Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Vodafone
Preliminary results are out from Vodafone LON:VOD this morning, with the telecoms company seeing a modest softening in revenues, but operating profits have jumped by almost 25%. Perhaps more significantly, the company is delivering accelerated service revenue growth, with expansion in its largest market of Germany being particularly worthy of note. The company believes it is well positioned to deliver further value to shareholders and is targeting EBITDA growth of between 4% and 7% in the year ahead, whilst free cash flow is also expected to grow by at least 4%.
Britvic
There’s a timely update out from Britvic LON:BVIC who we can assume will be cheering yesterday’s reopening of indoor hospitality. The note covers the six months to March 31st and paints what is perhaps the expected picture – revenues down, but only by 6.3%, whilst earnings pr share fell by a more marked 20%. The company has however harnessed at-home sales with UK growth of 6.2%, well ahead of the market which expanded at about one quarter of that pace. The company notes that H2 has started well as lockdown restrictions continue to ease and has reinstated its dividend with a 6.5p per share payout.
Cranswick
Food producer Cranswick LON:CWK has posted its preliminary results for the 12 months to March 27th this morning, which paints an upbeat picture for the company. Investment in new manufacturing plants has yielded results and the company also notes it has navigated Brexit with minimal disruption. Revenues are up by almost 14%, whilst adjusted pre-tax profits rose by more than 26%. Further capacity improvements are being mooted and perhaps one other point worth noting is the fact that site-based staff will receive a further £400 bonus, on top of the £500 already paid, to recognise their contribution through the COVID-19 pandemic.
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