Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Vistry’s H1 results ahead of expectations
Housebuilder Vistry Group (LON:VTY) has this morning issued first half results which have come in ahead of expectations and adjusted pre-tax profits for the period are at the top end of market forecasts. Completions are broadly unchanged from the comparative but forward sales are up by around 10%. The company expects to see margins for the full year come in ahead of target, whilst adjusted pre-tax profits are set to remain at the upper end of market expectations.
#2. Oncimmune: global economic outlook dragging
AIM listed Oncimmune Holdings (LON:ONC) has provided a trading update this morning, along with news of the appointment of a new non-exec chairman. The new arrival has 25 years of experience in life sciences and his input is seen as being critical in accelerating commercialisation of the company’s products. The accompanying statement does however flag concerns that the current global economic and geopolitical conditions are adversely affecting the biotech sector, in particular. As a consequence this is impacting decision-making and causing a slowdown in signing new ImmunoINSIGHTS contracts.
#3. Tekmar announces contract win
Again sticking with AIM and Tekmar Group (LON:TGP) has announced a contract win this morning to supply an integrated engineering solution for an offshore wind farm project in Japan. There are no details as to the specific size of the contract win, but the company terms it significant, and augments the £20.1m order book announced in the recent half year results. The note reiterates that the company has launched a formal sale process, with further communications here set to be released in due course.
