Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s a trading update out from WM Morrison [LON:MRW] this morning, covering both Q3 and the critical Christmas trading period. The numbers however aren’t great, with like for like sales down over both periods and the company citing unusually challenging trading conditions. Wholesale struggled too, with lower sales coming through the McColl’s channel, although the company does expect to still deliver against the market’s full year expectations. It’s perhaps worth adding that the comparatives were tough, but whether investors will be so forgiving remains to be seen.
There’s an upbeat post close trading update out from 888 [LON:888], the online gambling company, this morning. Granular detail is thin on the ground, but the business recorded record revenues in December as growth continued in line with expectations. New customer acquisition and development of regulated markets both appears encouraging, with product development plans also being laid out.
Aston Martin Lagonda
Challenging trading conditions don’t just affect high street supermarkets, as the full year trading update from Aston Martin Lagonda [LON:AML] attests to. Sales were down 7% and full year EBIDTA is now expected to be in the £130-£140m range. The CEO notes that the ‘underlying performance will fail to deliver the profits we planned’ but is focused on building profitability in the medium term. This warning, plus news that an equity investment may be needed into the business, could see shares rattled in today’s early trade.