Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Wetherspoon cites concerns over risk of more lockdowns and stubborn inflation
Pub chain JD Wetherspoon LON:JDW published interim results this morning, covering the 26 weeks to 28th January. Like for like sales are up 9.9%, whilst operating profits advanced some 81% and operating margins improved to 6.8%, up from 4.1%. The positive momentum has carried into the second half of the year, although the pace does seem to be decelerating.
In what many will see as a slightly bizarre comment, the company is said to be concerned about the possibility of further lockdowns and also forecasts that inflationary pressures will remain high, specifically when it comes to wages, utilities and repair costs.
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#2. Robinson revenues down but profitability up
Full year results are out from Robinson LON:RBN the custom manufacturer of plastic and paperboard packaging. Revenues are 2% lower but operating profits added 10% and gross margins improved to 19%. Expectations are for revenues and operating profits for FY24 to show further improvement on the FY23 figures issued today.
#3. Zephyr Energy early stage drill update from Utah
AIM listed Zephyr Energy LON:ZPHR updated the market this morning, noting that initial drilling operations were now underway at the company’s flagship project in Utah. This is only a first step with the next stage being rigging up a bigger drill, a process which is expected to start in mid-April.
