Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Currys: disposal of Greek & Cypriot division agreed
Electrical retailer Currys LON:CURY has this morning announced it has entered into an agreement to dispose of its Greek and Cypriot operations for an enterprise valuation of £175m. Proceeds will be used to pay down debt and potentially look at reducing the pension deficit. Only once these points have been addressed will the conversation move to the return of surplus capital to shareholders.
#2. Safestyle now a cash shell
AIM listed Safestyle UK LON:SFE went into administration at the start of the week. As a result the company is now trading as a cash shell and its is likely to be placed into liquidation in due course. The requisite notice has now been published.
#3. Wickes: sluggish Q3 growth, full year targets still on track
Builders merchants Wickes Group LON:WIX has issued a trading update for the 13 weeks to 30th September. Core sales were up 1.1%, but DIFM (Do It For Me) sales slipped 4.4% although this is seen as reflective of a more normalised order book when compared to H1, along with customers taking longer to commit to big ticket purchases, presumably as a result of the macroeconomic backdrop. Based on this performance, the company remains well on track to meet current market expectations for pre-tax profits.
