Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Signs of a slowdown in the housing market for Barratt Developments?
There’s a trading update out from Barratt Developments LON:BDEV this morning covering the first quarter of the new trading year. Strong demand continues to be seen but reservations remain below levels posted a year ago as customers react to wider economic uncertainty. To put that into context, average weekly private reservations were at 281 and they now sit at 188, although part of that is also explained by a shortage of availability, given the recent spike in demand. Asking prices however continue to spiral, up to an average of £377k from £344k in FY22.
#2. QinetiQ eyes solid full year performance
QinetiQ [LON:QQ] has a Q2 trading update out today. Order intake is 18% higher than was seen for H1 ’22 and a number of strategic milestones have also been achieved. The company’s exposure to the defence market is however timely and can be expected to provide a significant degree of insulation during the economic cycle, especially given the current geopolitical backdrop. Full year results are on course to be in line with previous expectations.
#3. Darktrace continues to grow, starts booking revenue in USD
Cybersecurity play Darktrace LON:DARK has issued its Q1 FY’23 numbers this morning. The customer base has grown by almost 30% YoY, with revenues up 37% across the same period. Gross margins remain within the previously reported ranges, with an expectation of full year revenue growth of 30%-33% and that slightly more revenue than previously forecast will now be booked in H1.
