Persimmon PSN has been having a rough time during the past few months. In April its shares fell 6% on worries about slowing sales and then between 24th and 27th June its share price fell off a cliff after the referendum results with a two day decline of about a third, leaving it at £14 compared to a previous high of £22.
Persimmon claims that trading has been strong during during the half year to 30th June with the average selling price rising by 6% and group revenue up by 12% but the real picture painted by todays trading update is of some clouds appearing on the horizon. In May and June the private sales rate was ahead by a meagre 1%.whereas first quarter UK mortgage approvals were up by 18%. Forward sales as at 30th June were only level with last years figure. Planners are blamed for continued delays in the start of construction on new development sites.
Advanced Medical Solutions AMS does not have a lot to say in its update for the 6 months to 30th June except that that it is and will continue to be a major beneficiary of the fall in the pound, with 60% of its sales being in $US or Euros. The result will be an expected rise in revenue but profitability remaining in line.
Young & Cos Brewery YNGA has had a good start to the year, despite the weather. Revenue in the first 13 weeks have risen by 6.5% or 4.1% on a like for like basis.
Hayward Tyler Group HAYT claims to have transformed itself into a forward thinking, profitable market leader, ready for its next stage of growth. For the year to 31st Marc h revenue including acquisitions rose by 27%m trading profit before tax by 18% and trading earnings per share by 36%. The dividend is to be increased by 5%.