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. Despite inflationary pressures, volumes grow at Hilton Food
Hilton Food Group LON:HFG published interim results this morning with the company noting further strategic performance despite challenging market conditions. Volumes grew 2.5% and revenues added more than 10% on a constant currency basis, reflective of inflationary pressures in the seafood industry.
Margins have been squeezed slightly but management are confident over both the short and medium term outlook, expecting to deliver full-year results within the current forecast range.
2. Bakkavor ups full year guidance as margins grow
Prepared food group Bakkavor LON:BAKK issued interims as well this morning, with reported revenues up just under 0.1%, profit margins up by 50 bps and adjusted operating profits up almost 10%. Full year guidance has been revised higher and operating profit is now expected to land at the upper end of the previously offered range. The company is currently going through the process of being acquired, but a CMA inquiry is being held into the deal.
3. Costs down and inflows rise at M&G
M&G LON:MNG also released half year numbers today, with highlights including inflows which have resulted in a net addition to the AUM figure, reversing the position of a year ago. Adjusted operating profit (before tax) was marginally higher and cost efficiencies have also been delivered. Management believe the company’s diversified business model will help it navigate geopolitical uncertainty in the near term.
