The UK’s leading tiling supplier, Topps Tiles, published a quarterly trading update this morning, highlighting that broader macroeconomic woes continue to blight the sector., although the company is managing to outperform the wider market. Management are hopeful that factors such as falling inflation and rising real wages will start to filter through into consumer demand but investors were less than impressed, chasing the stock around 5% lower in early trade.
The fintech payments company Equals published an interim trading update this morning. Despite a 33% uptick in revenues and with a notable outperformance in the fees line – one that is worthy of highlighting given its recurring nature and ability to increase over time – the market has struggled to find much to cheer in the numbers. That’s also taking into account the business is debt free and has £20m cash on hand. Shares did however rally earlier in the week quite possibly in anticipation of these numbers, so the stock’s 4% retreat in early trade may just be nothing more than profit taking.
Irish housebuilder Cairn Homes issued a half year trading update this morning, noting a meaningful improvement from the situation at this point last year. Revenues are up 66% with average selling prices remaining consistent. The closed and forward sales pipeline has also shown significant growth, up by more than a third with management noting expectations for an exceptional financial performance over the full year. Guidance has been reaffirmed, the company also advised of a €45m share buy back (€5m of which is outstanding from last year) and shares added 6% as a result.
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