Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Cheers! Young’s raises a glass with acquisition news
Interim results from Young & Co Brewery LON:YNGA are out this morning for the 26 weeks to 2nd October. Revenues are up 5.4%, pre-tax profits added 2.5% and the dividend is being upped by 6%. The company notes that London is back in business, something that is serving to buoy its own performance and although cost pressures on the supply chain still linger, positive signs are on the horizon.
Separately Young’s has also announced a combined cash and equity offer for AIM listed City Pub Company, valuing the business at close to a 50% premium from last night’s price. Will the market buy that or feel it’s too rich?
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#2. Premier Foods full year guidance upped
Half year numbers from Premier Foods LON:PFD show the company continuing to respond well during the ongoing cost of living crisis. Headline revenues are up 19.2% whilst trading profits added 19%. The business continues to gain market share and full year profits are expected to be around 10% higher, upping the previously offered guidance.
#3. Gleeson’s AGM trading update offers some optimism
Low cost housebuilder MJ Gleeson LON:GLE has published a short AGM trading update. Key points include an uptick in reservation rates over the last few weeks and the fact that stabilising mortgage rates are set to buoy buyer interest heading into the seasonally stronger spring selling period. Results for the full year are set to be in line with market expectations.
