Three things you need to know in the financial markets at the UK open, from investment writer Tony Cross.
#1. Bad weather hits sales at Wynnstay
Agricultural product provider Wynnstay LON:WYN published interim results this morning, noting a resilient performance against challenging market conditions. Wet weather and falling commodity prices have both taken a toll, leading revenues down by 20%, but perhaps there’s some encouragement to be seen from the fact that gross profits fell by only a small fraction of that. In addition the second half has started on a stronger footing, with weather-deferred sales coming through and optimism rising over farm gate prices moving forward.
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#2. Warehouse REIT shuffles estate
Warehouse REIT LON:WHR has issued full year numbers this morning, noting a resilient performance for industrial occupational markets, driving a 5.1% increase in like for like rental growth. The company is selling down non-core assets to free up cash for value accretive acquisitions including news that today the business acquired part of a retail park in Tamworth for £39m. Portfolio values are up 2%, dividends are held stable and the LTV rate has eased a shade from 33.9% to 33.1%.
#3. Land Securities adds to Bluewater holding
And more evidence that reports of the death of bricks and mortar retail may be greatly exaggerated with news that Land Securities LON:LAND is extending its holding in the Bluewater “retail destination” by a further 17.5%. This will take their total holding to 66.25%. The £120m acquisition will increase the net rental income from the site by £10.3m p.a. based on last year’s figures.