Despite happier customers boosting revenues marginally, the market gave a cold shoulder to the grocery giant’s Q1 update this morning. Shares slumped at the open with concern that the uptick wasn’t keeping pace with inflation plus the fact that the wholesale Booker operation showed contraction. These numbers also came against some tough comparatives and although management reiterated full year profit targets as remining on track, the Tesco share price was still down more than 3% in early trade.
Full year numbers are out from transport provider FirstGroup this morning with the market happy to focus on the 25% increase in revenues against flat profitability. Cost savings have been delivered and strong cash conversion has also paved the way for a meaningful increase in the dividend from 6.5p to 7.2p, whilst a £100m share buyback was also announced. Noting these numbers have come against significant headwinds, management expect the outperformance to be sustained from the higher quality earnings base that is being built. The First Group share price was up almost 6% in early trade.
AIM-listed genetics testing company Genedrive announced this morning that Manchester University NHS hospitals have now adopted the company’s technology as standard practice for the prevention of Antibiotic Induced Hearing Loss in early born children. The process has already been adopted in some other NHS trusts and the company remains in active conversations with hospitals across the UK for further rolling out the service. The Genedrive share price was up as much as 13% at the opening bell but gains were proving difficult to sustain.
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