GCIThis company is outstanding, can you name another?
Taking Stock Friday 10th October 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
This company is outstanding, can you name another?
- Trading Update
Strong trading performance continues and results for the year ending 31 December 2023 now expected to be ahead of market expectations
The Company announced on 20 September 2023, with its results for the six months ended 30 June 2023, that the Group had traded strongly post period end.
The Company is pleased to report that the strong trading has continued, with significant growth in all geographic areas, and consequently the results for the year ending 31 December 2023 are now expected to be ahead of market expectations.
Group sales for the year ending 31 December 2023 are now expected to be at least £85 million (2022: £64.1 million), with the key pre-Christmas sales period for the Group still ongoing.
The Group's gross product margin remains robust and continues to be at a level in excess of that achieved in 2022. Profit before tax for the year ending 31 December 2023 is now expected to be in excess of £16 million (2022: £7.7 million).
The Group's expansion strategy continues, with further scheduled launches in 2023 and 2024 with new major retailers and the expansion of the range of products stocked with certain existing customers.
Launches in November 2023 include a range of W7 products in 400 Etos stores in the Netherlands and 100 Watsons stores in the Philippines, together with a range of Technic products being launched in over 200 Wibra stores in the Netherlands.
Further expansion is also scheduled with existing retailers, including W7 being stocked in an additional 372 CVS stores in the US and 102 Boots stores in the UK during Q1 2024.
Companies discussed on “Taking Stock” today:
01:20 & 06:06 13:45 38:10 Diageo #DGE
04:24 Ocado #OCDO
05:20 Warpaint London #W7L
20:40 Neo Energy Metals #NEO
22:27 Helium One #HE1
24:05 Argentex #AGFX
27:49 Ethernity #ENET
27:51 Bowleven #BLVN
31:20 Poolbeg #POLB
31:45 Strategic Minerals #SML
33:24 Yu Group #YU.
40:25 Revolution Beauty #REVB
TOP BUSINESS STORIES
UK economy flatlines as higher interest rates bite
The UK economy failed to grow between July and September, figures show, after a succession of interest rate rises.
The performance was slightly better than expected, as many analysts had expected it to shrink.
But forecasters suggest that the economy is set to be stagnant for several months yet.
UK GDP Year on Year (Sep)
Actual: 1.3%
Forecast: 1%
Previous: 0.5%
Quarter on Quarter (Q3)
Actual: 0
Forecast: -0.1%
Previous: 0.2%
Month on Month (Sep)
Actual: 0.2%
Forecast: 0.0%
Previous: 0.1%
Manufacturing Production (YoY) (Sep)
Actual: 0.0%
Forecast: 3.1%
Previous: 3.0%
These figures, are not going to get better, in the new year, are they?
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.