Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. WH Smith full year expectations bolstered
WH Smith LON:SMWH has results out today covering the 13 weeks to 27th May. Revenues are up 31% and as a result management are once again upgrading their full year expectations. New store openings are driving a strong performance in the US, whilst the rest of world division is also faring well, bolstered by the slower reopening post COVID.
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#2. B&M performance edges back from post-pandemic boost
B&M European Value Retail LON:BME has full year results out this morning, with revenues 30.7% ahead of pre-pandemic levels. There has however been a modest reversion on 2022 figures as the company experienced a post-pandemic boost, but this is seen as having been in line with expectations. Food sales are also performing well, with a meaningful uptick in both EBITDA and – perhaps more controversially – margins being recorded.
#3. Oncimmune interims show upside of new corporate direction
Oncimmune LON:ONC the AIM listed antibody profiling company has interims out today, covering the six months to 28th February. Revenues were sharply lower YoY after contract delays but there’s a strong order book and the company is undertaking a pivot, having sold one business and acquired another. This obviously complicates the comparatives here but management are committed to reaching cashflow breakeven in the near term. The proceeds from the recent sale and debt repayment remove any uncertainty over the company’s outlook as a going concern.