Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Vodafone numbers pointing in the right direction
Vodafone [LON:VOD] has published a Q1 trading update, noting a recovery towards pre-pandemic levels, although evidently there’s still some way to go. They’re using the same period from two years ago as a comparator, so note that mobile churn is down 1.6%, whilst ‘roaming and visitor’ revenues are 54% down. The numbers are however pointing in the right direction and the business segment is seeing specific growth from digital services, including the Internet of Things.
#2. Premier Foods full year profits to come in at the upper end of forecasts
Premier Foods [LON:PFD], the owners of brands including Mr Kipling and Sharwoods, have published Q1 numbers this morning. The prepared food sector has been fascinating to watch (perhaps I need to get out more) over the last 18 months, with the closure of hospitality venues driving in-home consumption. As a result, group sales are down 13% on the same period a year ago, but on a two-year basis are up by 6.3%, which is at the top end of expectations. Hopes will be that at least some of this momentum can be retained and management expect profits for the full year to also come in at the upper end of forecasts.
#3. Remote Monitored Systems pro-larva face mask
There’s a quick trading update from AIM listed Remote Monitored Systems [LON:RMS] tagged onto the end of their AGM invitation. Not much to report, but they note that marketing of the pro-larva face mask, which is made using a special anti-viral technology, has improved. Sales haven’t been significant to date, but with the COVID pandemic showing little sign of relenting and with the double vaccinated still able to contract the virus, this remains one to watch. The company also notes that it is looking to develop other portfolio products.
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