Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. PageGroup on track to meet full year expectations
Recruitment specialists PageGroup LON:PAGE have this morning issued a trading update, noting that the full year outlook is in line with consensus estimates. Temporary recruitment is outstripping permanent and there has been a c.3% decrease in fee earner headcount. Management are impressed with the performance given tough comparatives and whilst mindful of macroeconomic headwinds, the business acknowledges the ongoing candidate shortage and high vacancy levels.
#2. Loungers inflation pressures easing, estate growth continues
Bar and restaurant operator Loungers LON:LGRS have issued full year results to 16th April. Revenues are around 20% higher, but operating profits have fallen by 50%, reflecting the positive impact government related COVID support had on the comparator. Estate expansion continues apace and management note inflationary pressures are now ebbing away.
#3. Itaconix sales, margins both heading higher
AIM listed Itaconix LON:ITX have a half year trading update out today. The company uses plant based polymers to replace every day plastics and notes another record revenue period being booked, up 32% against the comparative. Gross margins are improving too, helped by higher volume sales and stable raw material costs. Management note the business is in a strong position to meet full year expectations as volumes continue to grow.
