Shares in the housebuilder Crest Nicholson made some early gains after the publication of a half year report, but these proved to be short lived. Despite completions being lower, margin improvements served to bolster profitability and management also added that no material inflationary pressures were being seen. Regardless, the Crest Nicholson share price may have been up as much as 3% in the first few minutes of trade but most of the upside was promptly given back.
Full year results from the life-saving technology group Halma are out today with the company reporting a 22nd consecutive year of record profits, with revenues up by 11% and investors being rewarded with a dividend hike of 7%. The company is eyeing a series of acquisitions and cash conversion remains strong. The Halma share price was up more than 9% in early trade.
Despite an encouraging set of Q1 numbers from retail giant Tesco this morning, the market response was rather more muted. Like for like sales were up 4.6% at a group level, the company’s sales of its UK Finest range advanced by 18% year-on-year and market share gains in the UK were also recorded. Countering that, the note did acknowledge the impact of some margin limitations in the Hungary market although full year profit forecasts remain unchanged. At 8.45am, the Tesco share price was up around 2%.
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