Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. DFS revenues up but tougher times ahead
Furniture retailer DFS LON:DFS has posted preliminary results this morning for the 52 weeks to 26th June. Revenues are up 8.5% year on year and 15.4% from pre-COVID levels, but the company notes a marked slowdown in orders during Q4 ’22 and Q1 ’23, in line with industry peers. Expectations are for sales in the current year to be between 5% and 15% lower than pre-pandemic levels. Seems like a rough ride lies ahead – but as management notes the company has weathered storms like this in the past.
#2. Trainline: solid recovery in passenger numbers fuels growth
There’s a trading statement out from Trainline LON:TRN, noting group sales up 17% from pre-pandemic levels, with overseas growth having been key here. The note also adds that in August, UK train passenger numbers sat at 95% of pre-pandemic. The previously improved guidance for the full year has been reiterated, with revenues set to be between 22% and 31% ahead of 2020 levels.
#3. CleanTech Lithium maiden interim results highlight IPO costs
AIM-listed CleanTech Lithium LON:CTL has issued interim results this morning. During the first half, the company notes it has made significant progress on understanding the value of its assets, drilling campaigns have been successful and further news is expected soon as they look to link with strategic partners to realise value. Whilst losses topped £1.5m for the period, more than half of that relates to non-recurring IPO costs, whilst a further £340,000 was incurred as a result of accounting write offs when closing down operations in Australia.
