Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Mears Group profit upgrade
There’s a trading update out from Mears Group LON:MER, noting that it has experienced strong revenues in the first five months of the financial year with improved margins and excellent cash performance. As a result, the company expects full year profits to be materially ahead of current expectations.
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#2. Tesco Q1 UK sales rise 9%
Tesco LON:TSCO has its Q1 trading statement out today, noting strong performance across all channels and its robust market share being maintained at 27.1%. Large store sales are up 9.9% on a like for like basis, whilst online sales added 8.2%. The challenge here however is that these numbers are tracking inflation almost perfectly, which underlines both the failure of government policy in trying to squeeze prices lower and will likely raise questions as to why the supermarkets themselves aren’t doing more.
#3. ITV talks with All3Media confirmed
A note from ITV LON:ITV headlined “Response to Recent Media Speculation” was published this morning, confirming that it is in talks which may see it acquire All3Media. This is a production and distribution company that is part of Warner Bros and would be merged into the ITV Studios division. In the usual format, there’s no certainty the transaction will complete but further announcements will be made if necessary.
