Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Pennon trading update offers few surprises
There’s a trading update out from Pennon LON:PNN this morning ahead of the 31st March year end. This is more of a round-up of recent achievements and environmental targets but critically notes that the company is on track to deliver results in line with company expectations. Full year numbers will be released on 1st June.
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#2. Virgin Wines revenues down but customer acquisition costs fall
Virgin Wines LON:VINO has published interim results for the six months to 31st December. Revenues are down close on 20% from a year ago but remain significant higher than pre-pandemic levels. Customer acquisition is strong and costs in this regard are lower than had been expected, whilst the business also delivered record gross margins. The company notes a resilient start to the new calendar year and expects FY EBITDA to be in the region of £63m.
#3. ITM Power update on production site development
A short note from ITM Power LON:ITM this morning highlights that the company has signed an agreement to increase the power supply to its Bessemer Park location by 300%, to facilitate increased product testing. Whilst delivery of this won’t happen until the end of next year, it is seen as a critical step in removing bottlenecks from manufacturing and allowing production to be scaled.