Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Wetherspoon’s full year numbers show dip in sales
Preliminary results for the full year to 31st July are out from PubCo JD Wetherspoon LON:JDW this morning. Like for like sales are down by 4.7% whilst the operating profit has tumbled by 80%. The challenges faced by the industry – rising costs, labour shortages and then the potential uncertainty of energy prices and interest rates – are well reported, but Tim Martin see the biggest threat as being posed by further lockdowns and trading restrictions. The dividend has been suspended.
#2. Landscaping business Marshalls struggling, full year outlook downgraded
Hard landscaping manufacturer Marshalls LON:MSLH has issued a trading statement for the nine months to 30th September today. Revenues were up 20%, bolstered in part as a result of the acquisition of Marley. Performance of building products continues to out-run that of landscaping, where demand is continuing to soften through the year and the company is scaling back production accordingly. However the impact on efficiency here means that the board are now expecting full year performance to be slightly below the lower end of market expectations.
#3. PureTech Health possible sale process confirmed
Life sciences company PureTech Health LON:PRTC have confirmed the exchange of non-binding proposals with Nektar regarding a possible merger. That has already been picked up by the media, but the note offers no confirmation of pricing and using the typical narrative highlights that this doesn’t confirm a deal will complete.