Housebuilder Persimmon has issued full year results this morning with pre-tax profits coming in slightly ahead of the top end of expectations, reflecting increases in completion rates and average selling prices. Sales rates continue to gain momentum as the new year gets underway whilst government planning reforms are also lauded by management. With expectations that as many as 11,500 new properties will be completed this year – an 8% increase on the FY24 figure – the recovery for the sector appears to be underway. Shortly after the open and the Persimmon share price was up as much as 5%.
The FTSE-250 listed manufacturer of industrial flow equipment issued a flurry of statements this morning including acquisition news, the launch of a £50m share buy back and full year results. The numbers showed order intake was up and although a squeeze on margins had taken a toll on profitability, the growth program launched three years ago appears to be delivering. The market outlook is seen as being positive and whilst the note acknowledges the potential impact of trade tariffs, the company operates a distributed manufacturing network which it believes mitigates much of this threat. The Rotork share price was up 6% in early trade.
The investor in breakthrough science and innovation companies IPO Group announced this morning that portfolio company Hinge Health had filed for a market listing in the US. Hinge was valued at $6.2bn in 2021 and IPO Group owns a 1.8% stake. There are no further updates on expected valuations available at present and the IPO could happen as soon as next month. The IPO Group share price was up just under 2% by 8.30am.
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