Breaking News in association with Money AM

Wednesday, 4th November 2009

Redrow home sales picking up

8:17am
Housebuilder Redrow says that sales during the first 18 weeks of the current financial year have been remarkably stable, particularly taking into account the seasonally weaker months of July and August.

So far this year, private reservations have been averaging at 45 homes per week. Total net private reservations achieved in the first 18 weeks are 47% ahead of the same period last year with cancellation rates having returned to historic norms.

Achieved prices are slightly ahead of expectations with private reservations to date averaging £149,000. This figure remains influenced by the relatively low...

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Taylor Wimpey hikes sales prices

8:17am
Housebuilder Taylor Wimpey said UK housing market conditions continue to be significantly better than the equivalent period of 2008, with the average selling price for homes in the order book currently c9% higher than the £163,000 last year.

The main house price indices are showing increases over recent months, with a gradual improvement in mortgage availability and a recent increase in industry housing starts also contributing to positive sentiment.

Taylor Wimpey said its performance has remained encouraging since the half year. It did not experience the usual industry seasonal slowdown over the summer...

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Encouraging start for Wetherspoon

8:02am
Pub operator JD Wetherspoon said it made an encouraging start to the year. In the first quarter to 25th October, like-for-like sales increased by 0.3%, while total sales were up 4.5%. Operating margins were in line with those reported last year.

Wetherspoon said the same period last year involved a higher level of marketing expenditure, including the distribution of money-off vouchers to most households in the UK.

The Company repaid its $140m (£87m) private placement on 30th September 2009 from cash flow and remaining facilities. The Company intends to commence formal discussions for...

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FirstGroup in line with expectations

7:47am
Bus and train operator FirstGroup reported pretax profit of £30.3m, down from £54.4m, in the half-year to end-September. Interim dividend was raised 10% to 6.65p. UK Bus like-for-like passenger revenue growth was up 2.4% and UK Rail up 1.7%.

FirstGroup said cost reduction actions largely mitigated the impact on operating profit of increased fuel costs and reduced Greyhound revenues.

The group said a cost reduction programme has been implemented with annual savings of at least £200m.

Greyhound revenue trends were stabilising and beginning to show some improvement towards the...

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