Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There’s a half year trading update out from Dairy Crest this morning. It doesn’t contain any big surprises, although the success of the Cathedral City cheese brand continues to impress.
Curiously, the hot weather gets a mention on the basis that it’s suppressed demand for cooking oil usage, impacting the company’s Frylight brand.
Ultimately, the expectation is that profits for the full year will be slightly ahead of expectations.
Full year numbers from the low cost housebuilder MJ Gleeson are out this morning and perhaps unsurprisingly with many buyers being priced out of the housing market, this niche builder is seeing continued success.
Revenues are up 23% and operating profits have risen 12% – this does however point towards a degree of margin erosion.
The company is committed to doubling the number of completions by 2022, although again this is a relatively modest target of 2,000. Shareholders have been rewarded with a 33% uplift in dividend payout.
Petra Diamonds, a key player in the global precious stone mining market, has published full year results today.
Revenues are up by around a quarter and a weak South African Rand is also helping bolster performance, but dividend covenants haven’t been reached, meaning that there’s no payout for shareholders.
The company has taken some big hits on discontinued operations, leaving the full year showing a post-tax loss of over $200m.