Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Currys half year results show revenues down but losses reduced
Currys LON:CURY has issued half year results to 28th October this morning. Pre-tax losses have shrunk considerably against the comparative and the numbers don’t reflect the impact of the recent disposal of the Greek business, which management note will deliver a significant return for shareholders. Exceptional cash costs are expected to start falling in the coming years and despite the challenging economic outlook, the company believes it is well positioned to manage the current environment with brighter times ahead.
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#2. Capita one-off calls bolster performance
Capita LON:CPI has a pre-close statement out for the 11 months to 30th November. Adjusted revenue growth for the period is 2.1%, although this was skewed by a commercial settlement and a contract transition. Taking these out and growth was limited to just 0.7%, reflecting tough comparatives but this could spark interest amongst investors. Sales momentum is however somewhat more impressive.
#3. Serco outlook upgraded by management
And Serco LON:SRP has a pre-close trading statement for the full year out today, reflecting revenue growth of 7% and underlying profits of £245m, in line with previous guidance. The FY24 number is now expected to be around £260m thanks to acquisitions and underlying business growth. Net debt is also being paid down faster than previously guided pointing towards a significant capital surplus at the year end.
