A trading statement from pub operator JD Wetherspoon is perhaps predictably dominated by more ramblings over Brexit, but leaving aside the politics, sales for the 10 weeks to July 8th are certainly looking robust. The unseasonably warm weather, royal wedding and world cup will all be playing a role here and of course will set the scene for tough comparatives next year but with like for like sales up 5.2%, investors should have something to cheer in the short term.
Low & Bonar
International performance materials group Low & Bonar has published half year numbers this morning – and they don’t make for good reading. A slew of impairment charges have seen a £13m operating profit a year ago morphed into a £10m loss, whilst the company is also quick to note that market conditions have been challenging with raw material prices rising faster than anticipated. The company may be in a period of transformation, but investors might not look too kindly on today’s update.
More news from the housing market today as Barratt provide a trading update for the year ahead of full results in early September. Pre-tax profits are expected to rise about 10% whilst the number of completions will be the highest recorded in a decade. The company is positive about the outlook, although there’s no mention of the risks associated with Brexit nor the seemingly imminent interest rate hikes.