Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. B&M eyes estate of 1,200 UK stores
Full year results are out from B&M European Value Retail LON:BME this morning, covering the 52 weeks to 25th March. Group revenues are up 10.1%, margin has been maintained at 11.5% and EBITDA sits right at the top end of the previously offered guidance.
Profits have also come in meaningfully higher year on year with management noting that the foundations have now been laid for a strong run at least into the medium term. At least 45 new stores are planned in the UK for FY25, adding to the 741 which are already open and targeting not less than 1,200 properties in the UK estate alone.
- UK Stock Market News: Oncimmune, B&M, National Grid
- UK Stock Market News: Naked Wines, WH Smith, AJ Bell
- B&M’s lack of e-commerce strategy may cost investors dear
#2. Centrica pre-AGM statement reassures investors
Centrica LON:CNA has issued an AGM statement this morning, with a predominant theme of steady as she goes. However all retail supply and optimisation businesses are set to be within their sustainable adjusted operating profit ranges two years earlier than planned. The other stand out point here is that the company’s hedging policy will show a resilient first half performance although the second half will reflect the impact of lower commodity prices.
#3. UK high street key downside for WH Smith, strong sales elsewhere
There’s a trading update out from WH Smith LON:SMWH this morning covering the 13 weeks to 1st June. Group revenues are up, supported by a strong performance in the travel sector but high street sales continue to dwindle. Most notably the rest of the world divisions – so excluding the UK & USA – is seeing strong growth with revenues up 16% and management note that they continue to win new business here. The full year outlook remains unchanged.
