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. Across the board sales growth at J Sainsbury
There’s a first quarter trading statement out from J Sainsbury LON:SBRY this morning noting group sales up 4.9% for the period, with all channels performing well. The 4.4% uptick seen at Argos is likely to offset concerns that the division is a drag on the wider business and management have reiterated the full year outlook.
2. Second tranche of Pearson’s share buyback confirmed
Educational publisher Pearson LON:PSON has this morning announced that the second £175m tranche of its share buyback programme will continue immediately following the completion of the first round, which is set to wrap up in around six weeks’ time.
3. Kitwave profit expectations trimmed as consumer confidence weakens
AIM-listed Kitwave LON:KITW released interim results this morning. This noted revenues up 26.7% following acquisitions – the like-for-like figure was a more muted 3.1%. Gross margins improved 1.1% ,a robust balance sheet has seen leverage reduced and cash conversion is strong.
The company is however cautious when it comes to the outlook, noting fragile consumer confidence impacting sales in higher-margin tourism based depots, whilst the note adds that previous confidence in terms of offsetting the impact of NI increases is now waning. Full year profit expectations are also being tempered and should now fall in the range of £38m to £40.5m.
