The FTSE traded lower this morning as markets reacted to a 50 basis point rate hike by the BoE. Central banks have dominated the news this week, but attention now turns to the outlook for stocks. Here is a round-up of stories that caught our eye on Friday:
- Revolution Beauty provided updates regarding the Group’s audit.
- The company’s auditor, BDO, has identified a number of serious concerns that have arisen during the course of its work on the FY22 audit.
- BDO has indicated that, at the present time, it is not able to sign an audit report in respect of the FY22 accounts.
- The company now expects the first half of the year to deliver low single-digit revenue growth.
- Made.com has conducted a formal review of the various strategic options to maximise value for shareholders.
- The continued uncertainty and deterioration of trade meant the board has concluded it is appropriate to withdraw its full-year guidance.
- The board plan to reduce its costs further with a process in place to implement additional cost reductions.
- Made.com plummeted 19% this morning.
- Smiths Group reported its FY22 results, which saw a year of accelerating growth and stronger execution.
- Organic revenue grew 3.8%, which was ahead of expectations.
- The company also reported high demand across most end markets, with strong order growth of +11%.
- Smiths shares increased 3.16%.
In The Style
- In The Style announced its trading update on Friday.
- The company reported net cash was at $4.3 million, in line with the board’s expectations.
- CEO Sam Perkins stated, “We have made solid progress against the Group’s refined long-term growth strategy outlined at our FY22 results in July.