Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s half year results out from the housebuilder Crest Nicholson [LON:CRST] this morning, covering the six months to April 30th. Revenues were up by a third and the robust order book is providing a significant amount of confidence over the outlook. The company believes the housing market will remain resilient after any normalisation in stamp duty rates from September and full year pre-tax profits are now expected to be at least £100m.
PPHE Hotel Group
Hotel owner PPHE [LON:PPH] has published a note today to advise the market that it has sold a 49% stake in its London Riverbank and Hoxton properties to an Israeli insurance company. The deal will bolster PPHE’s cash reserves by more than £110m and comes after a torrid time for the industry. The note lays out how the valuations have been made – the question for many will be that after 2020, does the deal fully reflect the worth of these properties?
There are a couple of “intention to float” notifications out this morning. One for the cross border payments company Wise, although there’s another for Seraphine. This is a clothing company that caters to the maternity market, one that it notes is both highly resilient and under competed, leading it to conclude that the opportunities are considerable and there’s plenty of the global market still to go for.
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