Recruitment specialists Hays issued a note to the market this morning advising that they were continuing the reshaping their business following the disposal of operations in six European countries. This will deliver net cash of around £4m and further geographic disposals are under review but management note that the shift enables them to provide a sharper focus and build at scale in high potential markets. The Hays share price was up as much as 4% shortly after the open.
The electrical goods retailer AO World issued some upbeat full year results this morning. These bucked any signs of consumer weakness with revenues up 11% and pre-tax profits some 16% higher. Shareholders will benefit from a £20m capital return spilt between a buy back and special dividends, whilst management are optimistic on the outlook. Despite the economic uncertainty, they point out that many of their sales aren’t discretionary – if your freezer is broken, you replace it – and this has seen them underscore the full year outlook. However there may be some caution as to how sustainable the profit growth is and the market may have latched onto this with the AO share price down 4% in early trade.
The consumer goods manufacturer PZ Cussons served up a short trading update this morning. The company has historically been impacted by its exposure to the Nigeria Naira but ongoing stability here means management expect to post full year adjusted operating profits at the upper end of the previously guided – and already upgraded -range. Net debt also continues to fall apace and the PZ Cussons share price was trading up more than 9% by 8.30am.
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