Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
1. City Pub Group sales running faster than forecast
There’s an AGM trading update out from City Pub Group LON:CPC which includes news that like for like sales have continued to strengthen faster than predicted, with May 2022 5% ahead of May 2019. Given the sharp increase in the price of drinking in many pubs it would be interesting to see how this works on a volume basis but regardless investors will be keen to applaud the above expected performance.
2. Full year results for Itaconix show downturn from 2020
AIM-listed Itaconix LON:ITX has published full year results today. After a stellar performance in 2020, the numbers look a little less impressive but management note that the company is just starting to tap into the potential of its proprietary plant-based technologies to accelerate the transition of brands and consumers to a low carbon economy. Over 95% of 2021 revenues were derived from plant-based products. One for the long term buy & hold, maybe?
3. Picture improving for Wizz Air but losses persist
Final results from Eastern European low cost carrier Wizz Air LON:WIZZ are out today. Covering the 12 months to 31st March, the company notes that passenger numbers are up by 166% as a result of COVID restrictions being unwound and that they’re on course for a record summer in terms of traffic numbers. Although a full year loss was posted, the Q4 figure was ahead of guidance. Q1 is also expected to see a loss posted and in light of the volatile macroeconomic environment, no further guidance is offered.
