MoPh Markets

Whitbread, THG, HSBC, Shoe Zone: Morning Roundup

Rishi Sunak is set to meet King Charles and address the nation later in the day after being announced as the new prime minister. However, London stocks edged lower on Tuesday as markets continue to sit through a busy earnings week.

The FTSE 100 is currently down 0.44%, and the FTSE 250 is up slightly at 0.1%.

Whitbread

  • Whitbread reported its interim results, with H1 profits exceeding pre-pandemic levels.
  • Total UK accommodation sales were 101% ahead of H1 FY22.
  • The group posted statutory revenue of £1.35 billion, 104% ahead of H1 in the prior year.
  • In addition, the statutory profit before tax was £307.4 million.
  • Whitbread shares have dropped 1.61% on Tuesday so far.

THG PLC

  • THG reported its third-quarter trading statement, sending its shares 15% higher.
  • The group delivered revenue growth of 10.2%, ahead of the group growth rate overall of 2.1%.
  • The company stated they achieved growth in new customers through apps continuing to drive average order values and order frequency.

HSBC

  • HSBC reported Q3 results on Tuesday.
  • The bank posted a profit after tax of $2.6 billion, falling $1.7 billion from the prior year.
  • Revenue declined 3% to $11.6 billion, but the group remained positive on its outlook, expecting net interest income of at least $36 billion.
  • HSBC shares are down 1% this morning.

Shoe Zone

  • Shoe Zone’s full-year trading update was reported on Tuesday.
  • The firm announced group revenue increased 31.2% to £156.2 million.
  • Meanwhile, adjusted profit before tax is expected to be no less than £11 million.
  • The group commenced its share buyback program and announced an interim dividend of 2.5p per share.

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