Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Next full year results and 2023 projections
Fashion and home wear retailer Next LON:NXT has published full year results to January this morning. Sales are up 8.4% year on year, pre-tax profits added 5.7% and earnings per share improved 8%. Whilst current guidance is being maintained with full price sales tipped to decline 1.5% and pre-tax profits forecast to come in at £795m versus the £870m posted here, selling price inflation has also been pared back a little.
#2. Bumper sales for Chapel Down despite poor 2021 harvest
Aquis listed wine producer Chapel Down [AQSE:CDGP] has this morning announced full year results to the end of December. Net sales revenues are up by 10% with growth weighted into the second half and momentum being sustained into FY23. Operating profits grew by an impressive 51%. These numbers are notable given the poor 2021 harvest which impacted volumes, something which wasn’t repeated last year. Trading remains in line with expectations and the outlook is reported as positive with the company well capitalised.
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#3. 88 Energy sees positive early indications from drilling project
There’s an update from 88 Energy [LON:88E] out on its latest exploratory drilling project in Alaska. Logging whilst drilling has identified the presence of hydrocarbons although further assessment is still necessary. Management expect target depth to be reached within a week, with the wire logging completed some 5-7 days later.
