Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. TheWorks Christmas trade fails to shine
Discount bookstore TheWorks LON:WRKS has this morning published interim results for the 26 weeks to 30th October and a trading update for the 11 weeks to 15th January. The numbers make for mixed reading, with the H1 print being affected by assorted macro headwinds as well as the fall-out from a cyber-attack. Christmas sales were OK in store, up 9.7% like for line in store, but online tumbled by 14%, giving an overall 5.7% uptick. Full year expectations are currently unchanged although management acknowledge that consumer demand may weaken from here.
#2. SSE: significant uplift in FY EPS guidance
Energy company SSE LON:SSE has published Q3 numbers today, which headlines with a more than 25% uptick in full year EPS guidance. The company is benefitting from record energy prices and is keen to push the reinvestment agenda, especially in the green energy space. There’s no acknowledgement however of falling wholesale prices and how this may impact the future although the company does note that the dividend will be rebased next year.
#3. De La Rue’s Kenya production shuttered, India questions flagged
Secure printers De La Rue LON:DLAR have this morning provided an update on activities in both Kenya and India. In Kenya, the company notes that no new banknotes will be required by the government for at least 12 month so production at the local plant has been suspended. Further it also advises the market that an attempt to appeal a historic tax issue worth £7m isn’t making the desired progress. Historical activities in India, dating back more than 7 years, have also been flagged – management believes there’s no merit to the allegations, but it could prove to be a choppy day for the stock.
