Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Vodafone
There’s a note out from Vodafone LON:VOD this morning confirming the pricing of its Vantage Towers IPO. It’s come in at EUR24 per share, which is at the lower end of the revised range, although still gives the unit an impressive valuation of EUR12.1 billion. Estimated proceeds of EUR2.3 billion arising from the sale will be used to reduce group debt, but VOD investors left feeling short changed may be underwhelmed.
Ocado Group
Ocado Group LON:OCDO has issued a trading statement this morning for Q1, covering the 13 week period to February 28th. The company will be in for an interesting ride from here, with the next set of numbers coming against tough comparatives but for now retail revenues were up by 40%. The note highlights plans to roll out new customer fulfilment centres on the existing model, along with a series of mini centres to facilitate faster delivery times. The company believes that grocery shopping has been transformed by the COVID pandemic with many consumers not intending to return to bricks and mortar venues. As the vaccination programme rolls out over the summer, that idea will be truly tested.
Eve Sleep
AIM listed mattress provider Eve Sleep LON:EVE has seen some volatility on its share price in recent weeks so today’s full year numbers will be under scrutiny from investors. Revenues are up 6% although gross profits have advanced by 14% and the company notes that its “rebuild” strategy has been completed six months earlier than planned. The improved performance hasn’t been sufficient to eradicate a statutory loss for the full year being reported, but it has been trimmed dramatically. Will this be sufficient to cement last month’s gains?
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