Three things you need to know in the financial markets today from investment writer, Tony Cross.
1. Full year numbers for John Lewis of Hungerford impress but supply chain woes weigh
Kitchen fitters John Lewis of Hungerford LON:JLH have issued final results today. Turnover for the year to 30th June is up by more than 30% although booked orders look even more impressive with supply chain disruption having pushed some of these sales into the current FY. Gross margins have declined but still sit at 45.9% and the company notes it is now seeing signs of raw material cost stabilisation. Current demand for FY23 is in line with expectations and ahead of the position a year ago, although management acknowledge that broader market uncertainty is creating a degree of hesitancy for customers to complete orders.
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2. Begbies Traynor boosted by economic headwinds
Insolvency specialists Begbies Traynor LON:BEG have half year results to 31st October out today. These show a strong performance with revenues up around 10% whilst pre-tax profits have close on doubled. The company notes a higher level of enquiries for its business recovery services as a result of mounting economic headwinds and there’s confidence that full year expectations can be delivered against.
3. Belluscura sign first overseas distribution deal
Belluscura LON:BELL, a manufacturer of portable oxygen generation systems, has announced its first overseas distribution deal. The company had been a US centric play but this morning issued a note saying it had signed a deal with MedHealth supplies of South Africa, something which management see as a significant step in overseas expansion.
