Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Profit upgrade from Premier Foods
Premier Foods LON:PFD issued a trading statement this morning, noting a strong performance since the end of Q3 and now expects revenue growth in Q4 to be at least 10% ahead of the comparative. That’s also being reflected in full year expectations which are also now tipped to come in around 10% higher than the FY22 numbers.
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#2. Greggs sees bumper revenue growth for full year
Full year numbers from Greggs LON:GRG covering the 52 weeks to 31st December are out. Total sales are up 23%, although profits have advanced by less than 2%. Shareholders are being rewarded with a 3.5% increase in total dividends for the year. Sales momentum remains upbeat with the first nine weeks of 2023 recording 18.8% revenue growth across company managed shops. Management note that despite inflationary pressures they have a robust, value for money offering and a strong cash balance to fund further growth plans.
#3. Revolution Bars eyes brighter trading in coming months
Interims from Revolution Bars Group LON:RBG are out today, showing total sales up 2.5% although the company has slipped to a pre-tax loss with rising costs taking a toll. Management are heralding the acquisition of Peach Pubs as having diversified their client base, whilst also paving the way for various synergies between the company’s expanded network of outlets. Industrial action on transport networks continues to cause headaches for the business, but early indications suggest improved trading conditions as Spring approaches as energy costs fall and increased input inflation ebbs away.
