Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Reduced headcount & UAE sales boost profits at M&C Saatchi
Advertising giant M&C Saatchi LON:SAA published interim results this morning noting a 4% increase in revenues but a 40% upturn in operating profits, something that appears to have been helped at least in part by falling staff costs. The improvement in performance posted for the Middle East markets was notably higher than elsewhere and a robust start to Q3 means that the company remains on track to deliver against full year expectations.
#2. Games Workshop’s miniature statement provides minimal insight
Games Workshop LON:GAW issued the briefest possible trading update – just 23 words – to tell investors that performance for the three months to 1st September had been in line with management expectations.
#3. Upbeat outlook from MJ Gleeson
Low-cost housebuilder MJ Gleeson LON:GLE issued full year results this morning with numbers that have exceeded expectations. Completions were up marginally year on year, with revenues up although the gross profit on homes sold has fallen back slightly. As the new trading year gets underway, reservation rates are ticking higher with the improving economic environment, the lower interest rate outlook and the company’s focus on the underserved low-cost housing sector all seen as bolstering the outlook.
