Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. B&M revenue growth and store expansion continues
B&M European Value Retail LON:BME has published results for the 13 weeks to 23rd December, covering the third quarter. This shows group revenue up 5% year-on-year and management have declared a special dividend of 20p per share to reflect the strong trading performance. The company is on track to open 76 new stores during FY 24 and especially strong performance has been noted in its Heron Foods division, with revenues up more than 11%.
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#2. MJ Gleeson completions rate slows but reservation rate uptick seen
Low cost housebuilder MJ Gleeson LON:GLE has issued a half year trading update, noting completions down 14% although net reservation rates are now climbing. Debt levels are looking toppy owing to the increased investment involved in progressing home starts in H2 FY 23 but that is expected to unwind in the next couple of years. This does however have the potential to be costly in terms of financing but the board is confident that stabilising interest rates and a recovery in demand will serve the business well in the near term.
#3. Shoe Zone omni channel sales growth continues with digital edging ahead
Shoe Zone LON:SHOE has reported full year results for the 52 weeks to 30th September, noting an uptick in both revenues and pre-tax profits. The company is managing to move more sales onto digital platforms although it remains committed to bricks-and-mortar with the refit and relocation of existing stores continuing apace. Total dividends for the year are proposed as being 17.4p including a 6p special dividend, up marginally from the FY22 figure.
