Three things you need to know in the financial markets today at the UK open, from investment writer, Tony Cross.
#1. Speedy Hire’s FY24 contract wins to yield results in year ahead
Tool hire specialists Speedy Hire LON:SDY have issued full year results with revenues down 4.3% and whilst pre-tax profits were rocked by higher financing costs along with some tough comparatives, operating profits surged. Management note that contracts won in FY24 will be activated in the coming months and FY25 performance is likely to be weighted into the second half. The current trading period has also started well with performance slightly ahead of the position a year ago.
- Berkeley Group shares unlikely to reward investors in Q1
- Three Quick Facts: Aviva & Direct Line, Berkeley Group, QUIZ
- Companies Reporting: Salesforce, Frasers, Berkeley
#2. Acquisition sees debt spike at Young’s
Brewers Young & Co LON:YNGA issued full year results this morning noting a 5.4% increase in revenues and a 9.4% uptick in adjusted operating profits. Net debt has however more than doubled although a recent acquisition appears to be skewing that metric. Trading momentum appears strong despite macroeconomic headwinds and management also note that like for like sales for the last nine weeks are up 2.4% against some tough comparatives.
#3. Profit weakness set to persist for some time at Berkeley
House builder Berkeley LON:BKG has posted full year numbers today. Like others in the sector, economic woes are taking a toll although the fact pre-tax profits fell by a mere 7.7% seems notable. However, there’s quite a lot of forward visibility being offered here with profits projected to fall a further 5% in the current trading year (revised upward from a 10% dip) and with the downward trajectory seen as carrying into FY26, too.
