Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Gemfields Group
There’s an interesting ‘speeding ticket’ out from Gemfields Group [LON:GEM], who were flagged last night as the biggest riser in our AIM column. They go through the usual “no disclosable facts” lines but then add a couple of interesting facts. They expect to report robust results for H1 by the end of September as a result of both cost cutting measures and the strength of recent gem auctions. The company also notes that despite yesterday’s rally the shares still trade at a significant discount to NAV.
MJ Gleeson
Low-cost housebuilder MJ Gleeson LON:GLE has published a trading update this morning, along with advising that full year results will be released in mid-September. Sales for the year are up 18.5% from 2019 levels, totalling 1,812 properties. The target is to deliver 2,000 homes in the current trading year and with a land pipeline of almost 16,000 plots, there’s certainly scope here. This landbanking is however a contentious situation and the company notes that average selling prices are up more than 11%, in line with the wider market. Demand remains robust, the company is debt free and has £34m cash on hand.
Land Securities Group
Land Securities LON:LAND has issued a dividend declaration and rent collection update, following the June 24th payment date. As of July 7th – 10 days after rents were due – some 81% of outstanding balances have been settled, with one third of the outstanding debt relating to customers who have withheld payment pending documentation of agreed concessions. The company notes that it has established a support fund to help customers who are most in need, but as government support for businesses comes to an end, questions will be asked as to how collections may change in the months ahead.
And as a final note, I’m sure like the vast majority of the country, just want to send our best wishes to Gareth Southgate and his team ahead of Sunday evening’s match against Italy. I mean, what have the Romans ever done for us… (Fear not, we’ll be back first thing Monday regardless)
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