Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Tour operator Thomas Cook has pushed out an update this morning ahead of its full year results due on Thursday and it doesn’t make for pretty reading. Revenues are up 6% on a like for like basis, but underlying EBIT is £250 million, down some £58 million from a year ago. Heavy discounting of last minute offers, especially in the UK market, has proven especially costly. Shares may well tumble at the opening bell.
There’s a trading update from bakers Greggs out this morning, covering the nine weeks to November 24. Sales in company managed shops (as opposed to franchises) are up 4.5% and following a strong October and November, the company now expects to post full year profits of at least £86 million.
From one end of the sausage roll to the other, Cranswick – one of the UK’s leading suppliers of fresh pork – has half year numbers out this morning. Revenues are ever so slightly ahead of the 2017 figure, as are profits, so margins remain in tact. That comes despite uncertain market conditions and heavy investment in a series of new plants. Arguably the real test will be once the new facilities are fully on stream, but the fact the company hasn’t been distracted by the new additions may well prove suitably reassuring for shareholders.