Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Taylor Wimpey sales down, margins up
Half year numbers are out from Taylor Wimpey LON:TW. this morning, with management heralding a strong performance. That said, it comes against tough comparatives so revenue is down just over 5% although with the margin moving above 20%, profitability has been sustained. The company acknowledges the threat of macroeconomic headwinds but adds that the UK market remains well positioned owing to supply imbalance and the good availability of mortgages.
#2. Rolls Royce cleared to sell Spanish subsidiary
Rolls Royce LON:RR. this morning advised that the Spanish Government has approved the sale of ITP Aero, a move which completes the disposal program announced almost a year ago to raise proceeds of £2bn in order to rebuild the balance sheet. That in turn it is hoped will re-establish the company’s investment grade credit profile in the medium term.
#3. Just Eat Takeaway EBITDA positive in some territories for Q2
Just Eat Takeaway [LON:JET] has its half year numbers out, with the company having made significant moves towards profitability. Operations were “EBITDA positive” across a number of territories during Q2 and the company adds that its current cash balance of EUR 882million is sufficient to see it through to profitability. Guidance for the full year has been laid out, with mid-single digit gross transaction value growth year on year (so likely lagging inflation) and an adjusted EBITDA margin of -0.5% to -0.7% of GTV.
