Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Barratt lays foundations for growth – from FY26
Housebuilder Barratt Developments LON:BDEV has issued a full year trading update, noting that whilst completions are down almost 20% year on year, these have still come in at the upper end of guidance, reflecting the sluggish market conditions. Adjusted pre-tax profit is now expected to be slightly ahead of forecasts although completions for FY25 are set to decline marginally again. That number is forecast to increase in FY26 and obviously government backed housebuilding initiatives ought to lend further support here, too.
#2. Wetherspoon’s per-pub revenues reach record highs
There’s a pre-close trading update out from JD Wetherspoon LON:JDW this morning noting like-for-like sales up by 5.8% over the last 10 weeks, whilst year-to-date sales are up 7.7%. Total sales are at record levels and sales per outlet are 21% higher than pre-pandemic levels – although rising staff, energy and interest costs have taken a toll here.
- Short of the Week: UK tax hikes will hurt JD Wetherspoon
- UK Stock Market News: Wetherspoons, ASOS, Energean
- Companies Reporting: Prudential, M&G, Wetherspoons
#3. SSP Q3 sales up 16% and full year targets on track
And the franchise retail operator at transport hubs SSP LON:SSPG has a Q3 update out noting sales up 16% and full year guidance remaining unchanged. The continued demand for leisure travel is still driving growth here, most notably in the US and the APAC/EEME regions where acquisitions have also been fuelling activity.
