Stock prices opened lower on Wednesday as inflation concerns continue to damage the economic outlook. The FTSE 100 is currently down 1.42%.
Make sure to dive into some of the top stories in Wednesday’s morning roundup from stocks such as Boohoo and Burberry.
- Boohoo reported its interim results, which saw revenue fall 10% to £882.4 million.
- Pre-tax profit tumbled 90% to £6.2 million as inflation continued to weigh on demand.
- The company cut its outlook as they now expect EBITDA to be between 3% and 5%.
- The stock fell 8.1% following the report.
- Burberry announced on Wednesday that its Chief Creative Officer will step down.
- Riccardo Tisci will be stepping down as Chief Creative Officer and leaving the company at the end of the month.
- Riccardo has decided to leave after 5 years, and the company has appointed Daniel Lee as Chief Creative Officer.
- Aston Martin said the take-up rate for its heavily discounted 4-for-1 rights issue was about 94.3%, or 527.3 million shares.
- Dealings in the new shares are expected to begin on the main market from 8am today.
- Aston Martin shares are down 12% on Wednesday.
- Amigo Holdings announced plans to raise capital as it looks to return to lending.
- The credit provider wants to secure £40 million from a capital raise and raise debt to support future growth.
- Amigo also stated, “The Company continues to perform in line with expectations with collections resilient despite the heightened inflationary environment.”
- “We are confident the mistakes of the past will not be repeated,” it said.