Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Persimmon Homes [LON:PSN] has published a trading update this morning, with the headline being a reduction in volumes. The company is pitching this as a good way of focusing on quality over quantity, but noticeably average sale prices remain almost unchanged on a year ago. Pre-tax profits for the full year are expected to be in line with the market’s expectations, although the update is accompanied by news that a non-exec, who only joined the company in August, has already decided to move on. With shares trading close to record highs, will investors struggle to find the short term upside from here?
Revolution Bars Group
There’s a half year trading update out from Revolution Bars Group [LON:RBG] , highlighting how like for like sales in the four week period up to Christmas were 4% ahead of the 2018 figure. For the six month period, sales were 3.4% higher and up 1.2% on a like for like basis. There’s certainly plenty to be positive about here, especially with these readings covering a period of economic uncertainty across the country. Interim results due at the end of next month are expected to be ahead of market expectations.
Ten Entertainment Group
More from the leisure sector, with Ten Entertainment Group [LON:TEG] providing its full year trading update this morning, too. Sales for the 52 weeks to 29th December were up 10.2%, with a very slight weighting in the second half and the board is expecting full year results to be in line with market expectations. The fact such a discretionary spending category has seen solid growth against an uncertain economic backdrop is something worth noting.