Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Halfords market share gains seen in first 20 weeks
Halfords LON:HFD has issued a trading statement covering the 20 weeks to 18th August. Total revenues are up by 14% with market share gain being reported across all categories, a performance which is noted as being in line with expectations. There’s some interesting consumer insight too, with the underlying services market remaining robust, whilst discretionary categories are starting to see performance soften into Q2. Profit performance is expected to be weighted into H2 as a result of FX headwinds in H1 along with efficiency savings taking hold.
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#2. The Restaurant Group revenues higher, FY EBITDA upgraded
The Restaurant Group LON:RTN has interims out today for the six months to 2nd July, headlining with a moderate increase in management expectations for FY23 EBITDA and noting progress in executing mid-term plans. Revenues are 10% higher, EBITDA advanced 15% and the company has posted a return to profit on both an adjusted and statutory basis. The company continues to explore further plans to accelerate margin and deleverage.
#3. TekCapital EV tech spin out launched
A note from AIM listed TekCapital LON:TEK on their portfolio company Guident notes that it has established a new subsidiary to commercialise regenerative shock absorbers. This is believed to be a revolutionary product and something that will be included in EVs as standard in the same way that regenerative braking technology is.
