Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Fevertree interims show continued growth
Fevertree Drinks LON:FEVR has this morning issued interim results for the period to 30th June. Revenue growth is at 14% globally, with mainland Europe seeing significant growth. Gross profits have however been squeezed fractionally, although that’s unlikely to be much of a surprise given the broader rising cost base. The second half has got off to a good start with August posting record sales and the company is convinced further growth is still to be had.
#2. Ocado sales and customers up, but average baskets shrink
There’s a Q3 trading statement out from Ocado LON:OCDO this morning. Sales are up 2.7% YoY – but this needs to be put in context of 7% food price inflation – and 42% ahead of the pre-COVID comparative. Customer numbers continue to grow but average spend is falling with basket size down 6% and cost headwinds are flagged as likely to weigh on profits for Q4. Mid single digit sales growth is predicted for the final quarter and management caution it won’t be sufficient to generate full year growth.
#3. Future’s full-year profits set to be at top of expectations
Future LON:FUTR, the global platform for specialist media, issued a pre-close statement for the year to 30th September today. After an encouraging trading update in June, momentum has been maintained and now expects full year profits to be at the top end of market forecasts, in the region of £270m. The full year results will be issued at the end of November.
