Retail conglomerate Frasers Group saw its share price drop in early trade following the publication of full year results. Profits were up but revenues fell, highlighting the softening demand of consumers, whilst a growing wage bill is set to hamper progress in the new financial year, too. The company has been working to move away from low margin sales and continues to invest in new initiatives to trim costs but shortly after the open the Frasers share price was down more than 5%.
A Q3 trading update was out from easyJet this morning. Although there was plenty to cheer in the note including an as-expected 21% increase in profit for the period YoY, the trend of late bookings hampering forward guidance, the impact of strike action in France and higher fuel costs have all served to knock sentiment in the stock. The easyJet share price was more than 6% lower in early trade.
FTSE-100 listed technical products distributor Diploma issued a very short Q3 trading update this morning but investors offered an enthusiastic response. Margins remain strong and in line with expectations, but organic growth was better than expected and is now forecast to come in at 10% for the full year against previous forecasts of 8%. The Diploma share price had added an impressive 8% by 8.30am.
Most read news on Investegate this morning
Equity fundraise of £3.25 million - - Avacta Group (AVCT)
Update on Financial Position and Suspension - - Argentex Group (AGFX)
