Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Losses shrink at MusicMagpie
Full year results from MusicMagpie LON:MMAG covering the 12 months to 30th November are out today. Revenues are broadly flat although pre-tax losses have been curtailed to just £1.5m, compared to the £14.8m posted a year ago. Notably the company finished the year with a record Black Friday week, but postal strikes and an uncertain economic outlook have been taking a toll on performance, although management believe that the ability for the business to generate cash will be supportive in the current environment.
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#2. Profits soar at brickmaker Ibstock but tougher times lie ahead
Brick manufacturer Ibstock LON:IBST has posted its full year results today, with revenues up 26% and pre-tax profits advancing by 61%. Shareholders are being rewarded with a 17% increase in full year dividends. However a more cautious trading situation emerged towards the end of the year, that was sustained into the early part of FY23 and management expect demand to remain subdued for some time yet with no change to the expected full year performance.
#3. Restaurant Group outperforms wider market
Full year numbers are also out from The Restaurant Group LON:RTN, with sales up by more than a third and pre-tax profits advancing around 25%. The company sees easing food energy prices in the coming months as being supportive and notes that the current trading year has started well. Management expectations for the full year remain unchanged.
