The energy storage firm Invinity published a trading update this morning which proved to be something of a mixed bag. Whilst the market for Long Duration Energy Storage continues to develop favourably, helped along by policy shifts at both a national and global level, the company notes that a number of projects which had been expected to book into H2 ’24 will instead now land in FY25. Both the change of administration in Westminster and the imminent US elections are seen as weighing here, although with the company well capitalised and EBITDA break even expected in 2026, does this morning’s 34% slide in the Invinity share price risk looking overdone, or has the swift departure of the CEO played a role, too?
Investment firm CEPS has published a half year report today which highlights the improving underlying economic position and the fact that portfolio companies are faring well. Operating profits for the group are 15.3% higher whilst net financing costs are falling. The note also highlights that management is keen to resume a capital return program and believes that this point is nearing. Share buybacks are the favoured route here and the fact that CEPS shares were trading more than 60% higher early on Friday suggests there’s no shortage of enthusiasm amongst investors off the back of this update.
Housebuilder Vistry was the biggest faller on the blue chips this morning, giving back around half of the gains posted on Thursday after the publication of its upbeat interim report. Bucking the trend seen by many other housebuilders, completions were up and that’s a theme forecast to continue over the full year, with the company noting that its partnership work had taken the sting out of the downturn in private sales. This fundamental difference has the potential to serve the business well so long as margins can be maintained. However an hour into the day and Vistry shares were trading down by more than 5%.
Headlines we expect on Monday
Computacenter Trading Update
This time last year Gross invoiced income £5.15bn, Pre-tax profit £122.8m
Norman Broadbent Interim Results
This time last year Revenue £6.1m, Operating expenses £4.9m.
