Housebuilder Persimmon published full year results this morning which at least to an extent reflected the struggling state of the UK residential property market. Completions were down by a third and margins were decimated, yet average selling prices remained robust. On the basis the sector has received so much government support over the last decade and a half, questions will be asked as to why affordability isn’t being prioritised in the current market. Management were also unwilling to suggest the picture will get any better in the year ahead and although dividends were maintained, the cash position is dwindling. There’s now just £420m on the books, less than half the figure seen a year ago. Shares were down 4% in early trade, with the stock propping up the FTSE-100 as a result.
Full year numbers from the pizza takeaway chain out today may have shown a solid performance from the company and an upbeat outlook, but investors were taking a less optimistic view. Despite the fact cost pressures are easing, sales are up and both the mid and long term outlooks have been revised higher too, the slow start to 2024 has taken a toll – even though management explained that away as a consequence of holding back on marketing. Shares were down as much as 12% in early trade before recovering to sit 8% lower just over an hour into the day.
The institutional financial services firm TP ICAP issued its full year results this morning and evidently this left the market impressed. The company’s transformation plan is delivering results with profits reaching an all time high and the data business is continuing to grow and develop, too. Shareholders are on course for a 18% uplift in total dividend payments for the year and with geopolitical events set to leave volatility elevated during 2024, expectations are that this will continue to support revenues. The stock was trading 11% higher by mid-morning.
Headlines we expect tomorrow
Balfour Beatty full year results
This time last year Revenue £8,931m, Order book £17.4bn, Directors value of investment portfolio £1.3bn
PensionBee full year results
This time last year Revenue £17.7m, Pre-tax loss £22.4m, Assets under Administration £3bn
