Another day of slim pickings in terms of corporate announcements, but there’s a drug testing update from AstraZeneca that is unlikely to provide much of a lift for investors. The company’s Terranova trial for a chronic obstructive pulmonary disease therapy has failed to deliver a statistically significant benefit. Markets are already looking gloomy with the Eurozone confusion – this will do nothing to lift the mood for AstraZeneca.
A chipper set of full year results in from another housebuilder, this time Telford Homes. Revenues up around 10%, 4,000 builds in the pipeline and an 8% increase in the dividend payout. As we’ve noted before, there seems to be something of a mismatch in terms of profitability of the housebuilders versus the generous government subsidies which are being applied and the fact that despite a wavering consumer economy, house prices continue to rise. How this maps out once interest rates increase is perhaps the proverbial elephant in the room.
De La Rue
Full year results from De La Rue this morning, the secure printer who withdrew their bid to make the post-Brexit UK passports – the contract has ironically gone to a French rival. Earnings per share are down on the figure posted a year ago, but have still come in ahead of expectations. Most critically perhaps, the strong order book means that the outlook for the next financial year remains robust.