Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Berkeley Group [LON:BKG] has this morning published a trading update ahead of its AGM. Detail is however light – there are no cautionary notes of profits missing expectations, but the company does acknowledge the current political risk. Long term profit targets of £3.3 billion over the next six years remains on track.
Another brief trading statement has been published by the recently acquired Greene King [LON:GNK]. Like for like sales over the previous 18 weeks have struggled against tough comparatives off the back of the football World Cup last year, although over a shorter period covering the last seven weeks – so excluding the spike from sports viewing – like for like sales had advanced 1.5%. Cost mitigation and estate disposal plans all remain on track and although the impact of the numbers may be muted given the imminent takeover, it provides some benchmarking for the rest of the sector.
Engineering group Weir [LON:WEIR] has this morning announced a record £100m order for industry leading equipment to be used by a mine in Australia. The equipment is set to reduce energy consumption and wet tailing waste by more than 30%, compared to traditional technologies. This is the company’s largest ever individual mining order and their work with the client will create one of the most energy efficient magnetite ore processing facilities in the world.