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. Inflationary pressures weigh on Hilton Foods, profit outlook downgraded
Hilton Food Group LON:HFG issued a Q3 trading update this morning. The company is facing a series of challenges both operationally and from higher inflation, so management have downgraded the profit outlook for the full year. That’s now forecast to come in between £72m and £75m, down from the range of £77m-£81m as stated in early September.
- UK Stock Market News: CMC Markets, Alphawave, Hilton Food
- UK Stock Market News: Hilton Food, Bakkavor, M&G
On top of this, management expects the progression into the new financial year to be difficult, although further business optimisation opportunities have been identified.
2. Fast growth African markets buoy numbers at Vodafone
H1 numbers from Vodafone LON:VOD this morning point to a strong period of trading and the company is now eyeing a full year performance at the upper end of the previously offered guidance. Total revenues were 7.3% higher with the fast growth African markets leading the charge and the full year dividend is expected to increase by 2.5% in line with the company’s new progressive policy on capital returns.
3. Oxford Instruments wobbles but management reiterate full year outlook
Interim results for the six months to 30th September were published by Oxford Instruments LON:OXIG with revenues down 8% and operating profits off by 23%. The company notes challenging macroeconomic conditions but sees an improvement having been posted in the second quarter and order momentum returning to last year’s levels.
As a result of strategic actions and that pick up in sales, the full year outlook has been reiterated and management have also committed to extending the current share buyback programme. Will that be enough to placate investors?
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