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Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
1. Imperial Brands interims update on transition plan
A half year report is out from Imperial Brands (LON:IMB) this morning. The company is one third of the way through a plan to become more sustainable and whilst management are quick to herald the performance, the reported EPS is down by 45%. On an adjusted basis it’s a more reasonable 7.7% uptick, but the transition into next generation products is clearly a big ask and the exit from Russia has taken a toll, too. Progress is however being made in terms of improving profitability.
2. Britvic sales powering back to pre-COVID levels
Interims from Britvic LON:BVIC show an 18.5% increase in revenue, profits after tax up by almost 50% and the interim dividend being increased by 20%. Management note they are delighted with the first half performance, with immediate consumption volumes now ahead of pre-COVID levels and out of home channels recovering back to that point, too. A £75m share buyback scheme has also been declared.
3. Full year Vodafone numbers in line with guidance
There’s a weighty document out from Vodafone (LON:VOD) this morning looking at their preliminary full year results. Revenue, profits and cashflows are growing in line with medium term ambitions and whilst the company notes it’s not immune from macroeconomic headwinds, it believes it can still put in a resilient financial performance at the year end. Having delivered against the guidance offered for the full year, the company anticipates EBITDA and free cash flow being broadly similar for the next 12 months, too.
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