Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Smiths News one-off events boost income
There’s a trading update out from newspaper distributor Smiths News LON:SNWS this morning. Numbers for the year to 31st August are reported as being in line with market expectations. In the short term momentum remains upbeat despite the positive impact of a number of one-off events during the last FY although there’s a sub-text here that suggests the interims will be behind the comparative, whilst 74% of existing contracts have been renewed until at least 2029.
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#2. ITM Power revenues up four fold as demand continues to build
AIM listed ITM Power LON:ITM has interims out today covering the six months to 31st October. Revenues jumped from £2m to £8.9m whilst the EBITDA loss was sharply reduced, too. The turnaround plan set out a year ago has been completed and management note this is now delivering results. The company is well capitalised and anticipates rampant growth across the hydrogen industry as demand for green solutions continues to pile up.
#3. GSK sales running faster than expected, dividend upped
Final results from GSK LON:GSK have also been released with the company posting total sales up 5% with a strong uptick in vaccination income being reported, too. Margins and operating profits have improved too, with the short and medium term sales outlook being bolstered as momentum is set to continue. Shareholders are being rewarded with a 16p dividend for Q4, taking the total payout for the year to 58p, slightly higher than had been expected.
