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Three Quick Facts: Persimmon, Jet2 and Watches of Switzerland


Three things you need to know in the financial markets today from investment writer, Tony Cross.

#1. Persimmon completions slow in face of labour and materials shortages

A trading update from housebuilder Persimmon (LON:PSN) has been issued this morning, covering the first six months of the year. Whilst forward sales are up against the comparatives, total revenues and completion numbers are both around 10% lower, numbers which came in slightly lower than expected owing to planning restrictions, labour and material shortages. The company now expects to complete between 14,000 and 15,000 properties for the full year.

#2. Jet2 package holidays enjoy a renaissance

Travel company Jet2 (LON:JET2) issued its full year results today. There’s a lot of data to unpack here and the company was unable to operate any flights in April, May and for most of June last year, but looking ahead there are some interesting stats in terms of new clients acquired as more people look for the security of a package holiday. Revenues more than tripled, but this wasn’t sufficient to make any meaningful headway into the operating loss which remains around the £330m level.

#3. Watches of Switzerland: luxury watch market resilient despite economic headwinds

Watches of Switzerland (LON:WOSG) have published their full year results this morning for the 52 weeks to 1st May. Record sales and profits have been reported, with revenue up 40% and EBOT up 68%. The company notes strong momentum as the new financial year gets underway, adds that demand continues to outstrip supply and believes that despite macroeconomic headwinds, the luxury watch market will remain resilient.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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