The UK’s largest property website Rightmove published a note regarding full year guidance this morning that came with a very defensive tone. The company has failed to agree terms to continue a partnership with OpenRent, an agency that represents around 8% of Rightmove’s lettings listings. Whilst management are keen to stress that this will not impact full year guidance, there’s perhaps a degree of concern building in the wider market that other deals as they come up for renewal may now falter. The Rightmove share price dropped around 5.5% in early trade, making it the worst performer on the FTSE-100.
FTSE-250 listed geotechnical specialist contractor Keller published interim results this morning which included a note from management stating that they expect full year performance to be materially higher than had previously been forecast. There’s a record order book in place and despite only a modest uptick in revenues, underlying operating profits for the first half have soared. Keller’s share price was leading the mid-cap index an hour into the day, up 9%.
Another big mover this morning is Domino’s Pizza Group following their publication of half year results. The company had seen ten consecutive quarters of decline but this trend appears to have been reversed. There may be some concern that the Euros football has played a key roll here and the note adds that as food price deflation continues, savings will be passed back to franchise partners. The interim dividend has been increased by 6% and a £20m share buyback will commence with immediate effect but investors have given the news a lukewarm reception. The Domino’s share price was more than 7% lower in early trade but recovered by 9am to sit around 4% lower.
Headlines we expect on Wednesday
Coca Cola HBC Interim Results
This time last year Net sales €5,021m Net profit €386m, EBIT margin 11.1%
Ibstock Interim Results
This time last year Revenue £223m, Adjusted EBITDA £63m, Interim dividend 3.4p
