Housebuilder Vistry issued a pre-AGM update this morning with the company reporting a 32% increase in the year to date sales rate, despite some recent weakness being posted with the situation in the Middle East seen as a key driver. However the sales rate has been maintained by increased use of discounts, notably at low margin sites and this will feed through to profitability. H1 profit is now expected to be significantly lower than the comparative with a recovery forecast for H2. The Vistry share price was down 12% in early trade.
Back on the radar again as management have now changed direction, suggesting that the latest offer by EQT does represent value for shareholders. Regardless, they have reiterated that they believe the company could make progress on an independent basis but with reference to shareholder engagement in the note as well, it seems that the pressure is building for a deal to be struck. The Intertek share price was up 7% shortly after the open at 5670p, still materially below the 6107p offered.
Shares in Mercantile Ports jumped higher in response to a note issued this morning of management changes, plus news that the company was exploring investment opportunities outside of India. That’s come whilst the company continues to pursue legal remedies to resolve the dispute over ownership of its Karanja asset, but the comments towards India not providing a stable platform for international investors are cutting. The Mercantile Ports share price was up 135% by 9am.
Most read news on Investegate this morning
Scout Drilling Commences at Artemisa North Target - - Great Southern Copper (GSCU)
Response to Speculation - - Gamma Communications (GAMA)
Statement re final proposal from EQT - - Intertek Group (ITRK)
