Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Currys full year profits to fall amidst poor overseas performance
Interim results from Currys LON:CURY are out today, covering the six months to end of October. UK & Ireland profits are growing, but a contraction in overseas markets in the wake of aggressive discounting by competitors means that this is taking a toll. Full year pre-tax profits are expected to be in the £100m-£125m range, which is around £20m lower than previously forecast. Trading in the first six weeks of H2 has been in line with H1 performance.
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#2. STV’s positive trading update ahead of year end
A trading update from STV LON:STVG notes that advertising revenue for the full year is expected to be just 2% lower than the record set in 2021 and up 8% on pre-pandemic levels. Studio rental revenues are also moving higher, with secured revenues for next year already above £50m, significantly above the previously stated target of £40m. Whilst the macroeconomic climate may weigh especially on ad revenues, the hope will be that the growth of the production side will provide some insulation here.
#3. CleanTech Lithium applies for US OTC listing
AIM listed CleanTech Lithium LON:CTL has this morning applied for its shares to be cross traded on the US OTC market. The idea is that this will offer US investors better access to the stock, improve liquidity and in turn increase exposure to a broader range of shareholders. This process takes around eight weeks to complete and the company also notes that an ASX listing remains very much under consideration.
