Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
WM Morrison Supermarkets
Q1 numbers are out from Morrisons [LON:MRW] this morning, showing 2.7% growth against the same period last year excluding fuel, or a rather more impressive 4.7% once that’s included, highlighting the fact that the country is starting to move again. It’s also off the back of that uptick that the company is confident that the temporary working capital requirement can now unwind, cash flow will be strong and debt will fall. Guidance for the full year remains unchanged and there’s an expectation that profits can be further bolstered in 2022/23.
City Pub Group
City Pub Group [LON:CPC] has final results for the 52 weeks to December 27th out today. Unsurprisingly the year has been a shocker for the business, with revenues down by over 50% although the company is already seeing strong demand off the back of reopening, with the 24 pubs already open – for outdoor drinking only – trading at 77% of the equivalent 2019 level. A further 21 sites will open next week and whilst the note talks of pent-up demand, there’s no quantification of this. The company does however plan to make further investments in the future to further expand its footprint.
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Rounding off with Angling Direct [LON:ANG], who have this morning published their full year numbers to 31st January. Some impressive headline numbers here with group revenues up by 27%, online sales ahead by almost 40% and gross profits up by 39.5%. Sales for Q1 are well ahead of the same period last year although that number is being bolstered by the closure periods which impacted 2020. Assuming no further lockdowns, the business notes it is well positioned to deliver profitable revenue growth, albeit at a lower pace than seen last year, and they are on track to meet current expectations.
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