Housebuilder Vistry has this morning published a full year trading update along with what it terms as information on issues that have arisen in the Group’s Southern division. A number of site build out costs have been underestimated. The necessary accounting adjustments are set to take a total of £115m off pre-tax profits over the next three years. The share buyback announced last month remains on track, but the governance failings here have taken a significant toll on sentiment. The Vistry share price was down 35% in early trade before making a modest recovery.
A trading statement from FTSE-250 listed Senior also rattled sentiment on Tuesday morning. Temporary but significant headwinds in the commercial aerospace manufacturing industry are taking a toll with one major customer advising that they will scale back orders from Q4 until Q2 next year. Cash control measures have been deployed to mitigate this but the markets is clearly looking wary. The Senior share price is down by 11% just over an hour into the day.
The legacy tobacco company published a full year trading statement today which met with guidance, but in addition management announced that a further £1.25bn worth of stock would be bought back by the company in the new financial year, whilst rising revenues from next generation products also saw losses in this sector being reduced. Debt levels are also falling, with the Imperial Brands share price reacting accordingly, adding 4% and topping the FTSE-100 at the time of writing.
Headlines we expect tomorrow
CMC Markets Interim Results
This time last year Net operating income £122.6m, Dividend 1p
Marstons Full year trading update
This time last year Full year retail sales +11.3%, Net borrowing £1185m
