Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Solid results from Inchcape show benefits of diversification
Another day and another car dealer posts full year numbers. Inchcape LON:INCH group revenues are up 15% whilst pre-tax profits have added closer to 50%. A dividend of 28.8p per share is being offered to investors, significantly up on the 22.5p from a year ago and whilst management is aware of the challenging macro environment, expectations are that the diversified portfolio will help here.
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#2. Galliford Try’s 4 year public sector contract win
Galliford Try LON:GFRD has this morning announced a contract win with the Southern Construction Framework, providing a procurement route for construction services to local authorities and public sector bodies across the south of England.
#3. Wickes full year numbers show margins hit but divi unchanged
Wickes Group LON:WIX posted full year results this morning, with like for like sales up 3.5% year on year and 22.8% ahead from pre-pandemic levels. Inflationary pressures have however been eroding margins which saw the basic EPS figure almost halve. The dividend is being maintained at 2021 levels and management are confident that they can continue to make market share gains.
