Wetherspoons, Superdry, Royal Mail, Argo Blockchain: Morning Roundup

Friday sees the latest news as Wetherspoons reports its preliminary results, Superdry returns to profitability, and Argo takes action to strengthen its balance sheet. Read more on these topics below.

Wetherspoons

  • Wetherspoon reported its preliminary results, sending its shares 9.42% higher.
  • Revenue was down 4.3% to 1.74 billion compared to pre-pandemic levels, and the group reported an operating profit of £25.7 million.
  • The board did not recommend the payment of a final dividend this year.

Superdry

  • Superdry’s final results saw the company return to profitability with adjusted profit before tax of £21.9 million.
  • Total revenue increased 9.6% to £609.6 million year on year, largely due to the lifting of restrictions.
  • The board believes they are making good progress and expect revenues to continue its recovery throughout FY23.

Royal Mail

  • Royal Mail provided emergency liquidity to its pension scheme after the mini-budget sent crucial money markets into a tailspin.
  • The company rushed forward the monthly payment into its pension scheme to help prevent a cash crunch, according to a report by The Telegraph.
  • The royal mail scheme has 124,000 members and liabilities of £11 billion.

Argo Blockchain

  • Argo announced strategic actions to strengthen the company’s balance sheet.
  • Argo has signed LOI to amend the existing equipment financing agreement.
  • The group plans to sell 3,400 mining machines for cash proceeds of £6 million.
  • The crypto miner intends to raise approximately £24 million via proposed subscription with a strategic investor.

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