Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Pre-tax profits surge at AG Barr
AG Barr LON:BAG this morning issued interim results, noting that that revenues were up 3.1% but more significant was margin growth of 200 basis points and pre-tax profits adding more than 20% on an adjusted basis. The strong first half is seen as demonstrating that the business is delivering against strategic priorities, with expectations that the momentum can be maintained in H2. Full year guidance remains unchanged.
2. Close Brothers LON:CBG bolsters balance sheet as car finance saga rolls on
Lender Close Brothers issued full year numbers today. The company has been bolstering its balance sheet amidst the motor finance mis-selling saga, which remains ongoing, and has seen the company make a £165m provision in today’s numbers, tipping the business to an operating loss for the full year.
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However with £400m of tier 1 capital on hand, the business is arguably in a strong position to weather any impending storm. Dividend payments remain suspended pending resolution of the financing saga.
3. ASOS posts impressive FY update with profit per order up 30%
Fast fashion retailer ASOS LON:ASC issued a full year trading update today, noting gross margins up 350bps, adjusted EBITDA up by more than 60% and the profit per order up by 30%. Free cash flow was also higher than anticipated and further margin are expected in the near term. Medium term guidance remains unchanged.
