Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Currys strong UK performance offsets weakness elsewhere
Electrical retailer Currys LON:CURY has this morning published a trading update for the 10 weeks to 7th January. The company saw better than expected levels of trade in the UK & Ireland but that was offset by a less impressive performance in the Nordics. As a result, full year guidance remains unchanged with PBT set to come in between £100m and £125m. Management are confident of the UK & Ireland performance in delivering further momentum despite challenging macroeconomic conditions.
- UK Stock Market News: Foxtons, Ibstock, Games Workshop
- UK Stock Market News: IAG, Pearson, Rightmove
- UK Stock Market News: Ibstock, Dunelm, Pearson
#2. Pearson full year guidance upgraded
Educational publisher Pearson LON:PSON has provided a trading update, noting that full year results are expected to come in ahead of previous forecasts. Underlying sales growth is up 5%, resulting in an 11% uptick in profits. With the company on track to deliver £120m of efficiency gains in the year ahead, this will also help offset inflationary pressures.
#3. Ibstock management upbeat despite macroeconomic outlook
Brickmaker Ibstock LON:IBST has is full year trading update out today, too, ahead of numbers which are scheduled for early March. Full year revenues are up by 25% and EBITDA is set to come in ahead of previous expectations but Q4 did see a slowdown in sales. Regardless of this, management believe they are well placed to deliver against medium term targets, despite the inevitable slowdown as macroeconomic factors weigh on demand.
