Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. The Works sales advance sharply, returns to profit
Multi-channel retailer The Works LON:WRKS has published unaudited results for the year to 1st May this morning. The company notes strong underlying sales, up 46% year on year and a pre tax profit of more than £10m, reversing a close on £3m loss in FY21. A final dividend of 2.4p per share is proposed although management acknowledge concerns over how consumer spending patterns may be impacted in the coming months as costs of living bite.
#2. TekCapital’s MicroSalt set for US retail launch
MicroSalt, a portfolio company of TekCapital LON:TEK, has today announced the launch of low-sodium salt shakers to major US retailers on 1st October. Sales on Amazon are set to start later in the month and the company is also reported to be exploring sales into Canada, Western Europe and the UK as soon as next year. Tek owns 97.2% of the share capital of MicroSalt.
#3. De La Rue Australian passport contract extended already
De La Rue LON:DLAR the secure printers have advised the market that it has received a five year extension to its contract for providing data pages in Australian passports. The contract which first went live in February of this year was initially for a five year tenure so the fact this has been doubled in length so quickly is cause for cheer and is helping underpin management confidence for the longer term outlook of this division. The additional investment resulting from this deal will be used to expand the company’s authentication and currency factory in Malta.
