Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. WM Morrison sees headline sales excluding fuel up 8.4%
Interim results from WM Morrison Supermarkets [LON:MRW] are out this morning, with the company posting what appear to be some punchy numbers, both on a one year and two year basis. Headline sales excluding fuel are up 8.4%, but one notable standout is the online performance with sales up 48% on last year and 237% from two years ago. Guidance for the full year is unchanged although the company notes this is based on assumptions that lost profits will be lower, further COVID-19 costs will be minimal and that potential sustained cost increases in the supply chain can be mitigated.
#2. STV on track for best ever financial performance
Broadcaster STV Group [LON:STVG] has published half year results to June 30th, noting a strong performance as advertisers start spending again and critically audiences continue to grow. Revenues are up 35%, whilst viewer figures are up by 5% over traditional channels and 66% online. The company notes it has a positive outlook over further improvements in income and viewer numbers and is on track for its best ever financial performance for the current year. Good visibility for 2022 could offer clients further reasons to be confident.
#3. Speedy Hire August revenues up 4% on the pre-COVID figure
There’s a short trading update out from Speedy Hire [LON:SDY] this morning, looking at the company’s performance in August ahead of today’s AGM. Revenues for the month were 4% up on the pre-COVID figure recorded for August 2019. Asset utilisation has improved and whilst the company notes there’s evidence of extended supply chain lead times, this isn’t having any material impact on fleet availability.