The food ingredient group and owner of Primark issued a trading update this morning The challenging consumer environment is evidently weighing on the business with grocery operating profits for the second half expected to be slightly below previous expectations, whilst Primark is also struggling against the broader economic backdrop. The tone here has clearly rattled market sentiment and the ABF share price was down more than 9% in early trade.
Half year results from house builder Vistry were released this morning and despite some notable declines with completions down 12% and operating profits some 23% lower, these were reported as being in line with expectations. The company is confident that a strong pipeline will bolster H2 performance whilst there are also hopes that the government’s social affordable homes programme will also deliver benefits for the company. The Vistry share price was trading around 4% lower shortly after the open.
Down into small cap territory and Atlas Metals announced this morning that it had entered into a Share Purchase Agreement to acquire Universal Pozzolanic Silica Alumina (UPSA) for £1bn. UPSA is the licensed owner of one of the world's largest reserves of pozzolanic silica alumina which is a core constituent of 'green concrete'. This is seen as a transformative deal for Atlas and if it completes, would see the company’s market cap jump to more than £1bn in the near term. The Atlas Metals share price was up by more than 250% at 8.45am.
Most read news on Investegate this morning
Interim Results - - Warpaint London (W7L)
Half year results for the period ended 30 June 25 - - Vistry Group (VTY)
