Three things you need to know as the UK financial markets open, from Tony Cross.
#1. CMC surges back to half year profit
Interim results from the trading and investment house CMC Markets LON:CMCX are out today, showing a dramatic recovery from the position of a year ago. Disciplined cost management and a 45% increase in net operating income has helped turn the £2m half year loss posted 12 months ago into a close on £50m profit, comfortably surpassing the H1 FY23 figure, too. Shareholders are seeing the interim dividend payment more than treble to 3.1p.
#2. Frasers/boohoo saga rolls on
Frasers Group LON:FRAS have this morning published an open letter to boohoo LON:BOO shareholders as Mike Ashley and his team continue to petition for seats on the board. Citing a lack of transparency, poor refinancing terms and new allegations over the company’s supply chain, a shareholder meeting has been convened for the Friday before Christmas. With the boohoo share price trading down 90% over the last five years, the outcome here will be closely followed.
#3. Q3 numbers from JD see full year expectations dialled down
JD Sports LON:JD. has a Q3 update out today, covering the 13 weeks to 2nd November. Management note the period started well, before increased volatility was seen in October, although margins advanced by 0.3% whilst organic sales growth added 5.4%. That volatility has however seen full year pre-tax profits revised downward to the lower end of previously stated guidance at £955m-£1035m, whilst also noteworthy was that at a regional level, the UK performance was notably weaker, with Europe serving up a rather more robust picture.
