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. Revenue growth baked in at Greggs
There was a Q3 trading update from high street bakery and fast food chain Greggs LON:GRG this morning, noting that after a hot start to the summer, performance improved in August and September. Revenues added 6.1% across the period and forward inflationary pressures appear to be easing fractionally, too. The company remains on course to meet full year targets despite what management note as being challenging market conditions.
- Are Greggs shares looking undervalued after 42% YTD slump?
- UK Stock Market News: Spectris, SSP, Greggs
2. Softer demand sees FY outlook downgraded
A pre-close trading update from Tate & Lyle LON:TATE this morning was published ahead of interims which are due in early November. The key point here is softer than anticipated demand which is set to drag H1 revenues down by 3-4% and with no expectation that this situation will reverse quickly, management are now suggesting that full year EBITDA will decline by a low-single percentage against the comparative.
3. Budget delays impact buyer confidence at Taylor Wimpey
Taylor Wimpey LON:TW. issued an update this morning ahead of a planned analyst event. Current performance is broadly similar to the position seen a year ago and the company remains on track to meet previously offered full year guidance, despite the short term impact on consumer confidence from delays to the government budget. Arguably this is illustrated by the dip in sales rates despite mortgage affordability being seen as improving.
