Shares in the trading platform and liquidity provider CMC Markets hurtled higher this morning following a trading update that has been released just weeks after the already impressive full year numbers were released. Growth of the company’s institutional business has resulted in management revising full year revenue forecasts from £460-£480m to £550m with the market reacting accordingly. The CMC Markets share price is up more than 20% on the morning and now trades above 550p, compared the performance in late 2023 when shares were below 100p.
The food ingredient to fast fashion company ABF issued a trading update this morning which arguably underlined the company’s commitment to push ahead with the demerger of the Primark brand. The clothes retailer has been the side delivering the growth and whilst continental Europe is struggling against a weak consumer backdrop, the UK is stable and new store openings helped drive US sales some 16% higher. Sugar is the one key area of concern for the business where weak prices and production being impacted by weather have seen management revise full year guidance lower once again. The ABF share price was down 3% in early trade.
Keeping with fast fashion and ASOS this morning announced that it has completed the disposal of its non-operational fulfilment centre in Atlanta to DHL. The move is part of the company’s plans to improve efficiency and simplify the asset base. As the facility had been fully written down, this news delivers a significant boost to the bottom line, generating net proceeds of £48m and delivering annual cost savings of around £6m. This significantly strengthens the company’s cash position and the ASOS share price was up almost 9% shortly after the open.
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