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Three Quick Facts: Naked Wines, Persimmon, Associated British Foods


Three things you need to know in the financial markets today from investment writer, Tony Cross.

#1. Naked Wines CEO ousted as US market underperforms

Naked Wines [LON:WINE] have issued a trading update this morning, noting that performance in the US market has been weaker than expected and that full year guidance has been revised lower as a result. Sales are expected to be down 12% to 16% on the comparative and the company ended H1 with £3m in cash. There’s an ongoing quest to convert inventory into cash and this should advance in the near term, but to illustrate how bad the situation is, the CEO is to stand down with immediate effect.

#2. Persimmon: signs of housing sales picking up

A Q3 update from housebuilder Persimmon [LON:PSN] is out today, noting that trading is in line with expectations and 9500 completions are still forecast for the full year. For the quarter, completions are down by more than a third against the comparative but management note that there has been a meaningful improvement in private sale rates over the last few weeks. The company expects to remain subject to uncertain market conditions but sees some consolation in the fact that its average property price is some way below the wider market.

#3. ABF special dividend paid as all divisions fare well

Full year numbers from Associated British Foods [LON:ABF] this morning with group revenues up 16% and adjusted operating profits adding 5%. Shareholders are being rewarded with a 37% increase in dividends, bolstered by a special one off pay out. Grocery revenues are up thanks to price increases to cover inflation, whilst the retail Primark division also continues to perform well despite macroeconomic headwinds – full year sales came in some 15% higher.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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