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.
- 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’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 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 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.