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. Capital returns continue apace at Imperial Brands
Imperial Brands LON:IMB issued a pre-close trading update this morning, noting performance was in line with previously offered guidance, next-gen product growth remained robust.
- UK Stock Market News: Imperial Brands, FirstGroup, Softcat
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The capital return program remains on track and a further £1.45bn share buyback has also been announced, Adding in dividends and 11% of the company’s market cap will have been returned to shareholders in the coming fiscal year.
2. B&M sees continued sales growth but margins weigh
Discount retailer B&M Europe LON:BME issued a H1 trading and operational update this morning, noting group revenue growth of 4%, whilst like-for-like sales were up a less impressive 0.1%. Weaker selling prices have been impacting margins and whilst this theme has abated slightly in Q2, H1 adjusted EBITDA is expected to land just below £200m, down more than 25% from the comparative.
3. Optimistic outlook for Angling Direct
Half year results from the fisherman’s friend Angling Direct LON:ANG look set to offer further cheer for investors. Revenues were 17% higher, whilst gross profits added more than 21%. Margins also progressed 130bps and this has given management the confidence to state the company expects to beat full year guidance.
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