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Three Quick Facts: Next, ASOS, Aston Martin

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

#1. Next full year profits upgraded marginally

There’s a Q3 trading statement out from Next LON:NXT this morning. Full price sales are up 4% despite underlying volatility through the period as a result of changing weather conditions. As a result of this the company is upgrading full year projections and now expects to see YoY growth in full price sales up 3.1%, some 50 bps higher than previously forecast. Group profit is now expected to come in at £885m.

#2. ASOS group revenues down as commercial model shifts

Results for the full year to 3rd September are out from ASOS LON:ASC today. These show adjusted group revenues down by 11% and despite an improvement in gross margins of 60 bps, pre-tax losses have ballooned to almost £300m. The company has shifted its commercial model, enabling it to work on far lower stock levels and with faster response times, moves that will improve core profitability.

#3. Aston Martin volumes edge higher but losses persist

Q3 numbers from Aston Martin Lagonda LON:AML show wholesale volumes up 4% and revenues up 15% against the comparative period in FY22. Margins are improving as well, but the business remains loss making, with a pre-tax deficit for the quarter of £117m, admittedly around half the 2022 figure. Full year forecasts include interest costs of £120m – a comprehensive refinancing exercise is expected in H1 ’24 – and management are still targeting EBITDA of £500m by 24/25.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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