Dr Martens FY profits surge, Frasers acquires Missguided
London pre-open
The FTSE 100 was being called to open 38.4 points higher ahead of the bell on Wednesday after the index closed 0.10% firmer in the previous session at 7,607.66.
Stocks to watch
Iconic bootmaker Dr Martens said on Wednesday that annual pre-tax profits had surged in the twelve months ended 31 March, driven by a "very strong performance" in the Americas and Europe, the Middle East and Africa.
Dr Martens said full-year pre-tax profits had shot up 207% to £214.3m, while adjusted pre-tax profits were 43% higher, and both revenue and underlying earnings grew 18% to £908.3m and £263.0m, respectively.
Retail group Frasers has acquired embattled online womenswear retailer Missguided for £20.0m in cash.
Frasers said on Wednesday that it had acquired certain intellectual property of Missguided and Mennace, both of which were in administration, as well as Missguided (IP) Limited. Following completion, the FTSE 250-listed firm stated the business will be operated by the administrator under a transitional agreement for a period of approximately eight weeks. It will then operate as a standalone business within the group.
Newspaper round-up
The International Air Transport Association has blamed the half-term gridlock besetting UK airports on a problem with getting clearances for new staff, saying the time taken to approve recruits has more than tripled. Willie Walsh, director general of IATA, said it was now taking as long as three months to get security badges for new employees in the UK, compared with three to four weeks previously, meaning potential staff were seeking out other jobs. - Guardian
Shop prices accelerated in May at the fastest rate in more than a decade, according to new figures that reveal the pressure on retailers to pass on the cost of rising energy bills and the soaring price of imports. Amid warnings that consumers face further pain in the summer from high street and online price hikes, the latest shop price index from the British Retail Consortium and NielsenIQ revealed retail price inflation of 2.8% in May, the highest figure since July 2011. - Guardian
Eighteen miles off the coast of Yorkshire, and more than a mile underneath the seabed, lies a gigantic sandstone reservoir where 70% of the UK's gas reserves were once held. The Rough field, in the North Sea Basin, fulfilled this purpose for three decades before being closed in 2017 by Centrica, the parent company of British Gas. Now, however, as Vladimir Putin's threats to Europe's gas supplies loom large, the ageing structure may be brought out of retirement, with ministers trying to brace Britain's energy system against disruptions. - Telegraph
Brewdog, the brewer and pubs group, has narrowed its annual loss after its revenue grew by 21%. The company's annual results show revenue including duty was at £286.0m in 2021, up from £238.0m in the previous year, helping to narrow its pre-tax loss to £9.4m, down from a £12.5m loss in 2020. - The Times
US close
Major indices were in the red at the close of trading on Tuesday as the Street failed to carry over last week's momentum upon its return from the Memorial Day long weekend.
At the close, the Dow Jones Industrial Average was down 0.67% at 32,990.12, while the S&P 500 was 0.63% weaker at 4,132.25 and the Nasdaq Composite saw out the session 0.41% softer at 12,081.39.
Reporting by Iain Gilbert at Sharecast.com