A Q3 trading update from Rank Group was issued this morning, with the company noting like for like gaming revenues during the period up by 5% and management now expects full year profit to be at least £68m, up around 6% from the comparative. The strong profit conversion comes against a backdrop of a challenging macroeconomic environment, with the medium-term target of £100m for this metric remaining very much on track. Rank Group shares added more than 8% in early trade.
The over 50’s travel and insurance operator Saga issued its full year numbers this morning with management painting a robust picture despite the current geopolitical backdrop. The travel business has limited exposure to the Middle East and the repositioning exercise that has been underway to derisk and simplify the business appears to be yielding results. Strong forward travel bookings are also being noted, leverage is falling and the aim of delivering £100m underlying pre-tax profits by 2030 remains on track. The Saga share price jumped 11% shortly after the open.
Housebuilder Barratt Redrow issued its third quarter trading update this morning with the business noting a resilient performance despite the economic uncertainty. Private reservation rates are up 3.2% and the company has total forward sales of £3.5bn against £3.1bn a year ago. Year-end net cash is set to be around £150m higher than previously guided. There are some questions over build cost inflation so the impact of this and the ongoing conflict may impact the FY27 position but for now there’s a degree of confidence and this is being reflected in the market. The Barratt Redrow share price was trading around 2% higher by 8.30am.
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