UK market update – Homebuilders in focus as house prices increase, Vistry earnings

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imageStock Markets5 hours ago (Sep 07, 2021 08:32)

© Reuters.

By Samuel Indyk

Investing.com – At 08:29BST, the FTSE 100 is trading lower by 0.2% at 7,174. The midcap FTSE 250 is trading flat at 24,251.

In FX markets, GBP/USD is trading at 1.3838, EUR/GBP is trading at 0.8584. The US Dollar Index is up 0.2%.

Today’s calendar highlights include the German ZEW survey, Eurozone GDP and employment change.

Data

UK house prices increased 0.7% in August, according to Halifax. On a yearly basis, house price growth slowed to 7.1% from 7.6%, the lowest level in five months.

Stocks

DS Smith (LON:SMDS) – Trading continues to progress well, in line with trends and momentum described in June. Input costs continued to rise with notable increases in cost of energy and transportation.

Vistry Group (LON:VTYV) – H1 performance significantly ahead of expectations supported by successful operational integration and positive customer demand. H1 adjusted profit before tax increased to £166.1 million (H1 20: £10.3 million). Declares interim dividend of 20 pence per share (2020: nil). Board intends to accelerate the ordinary dividend to a two times cover ratio in respect of FY 21.

888 Holdings (LON:888) – SI Sportsbook launches in Colorado ahead of the NFL season.

Cairn Energy PLC (LON:CNE) – Proposed capital return of up to $700 million via special dividend and buyback following India tax resolution. Expect to end 2021 net cash positive excluding India proceeds.

TP ICAP PLC (LON:TCAPI) – H1 revenue of £936 million was 1% lower on a constant currency basis. Reported and Adjusted EBIT margin was 4.1%pts and 3.6%pts lower primarily due to lower revenues, exacerbated by the negative impact of FX. Declared interim dividend of 4.0 pence per share. Trading activity in July and August 2021 broadly in-line with the prior year. Anticipate FY revenue for the Group, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis.

Safestore Holdings (LON:SAFE) – Q3 group revenue up 19.7% to £47.6 million. Full year earnings guidance further revised upwards. Adjusted Diluted EPRA EPS expected to be in a range of 39.5p to 40p.

Hilton Food Group (LON:HFG) – To acquire remaining 50% shareholding of its JV partner Dalco Food. Financial details not disclosed.

Primary Health Properties (LON:PHP) – Acquires the entire issued share capital of Sarak Group Limited, whose sole asset is the Crwys Medical Centre in Cathays, Cardiff, for a total consideration of £4.5 million.

Ted Baker (LON:TED) – Sales in line with expectations in 16-week period to 14th August. Trading margin improved over +500 bps due to significantly better full price mix across all retail channels.

James Fisher and Sons (LON:FSJ) – H1 revenue down 9.5% to £233.7 million. Q2 performance showed a marked improvement over Q1. To not pay interim dividend for 2021 (2020: 8.0 pence per share).

IQE (LON:IQE) – H1 revenue down 2.5% on constant currency basis to £79.5 million. Faced significant FX headwind with majority of revenues earned in USD. Full year revenues are expected to be similar to the prior year on a constant currency basis. Reiterates guidance for capital expenditure on PP&E for FY 2021 in the range of £20 million to £30 million.

McBride (LON:MCB) – Annual profit fell 17.8% due to rising raw material costs. Maintains 2022 outlook after previous profit warning.

UK market update – Homebuilders in focus as house prices increase, Vistry earnings

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