Energy company SSE issued a flurry of statements this morning including interim results, a strategic update and news of a funding round. A £2bn equity raise to fully fund a transformational investment plan to run to the end of the decade is promising accelerated returns for investors and the market appears happy to be cheering this as opposed to focusing on the (as forecast) 28% fall in pre-tax profits. The investment proposals constitute a pivot that leverages the generational opportunity presented by the UK’s need to upgrade its energy network. The SSE share price was 11% higher in early trade.
The manufacturer of gas masks for miliary, law enforcement and fire service staff globally published full year results this morning. Revenues were up 14% whilst operating profits added 27%, with the performance being seen as validating the company’s ambitions growth plan which was launched two years ago. Expectations are that FY26 targets will be met or exceeded, and margin expansion is set to continue into FY27. The Avon Technologies share price was up almost 7% shortly after the open.
A trading statement from the housebuilder Taylor Wimpey left investors under no illusion this morning of the ruinous effect economic uncertainty is having on UK consumers. Highlighting the disconnect between government planning reforms and affordability, the company noted that sales over the reporting period were 11% lower, the order book was down 7% against the position a year ago, sales prices were flat and build cost inflation also needed to be taken into account. There’s not too much to cheer here and that aligned with the market reaction. The Taylor Wimpey share price was almost 4% lower by 8.30am.
Most read news on Investegate this morning
Jet2 launches new base at London Gatwick Airport - - Jet2 (JET2)
