Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Pendragon acquisition off
Pendragon LON:PDG has this morning confirmed that the proposed acquisition of the company by Hedin Mobility Group AB is off. The suitor has deemed market conditions to be too challenging and the economic outlook too uncertain to proceed. Pendragon’s board note that they are confident over the long term outlook and expect to deliver profits in line with expectations for the current financial year.
- Three Quick Facts: Associated British Foods, ASOS, Weir
- Three Quick Facts: Taylor Wimpey, Associated British Foods, THG
- Companies Reporting: Lloyds Banking Group, Sainsbury, Associated British Foods
#2. Associated British Foods pre-AGM trading update
There’s a short note from Associated British Foods LON:ABF ahead of the company’s AGM. The outlook remains unchanged, input cost inflation is persisting but the volatility of the input costs is now moderating. Food profits will be ahead of where they were a year ago, and trading at Primark remains encouraging.
#3. ProCook rising costs and slowing demand to hit profits
Direct to consumer kitchenware specialists ProCook LON:PROC have a trading update out. Despite an encouraging Q2 which concluded in late October, the company reports softer sales over the last few weeks, reflecting the challenging consumer environment. This combined with rising shipping costs means that the company now only expects to break even for the full year.
