Thomas Cook, Countryside and Finsbury Food

“Blue-chips opened higher ahead of Chancellor Philip Hammond’s Budget as the global rally continues,” says AJ Bell Investment Director Russ Mould.

“Thomas Cook’s shares tumbled despite an increase in first half revenues and profits following an increased demand for holidays. Cut-throat competition, especially for Spanish holidays, has depressed profit margins and conditions are challenging in the group’s UK division. Thomas Cook’s airline business has performed well though and the group is well-positioned to achieve full year operating results in line with forecasts. Thomas Cook’s shares were down by more than 11%.

“Countryside was an early riser after strong growth in the year to the end of September. Completions increased by 28% as the group’s mixed-tenure model continued to meet the demands of the housing market. The opportunity in estate regeneration, through its partnerships division, continues to grow, with Countryside’s land bank and bid pipeline expanding significantly. Countryside’s shares were up by over 1.8%.

“Bakery group Finsbury Food’s shares rose after it noted that the UK retail food market had recently moved from a deflationary to an inflationary environment. Finsbury Food’s sales for the first four months of its new financial year were up 4% on last time. The group has a strong track record of successfully navigating the headwinds which industry continues to face by investing in initiatives that drive efficiency and productivity and offset increases in its cost base. Finsbury Food’s shares were up by more than 1.9% in early trading.”

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