahead on the same period a year ago, although pre-tax losses have ballooned from just over £1m to almost £5.5m. The company notes that higher price points and a new product range are expected to drive growth in the latter part of the year, with early indications being that their chilled – as opposed to ambient – ready meals are helping grow customer numbers.