Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Lok’n Store continues excellent trading performance
There’s a trading update out from Lok’n Store Group [LON:LOK] today. Management note that trading continues to be “excellent” with revenue expected to be up 10.5% in the second half of the year. There’s a solid pipeline of new store openings coming too with planning permissions proceeding well and this is expected to add further momentum to the company’s growth.
#2 Margins remain strong on car sales for Vertu Motors
Vertu Motors [LON:VTU] has published an AGM trading update this morning, covering the three months to 31st May. New car and motability sales are up 10.8%, margins remain strong at 7.8%, down just 0.2% from the comparative, but used car sales volumes are falling as a result of price discipline in the group, despite margins here having taken a 30bps hit. Management note that whilst vehicle supply continues to improve, it remains constrained to an extent, something that will help sustain margins going forward although this needs to be set against higher borrowing costs. As it stands, FY24 performance remains in line with expectations.
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#3. DX Group invests £3m in EVs for IKEA
DX Group [LON:DX.] has noted that a further £3m has been invested in new electric vehicles, adding significantly to the company’s EV fleet and helping support its delivery proposition for IKEA. This is also in addition to the company’s existing £20-£25m three year capex plan which has focused on multiple aspects of the business
