The technology specialist focused on the defence and security markets issued interim results this morning which showed record order intake and a buoyant order book, with margin improvement also noted. Management highlight the fact that growing geopolitical uncertainty is bolstering the company’s fortunes and believe that the company is on course to achieve £1bn in annual revenues by 2030, essentially doubling the figure reported last year. The Chemring share price was trading up as much as 3% at the open.
Infrastructure services company Kier issued a trading update and revised its margin targets this morning in a move that received a warm reception from the market. The update comes ahead of a capital markets event later in the day but notes a 2% uptick in the order book when compared to the same point a year ago, whilst operating profit margins have been revised up to a target of 4%-4.5% over the next 3-5 years, a 50-basis point uplift from previous expectations. The Kier share price was more than 4% higher in early trade.
The low cost housebuilder MJ Gleeson issued a trading update this morning noting that despite a recovery in the housing market, they had been unable to keep pace with rising inflationary pressures. This has been eroding margins and the theme is expected to continue into the next financial year, too. As a result, profit forecasts for the year ending 30th June are now expected to be some 15% - 20% lower than expectations. Markets have been quick to respond, marking the MJ Gleeson share price down by 22% by 8.30am.
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Trading Update - - MJ Gleeson (GLE)
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