Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Wickes revenues down but margin and outlook improves
The hardware store operator Wickes LON:WIX has published interim results this morning, headlining with a 3.4% fall in revenues and a 24bps improvement in margins. That’s been enough to lift statutory profits by almost 10%, facilitating an interim dividend payment of 3.6p per share, level with the FY23 payout. The full year outlook remains unchanged and management note an improving performance in Q3 despite ongoing economic uncertainty.
#2. Flash trading statement buoys Audioboom
Audioboom LON:BOOM have a statement out with the eye-catching headline of a ‘Flash August Trading Update’. Against the same month a year ago, revenues are up by 35%, extending a 17% YoY improvement posted for July. The company’s Showcase global advertising marketplace is also performing well and management add that with Q4 always being the strongest trading period there’s growing confidence. The Q3 trading update will be published in mid-October.
#3. Five year growth plan now in play for Newmark
AIM listed Newmark Security LON:NWT has its full year numbers out today. Revenues are up 10%, profit margins have improved by 90bps and the operating profit has more than doubled. Management note that the company has entered FY25 with an exciting pipeline and a five year growth plan is now being deployed.
