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WAG Payment Solutions (LSE:WPS), trading as Eurowag, confirmed on Thursday that business performance remained on track, despite a significant decline in half-year profits. The freight services fintech reported an 18% increase in total net revenue for the six months ending 30 June, reaching €141m. Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) also saw an 18% jump, rising to €59.4m.
However, pre-tax profits experienced a sharp drop, falling 51% to €4.2m, down from €8.5m in the same period last year. The company did not disclose specific reasons for the decline, though it remains confident in its overall trading trajectory.
Meanwhile, SSP Group (LSE:SSPG), owner of brands like Upper Crust and Ritazza, faced a downgrade from ‘overweight’ to ‘equalweight’ by Morgan Stanley. This downgrade affected SSP’s standing, though no additional details were provided on the reasoning behind the change in rating.
Ithaca Energy saw its shares dip after trading without entitlement to a dividend. This common occurrence often results in temporary share price adjustments as markets react to the ex-dividend status of a stock.
In contrast, fresh prepared food provider Bakkavor Group (LSE:BAKK) delivered a positive set of first-half results on Thursday. The FTSE 250 company reported a 2.8% rise in revenue, reaching £1.12bn. Like-for-like revenue was up 3.8%, driven primarily by strong performance in its UK operations. Adjusted operating profit rose significantly, climbing 26.7% to £55m, resulting in a profit margin of 4.9%. Along with revenue growth, Bakkavor also successfully reduced its debt, reflecting a strengthened financial position.
Animal genetics firm Genus (LSE:GNS) released its preliminary full-year results, highlighting strategic progress despite challenging market conditions, particularly in China. The FTSE 250 company saw mixed financial results, with significant structural changes driving improvements in the second half of the year ending 30 June. Genus recorded an adjusted operating profit of £40m, including contributions from joint ventures, marking a 15% year-on-year increase in constant currency.
However, Genus warned of potential headwinds linked to currency fluctuations in the coming months, which could impact future performance. Despite these challenges, the company’s strategic advancements and steady financial improvements in the latter half of the year demonstrate resilience in a difficult global market.
In summary, while some companies in the market faced setbacks, others like Bakkavor and Genus showed solid progress and resilience, navigating challenging conditions effectively.
