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. Holiday demand puts On The Beach on course for record year
On The Beach LON:OTB issued interim results this morning showing a 13% increase in total transaction value, an 18% uptick in pre-tax profits and shareholders being rewarded with a half year dividend that’s 11% higher. Package holiday bookings have grown significantly and management are eyeing another record year, with profits set to be in line with consensus forecasts of £38.2m. Arguably this is also a signal of strength over the wider UK economy with demand for holidays remaining strong.
2. Trading update shows revenue growth at Wickes
Wickes Group LON:WIX published a trading update for the 17 weeks to 26th April noting group revenue growth of 6.9%, weighted into retail whilst design and install services slipped back, although the note adds that action has already been taken in this division to enhance the company’s offer and ordered sales growth is being seen.
3. Margin improvement boosts profits at Marston’s
PubCo Marston’s LON:MARS has its interims out today with underlying revenues off 0.2% but pre-tax profits stood at £19m on an underlying basis and a 250bps improvement in operating margin was also reported. The note adds that debt reduction remains on track and the deployment of initiatives to deliver efficiency gains also seems to be yielding results. Like for like sales accelerated in the last five weeks of the reporting period and management expect full year results to be in line with market forecasts.
