Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Interims from Topps Tiles this morning show revenues down a shade (0.2%) but margins are heading higher. That news comes against a challenging consumer backdrop with economic uncertainty still lingering. Numbers for the last seven weeks are seen as encouraging however, with like for like sales up 1.8%. The company continues to rationalise its portfolio of stores.
Full year numbers from the meat producers Cranswick are out today, with revenues down 1.9%, a figure which hasn’t been helped however by the comparative being 53 weeks against this year’s reading covering 52 weeks. On a like for like basis the number is close to unchanged but the company does flag that margins may come under pressure in the coming years as the market is likely to remain competitive.
Preliminary numbers from Halfords are out this morning, with some sales growth being seen, although as had been previously signalled profits took a tumble, down by around 17%. The mild winter provided a boost for cycling sales, but it wasn’t so good for motoring. Despite the challenging retail backdrop, the company expects next year’s profits to be in line with this figure – although the number will likely be dependent on the weather.