Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Persimmon H1 completions down but confidence over full year outlook
Housebuilder Persimmon LON:PSN has published half year results this morning, noting strong demand although completions are around 10% lower than the comparative. Margins have however been improved slightly, rising 10 bps to 31%, whilst the land bank has been bolstered, too. The company is offsetting input cost inflation by simply hiking the underlying price of new properties and whilst there’s some uncertainty over the short term economic outlook, is confident that completions for the full year will be around the 14,500-15,000 mark.
#2. Balfour Beatty full year expectations upgraded
Some solid numbers at the six month point from Balfour Beatty LON:BBY too, with a 43% increase in underlying profits and a 10% uptick in the order book value. The company is seen as being well positioned to capitalise on the growing infrastructure market, especially in the US, leading management to upgrade expectations for the full year.
#3. boohoo buys into Revolution Beauty
Boohoo group LON:BOO has this morning notified the market that it has taken a strategic stake in AIM-listed Revolution Beauty LON:REVB. The stock has had a torrid time of late, losing 80% of its value since January but with Revolution’s products already being sold over boohoo channels, this deal stands to cement the relationship.
