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. Whitbread reports sector outperformance, but Q1 revenues still lower
Premier Inn owner Whitbread LON:WTB issued a first quarter update this morning, noting that whilst the group continued to outperform in the mid-scale hotel sector, for the UK both accommodation sales and RevPAR fell by 2%.
- Whitbread steadies as room growth offsets restaurant retreat
- UK Stock Market News: Whitbread, Travis Perkins, Workspace
Progress in the German market where the company continues to expand was rather more impressive with like for like sales 13% ahead, reflecting the maturing brand. The five year plan remains on track and management also note that forward bookings in the UK remain ahead of the comparative.
2. Frasers walks away from bid for Revolution Beauty
Retail group Frasers LON:FRAS have this morning conformed they will not be proceeding with a possible bid for Revolution Beauty. Other parties were however reported to have made expressions of interest as part of the formal sale process.
3. Profit forecasts downgraded at Hays
Recruiter Hays LON:HAS published a pre-close trading update highlighting that market conditions remain challenging, group like-for-like fees are set to decline 9% with permanent recruiting showing a more notable decline and expectations are now for full year operating profits to be around £45m, materially lower than the consensus analyst estimate of £56m.
