Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. N Brown sees sales fall but profits rise
Clothing retailer N Brown LON:BWNG has this morning published full year results noting a 10% decline in revenues but a more than doubling of adjusted pre-tax profits. The adjusted EBITDA also came in above expectations despite macroeconomic challenges. Product revenue declines are still in play but management note that these continue to moderate, with the improvement set to continue with FY25 revenue set to edge higher YoY.
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#2. Mitie revenues hit all time highs
Mitie Group LON:MTO also has full year numbers out this morning noting that all mid-term targets were met or exceeded in the financial year. Revenue hit a new all time high, up 11% and whilst the drop in renewals from 90% to 79% is notable, if that paves the way for higher margin contracts then it’s not all bad news. The dividend is up from 2.9p to 4p and management expect high single digit revenue growth for the year ahead.
#3. Trading update puts ITM ahead of expectations
ITM Power LON:ITM has a trading update out today noting that EBITDA and net cash are ahead of previously guided levels. Revenues are set to land towards the top end of the previously stated range and be three times higher than those seen in the previous year. With £230m of net cash, investors are also likely to find some benefit here, too.
