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Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. AO World’s unscheduled trading update sees EBITA guidance upped
AO World [LON:AO.], the online electrical retailer, has this morning published an unscheduled trading update. Previously announced cost reduction strategies are yielding results, leading to the company upgrading its full year EBITDA to land in a range of £30-£40m, up around £10m from previously stated guidance. Management add that despite some cautious optimism, they remain uncertain over the outlook for consumers.
#2. Games Workshop hits £200m sales in 6 months for first time
Games Workshop [LON:GAW] has published half year results to 27th November, noting revenue up 7.5%. Profits have been eroded factionally but shareholders are being rewarded with a meaningful dividend hike, up 65% for the reporting period. This was the first time the company had achieved core sales in excess of £200m for a six-month period.
#3. Card Factory EBITDA forecast increased despite Royal Mail strikes
Card Factory [LON:CARD] has issued its latest trading update, covering the eleven months to 31st December. Store revenue advanced by 7.1% on a like for like basis and although the return to high street shopping and Royal Mail strikes hampered online sales, the channel still continues to see significantly higher levels of revenue that was the case before COVID. Management note that successful mitigation of inflation pressures plus the store’s value proposition point towards a better than expected outlook and as such have upgraded EBITDA forecasts to at least £106m, almost 10% higher than current consensus estimates.
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