Good morning!
Football is the major story today. There's also quite a lot of stock market news:
- Swallowfield (LON:SWL) - trading update
- Orchard Funding (LON:ORCH) - application for bank licence
- Safestyle UK (LON:SFE) - trading update
- Blancco Technology (LON:BLTG) - trading update
- Sosandar (LON:SOS) - final results (this section written by Paul Scott)
10:30 AM: I have taken Alpha FX (LON:AFX) off the list, because it's an "in line with expectations" update. I've also taken Fishing Republic (LON:FISH) off the list, because its market cap is so small. Paul will be in touch soon with his thoughts on Sosandar (LON:SOS).
12:45 PM: Ditched a few more.
It's too big for this report, however one of my top holdings Burberry (LON:BRBY) released a Q1 trading statement that was in line with expectations.
Retail revenue was flat due to currency headwinds, or +3% at constant FX. "Comparable sales", which includes online sales and is measured at constant FX, was also +3%. There was no change to guidance, except that current exchange rates are more favourable. It remains on track for £100 million of cost savings.
The share price is down 4.5% as I type. Investors were evidently pricing in a little extra. There is also continued uncertainty to be faced as the company beds in a new Chief Creative Officer and responds to weak trading in the UK, Europe and the Middle East.
Personally, I continue to hold. These shares have been in my portfolio since January 2016, and I would like to keep them for the foreseeable future.
Swallowfield (LON:SWL)
- Share price: 275p (-13%)
- No. of shares: 17 million
- Market cap: £47 million
This is of particular interest to me, as I own shares in the similar company Creightons (LON:CRL). Both are engaged in the manufacture of personal care products, and manage their own brands.
Today's full-year update is broadly in…
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