Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Tesco
Slim pickings for corporate announcements this morning, but Tesco LON:TSCO has confirmed that it is reviewing options for its business in Thailand and Malaysia after receiving some ‘inbound interest’. Further detail as to who the suitor may be or the potential price offered is absent, but with the Thai operation seen as being especially valuable, any attempt at acquiring these assets is likely to come with a hefty price tag.
Angling Direct
Angling Direct LON:ANG has announced the opening of a new store in Barnsley, taking its total estate to 33, along with a trading update. Sales for ‘Black Friday Week’ were up 11.3% on the same period a year ago, but more significantly a selective approach to discounting saw profits jump almost 50% over the period. The company remains on course to meet management expectations for the full year, but this will be a stock worth following to see if it’s another niche retailer that can find a toe hold in a broader sector that faces many challenges.
Hardide
Small cap chemicals company Hardide LON:HDD has published full year results today, which offers an eye catching insight into the business. On sales of £5.1m the company has booked a £2.4m gross profit, although EBITDA has slumped to a £0.6m loss. Management notes demand in North America is particularly buoyant with support here coming largely from the oil and gas sectors and the continent now accounting for 65% of group sales. The board is confident that revenue growth and further diversification can be seen in the coming year.
