London stocks are set to open higher on Wednesday after the previous few days seeing little directional bias. Concerns over China’s covid policies had led to hesitancies in the stock market so far this week.
On Wednesday, Future announced its full-year results, Mulberry reported a drop in revenue, and Pennon Group saw a significant fall in its profits.
- Specialist Media platform Future reported its full-year results on Wednesday.
- Revenue increased 36% YoY to £825.4 million and profit before tax increased 58% to £170 million.
- The group enters FY23 in a strong position and expects to strengthen its market position further.
- Mulberry, the British luxury brand, reported its half-year results which saw a resilient performance supported by “strong international demand.”
- However, group revenue fell 1% to £64.9 million as UK retail sales were impacted by the broader economic environment.
- The group posted a loss before tax of £3.8 million, reflecting additional investments made by the firm.
- Mulberry stated trading had improved for the eight weeks to 26 November, however uncertainty remains.
- Therefore, the gross margin in the year’s second half is anticipated to be maintained at first-half levels.
- Pennon Group reported half-year results, with underlying revenue of £425.5 million, up 9.3%.
- Meanwhile, profit before tax dropped 73.8% to £20.9 million, reflecting the near-term pressures on earnings and inflation-driving costs.
- Adjusted EPS came in at 7.9p, down 74.2%.