Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Reckitt Benckiser sales growth up despite post-pandemic sector weakness
Q3 numbers from Reckitt Benckiser [LON:RKT] are out this morning, with the company noting it remains on track to meet full-year expectations. Like for like sales growth is up by 7.4% with price up 12% and volumes down 4.6%. The note splits out sales of disinfecting spray Lysol as this accounts for most of the volume decline. Net growth is being narrowed to focus on the upper end of the previously stated range and the company is on track to hit its goal of mid-20%’s adjusted operating margins in the coming years.
#2. Virgin Wines profits treble as company positions for incoming headwinds
Full-year numbers from Virgin Wines [LON:VINO] shows pre-tax profits of £5.1m, treble the £1.7m posted a year earlier. Revenues are however down a shade and margins sit around 20 basis points lower, too, although both metrics are improved from pre-pandemic levels. Whilst pressures on disposable incomes are expected to mount, the company is looking for more stay-at-home socialising to bolster its position and looks for broadly flat revenue into FY23.
#3. Standard Chartered 40% Q3 profit jump surprises market
Standard Chartered [LON:STAN] has published Q3 numbers this morning, surprising with a 40% jump in profits, resulting in the bank upping income growth forecasts from 10% to 13% for the full year. Bad debt impairment charges have however been doubled to take account of the worsening economic climate, including a $130m provision against Chinese commercial property.