Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Prudential profits rise as Chinese market returns
Interims are out from Prudential LON:PRU this morning, with the insurer posting a 3.6% uptick in profits thanks to a rebound in Chinese investors buying its products. Shareholders are being rewarded with around a 10% uptick in dividends as a result.
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#2. Vertu Motors EV discounting expected
There’s a trading update out from Vertu Motors LON:VTU today, showing performance in line with expectations. New vehicle supply is noted as being sustained whilst constraints in terms of used vehicles persist and FY24 performance remains very much on track. The note does however highlight that an over supply of electric vehicles is creating an imbalance in the market ahead of the registration plate change next month, although the belief is that manufacturers will wear the associated costs in reducing inventory here.
#3. The Works sales ticking higher but lagging inflation
Preliminary results from The Works LON:WRKS show a resilient performance with FY 23 sales up 5.8% from the comparative. Gross margins are being squeezed and business rate liabilities are increasing as COVID-19 reliefs come to an end. To account for this the proposed dividend is pared back year on year, coming in at 1.6p per share against 2.4p in the comparative. Sales for the first 17 weeks of FY 24 remain in line, with LFL sales growth up 3.1%
