London stocks opened lower on Monday, with the FTSE 100 currently down 0.88%. In other news, the pound was up slightly following Liz Truss choosing to abandon 45p tax rate cut.
Meanwhile, the morning roundup brings the latest earnings from Tortilla Mexican Grill, Telecom Plus and Peel Hunt.
Tortilla Mexican Grill
- Tortilla Mexican Grill reported its interim results for the 26 weeks ended 3 July, sending its shares down 24.32%.
- Revenue increased by 30% to £26.9 million compared to the prior year.
- The company reported a profit before tax of £0.3 million, down from £2.6 million in the prior year.
- Sales over the summer period were challenging for Tortilla. The company estimates £0.25m in lost sales due to several factors over the summer.
- Telecom Plus reported its pre-close trading update for the six-month period, sending its shares 16.16% higher.
- According to the group, organic growth accelerated during H1, with a record number of UK households joining UW to save on their bills.
- Net customer additions were 86,004, taking the total customer base to 814,684.
- The company expects full-year profits to be ahead of expectations due to stronger customer growth and a reduction in costs.
- Peel Hunt reported its half-year trading update causing its shares to fall 6.82%.
- Group revenue is expected to be approximately £40.5 million.
- Heading into the second half of the year, the outlook for the capital markets remains uncertain. Peel Hunt believes they are well positioned for growth as market activity normalises.