Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Marston’s annual sales lag pre-pandemic levels but momentum building
Pub Co Marston LON:MARS has today published a trading update for the 52 weeks to 1st October 2022, noting like for like sales are 1% lower than pre-pandemic levels, although a stronger performance was seen towards the end of the period. Customer demand is said to remain encouraging although management acknowledge the continued uncertainty around the cost of living. Preliminary results will be published at the end of November.
#2. Reach Q3 numbers impacted by Queen’s death
News publisher Reach LON:RCH has issued a Q3 trading update, which covers up to 25th September. The company noted that the death of the Queen had a distortive effect on numbers, with print sales rising but this being more than overshadowed by the suspension of advertising during the national period of mourning. Regardless, profitability for the quarter was largely as expected and there’s optimism that both Christmas and the World Cup will bolster revenues for Q4. Critically the question following this though is one of “what happens next?”.
#3. PureTech: short-lived merger talks are over
A short statement from PureTech LON:PRTC who have advised the market this morning that proposed merger talks with Nektar, as released just a few days ago, have been terminated. The note adds that media speculation forced the disclosure at an earlier point than would have been preferable, creating the impression that talks were at a somewhat more advanced state.
