Stephen Rawlinson
16 June 2017 · 1 min read

Market Commentary - Housing, Infrastructure, Construction and Services 16th June 2017

There is no directly relevant news this morning. Here is a lot of comment in the press on the prospect of a rate rise and it’s not the role of this note to predict interest rates or the political and economic issues behind rate setting. What is 100% clear is that 3%+ inflation and base rates at 0.25% is not a sustainable norm in any economy.

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Stephen Rawlinson
15 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 15th June 2017

Atkins has produced its final results this morning and abandoned the usual meeting in favour of a webcast. While the overall results are very positive the geographic split shows an exaggerated development of the trends seen for the last five years. Balfour Beatty has quietly risen in the last few days and we suspect will provide encouraging results at the interim stage.

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Stephen Rawlinson
14 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 14th June 2017

Severfield, Norcros and Bellway attract attention this morning with releases to the market. The moves yesterday saw Capita storm ahead with a 15.2% increase to 634p as the trading update restored investor confidence and the previous valuation was too low by some distance if the business is stable.

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Stephen Rawlinson
13 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 13th June 2017

Capita, Crest Nicholson and Ashtead all have news for us today. Mitie’s results meeting yesterday was over in an hour, much earlier than expected.  The interesting elements from yesterday are the ideas about using technology and the admission that the Property Management operation is potentially up for sale.

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Stephen Rawlinson
12 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 12th June 2017

Mitie’s numbers for 2016 were released this morning and as expected they make grim reading but no grimmer than expected. The election result was the main driving force in the sector and, as we know, will remain so. For the remainder of the year the issues are clear; it depends on what you think will happen with Brexit.

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Stephen Rawlinson
9 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 9th June 2017

What do we make of that? There is no company news today as you may have expected. In the absence of news we mention below two fundamental changes taking place in the sector, Partnership Housing and Modern Methods of Construction on which we have done much work recently. Get in touch if you want to hear more. The recent positive news from quoted entities about prospects in Partnership Housing begs the question of who might pay to have the properties built and how. The Modular/MMC (Modern Methods of Construction) market looks right and the news that Berkeley is looking at a site for a 2,000 unit pa modular factory at Northfleet is a big move.

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