Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. 888’s full year trading update shows return to betting shops
There’s a trading update from gambling group 888 Holdings LON:888 covering the 12 months to 31st December. Full year revenues were down 3% – in line with expectations – but Q4 found support from the World Cup. The company has seen online transactions fall as a result of player safety measures, but in store sales are up as the post-COVID reopening is completed. The outlook is unchanged with low single digit percentage revenue growth forecast and an adjusted EBITDA margin of at least 20%.
- Three Quick Facts: Just Eat, Taylor Wimpey, HSBC
- Three Quick Facts: Lloyds Banking Group, Howden Joinery, ITV
- Three Quick Facts: ITV, 3i, Airtel Africa
#2. Taylor Wimpey reports sharp slowdown in home reservations in 2022
Taylor Wimpey LON:TW. is the latest housebuilder to offer an update following the end of its financial year. The company has seen a sharp slowdown in reservation rates year on year, falling from 0.91 homes per outlet per week in 2021 to 0.68 in 2022, whilst cancellation rates are up from 14% to 18%, with this being weighted into the second half. Management note that economic uncertainty will continue to weigh and that they enter the new year with a weakened order book.
#3. ITV’s ITVX sees solid launch; advertisers impressed
Broadcaster ITV LON:ITV has provided an update following the launch of its ITVX streaming service, highlighting a 55% increase in streaming hours compared to the same period a year ago. This number was bolstered by the latter stages of the World Cup, but even stripping this out, viewing figures were still some 29% higher. The ability for advertisers to better target audiences is seen as crucial for streaming services like this.
