Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Vertu profit forecast upgraded
Half-year numbers are out from Vertu Motors [LON:VTU] today, highlighting the benefit of continued strong margins which are winning out against volume shortfalls. Revenues grew by 3.9% and the board has advised that full year profits should now come in ahead of market expectations.
#2. Topps Tiles’ second year of record sales
Topps Tiles [LON:TPT] issued a Q4 trading update today, reporting a second successive year of record sales, with the company’s move into the commercial market via its new Parkside brand being seen as helping drive growth. The target of a 20% market share by 2025 remains very much in focus and average store sales are up some 25% from pre-pandemic levels.
#3. Tesco group sales up – but lagging inflation
Interims from the supermarket giant Tesco [LON:TSCO] are out this morning, with headline group sales up by 3.3%. Shareholders are set to be rewarded with a 20% uptick in the interim dividend which is likely to attract some criticism given the backdrop of rising prices. The board has also narrowed down its full year profit projections, which are now forecast to come in at around £2.5bn, towards the lower end of the range announced in April.