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. Premier Inn revenues trending lower, capital returns promised for Whitbread
Interim results have been published by Premier Inn owner Whitbread LON:WTB this morning, noting revenues down 2% and pre-tax profits some 7% lower. That reflects a flat UK market and contracting F&B sales, but management do note that H2 bookings are ahead of the same position a year ago.
Efficiency programs are ongoing to mitigate inflation pressures and the note adds that the company plans to return £2bn via share buybacks and dividends by FY30. Near term guidance has however been revised lower.
2. Travis Perkins grows sales but at what price to margins?
Travis Perkins LON:TPK published a Q3 trading update this morning with like for like sales up 1.8% as the company deployed a series of focused initiatives to build market share in the merchanting business. To what expense that has come at in terms of margin however will be disclosed in due course.
3. Workspace sees occupancy levels decline as forecast
Serviced office provider Workspace Group LON:WKP issued a Q2 business update noting an as-expected 2.3% drop in occupancy to 80%. Management highlight robust customer activity and also cover off the disposal activity of low conviction assets, but again whether this is sufficient to placate investor concerns – debts are up – remains to be seen.
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