Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Currys on course for better than expected profits
There’s a trading statement out from Currys LON:CURY this morning covering the year ending 29th April and noting better than expected results. Profit before tax is now expected to be in the region of £110m-£120m, up from the forecast £104m, whilst an uptick in performance towards the end of the period is seen as bolstering full year adjusted EBIT, which is expected to improve by more than 40%. Like for like sales are down across the board on a YoY basis, but with debt and inventory both lower too, will investors see the upside here?
- Companies Reporting: Ashtead, Currys, TUI
- Small Cap Stocks: Orosur Mining, Ethernity Networks, Coro Energy
- Three Quick Facts: Currys, ASOS, Vistry
#2. Vast Resources loan terms extended as diamonds still in Zimbabwe
There’s a company update out from Vast Resources LON:VAST who were scheduled to have repaid in full some £7.3m worth of loans by today. The terms here have now been extended as the company seeks to finalise the recovery of a parcel of diamonds from Zimbabwe which the country’s high court has already awarded to VAST. The loan now falls due at the end of June, to allow time for the necessary liquidation of assets once recovered.
#3. Wood Group: Apollo walks away from takeover bid
Wood Group LON:WG. has this morning confirmed that Apollo Management Holdings will not be proceeding any further with its intended bid for the company. Shares rallied hard off the back of the news of the proposed bid a month ago, so it seems inevitable that a significant reversion will follow today. Management do however note that they believe following a transformative 2022 and good momentum, significant value can still be delivered for shareholders.
