Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Topps Tiles
There’s a first half trading update out from Topps Tiles LON:TPT this morning, covering the 26 week period to March 27th. The company saw a good start to the period with sales up 20% in Q1, although with its retail venues being classed as non-essential, these have been closed in recent weeks with a consequent impact on revenues – Q2 came in 17% lower. The company is however confident that as retail reopens it can embrace some momentum from the DIY boom, whilst forward indicators also suggest commercial sales are set to rebound.
Fuller Smith & Turner
Fuller Smith & Turner LON:FSTA has published a trading and financing update this morning, which includes news of a £55m placing of shares. The company notes that in the 388 day period between 20th March 2020 and 12th April 2021, their pubs have only operated for 27% of the time, although after last summer’s reopening, demand picked up quickly with trade at the end of August almost 80% of the previous year’s levels. The funding will enable the company to reduce debt as well as allowing for the consideration of growth opportunities in the longer term. There will be casualties in the hospitality sector as a result of the lockdowns – Fuller’s clearly doesn’t intend to be one of them.
Aquis Exchange
Exchange services group Aquis LON:AQX – which recently completed the acquisition of NEX – has final results for the year to December 31st 2020 out today. The headlines here paint a solid picture with revenues up 67% and the company turning a £0.5m profit, up from a £0.9m loss a year ago. Market share measured across Europe grew to 4.7% in the final quarter, up from 4.2% in the comparative period and is reported at 5% for Q1 ’21. The exchange appears to be making great headway when it comes to improving market quality, too, with spreads down 64% as a result of its Market Maker scheme and total membership now standing at 39 issuers.
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