Here are three things you need to know in the financial markets today from investment writer, Tony Cross.
1. Whitbread’s Q1 update shows continued outperformance
There’s a Q1 trading update out from Whitbread (LON:WTB) this morning, which presents an upbeat assessment of the situation. Total sales are 31% ahead of pre-pandemic levels and 27% ahead of the market as a whole, although F&B sales are fractionally behind the 2020 comparative. The note also adds that the recovery in the German market has been stronger than expected and whilst early indications suggest that Q2 will also perform well, there’s an acknowledgement that a tight labour market will see staffing costs increase.
2. WH Smith group revenues now above pre-pandemic levels
Q3 numbers from WH Smith (LON:SMWH) have been published, covering the 15 week period to 11th June, with group revenues for the period being reported as ahead of pre-pandemic levels. A stronger than expected performance in the travel sector is buoying sentiment here, most notably in the North American market. Management continue to pin hopes of further advances on this division and anticipate the full year outturn to be at the higher end of analyst expectations.
3. IGas pre-AGM trading statement
Onshore oil and gas producer IGas (LON:IGAS) has published a trading statement ahead of today’s AGM. There are a handful of useful pointers in here including surveys showing increased support for domestic energy production, the company’s response to the newly announced energy profits levy – most notably how it believes the impact here can be mitigated by advancing investment plans – and the transition to a low-carbon producer along with its geothermal initiatives. There don’t appear to be any red flags here, but it provides a useful ‘state of the union’ style update.