Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Crest Nicholson
Crest Nicholson LON:CRST has published a full year trading statement for the period to 31st October this morning. Pre-tax profits are expected to be significantly ahead of consensus estimates, coming in at the upper end of the previously stated £35m-£45m range. Sales performance has been good and is now running slightly ahead of the pre-lockdown levels. Perhaps most critically, the company will reinstate its dividend following the 2021 interim results. Costs have also been reduced as a consequence of a reorganisation and the company is upbeat as to the resilience of the housing market.
Associated British Foods
Full year results are out from Associated British Foods LON:ABF this morning, with revenues off 12% and adjusted earnings per share 40% lower. Looking across the business, it’s the decline in revenues from Primark having temporarily closed so many stores that has been the main driver. Other business units have performed well and there’s an expectation that clothing sales will bounce back next year, with performance weighted into the second half.
Wizz Air
Traffic figures for October from low cost airline Wizz Air LON:WIZZ have been published, showing capacity down 55% and passenger numbers off by 69% when compared with last year. The company has been persisting throughout the COVID crisis, opening new routes in Norway and establishing a new Italian base, but clearly the aviation sector is going to remain constrained for some time yet as new lockdowns across Europe take a toll.
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