Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. SSP revenues well ahead of pre-pandemic levels
There’s a pre-close trading update out from SSP [LON:SSP] this morning ahead of the 30th September year end. Revenues continue to move higher and for the last 12 weeks are expected to be 116% up on the pre-pandemic figure from 2019. Expectations for full year numbers are at the upper end of previous forecasts and management note strong momentum as they look towards 2024.
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#2. JD Sports sales upbeat despite tough macroeconomic backdrop
JD Sports Fashion LON:JD. issued interims today, noting an 8.3% increase in revenues and although operating profits have taken a small hit, margins remain above 2019 levels. Despite tough macroeconomic conditions, sales remain upbeat with new store roll outs helping bolster activity.
#3. Next: good Spring weather bolsters H1 sales
Half year numbers are out from Next LON:NXT today, highlighting that group sales are up 5.4% and pre tax profits have risen by 4.8%. Again despite the challenging macroeconomic environment, management note that sales are better than had been expected, with wage increases and good weather at the start of the summer both seen as helping. Falling inflation and other cost saving measures are set to bolster performance in the second half of the year.
