Market Commentary - Housing, Infrastructure, Construction and Services 23rd may 2017
Renew Holdings has delivered its interims to end March today and Homeserve has told us its finals. In both cases the results are good. Morgan Sindall scorched ahead again today with a 5.7% increase to 1257p.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 22nd May 2017
There is little new news this morning. Civitas, the social housing REIT, has spent another £6m of its £350m equity fundraising. Mortice, a small quoted FM company has won two new contracts worth £2.3m pa in revenue. There is no further news on the proposed acquisition of Berendsen. News flow from AGM updates and March and September year ends flows strongly during the remainder of this week.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 18th May 2017
Balfour Beatty has its AGM today and the update wins the prize for the shortest statement so far this year. The surprise news today is that Elis SA has made a proposed offer to buy Berendsen comprising 440p in cash and 0.426 new shares in Elis SA for every Berendsen share.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 17th May 2017
Countryside’s half year numbers are all that attracts attention this morning in the HICS area as they provide a steer on the housing market, following Crest’s update yesterday. One company that should attract attention is having a Capital Markets Day later, Blue Prism. Its software and products are termed Robotic Process Automation (RPA); essentially the company’s products tackle the routine rules based administration work that abounds in FM and many other areas of HICS sector companies everyday workload.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 16th May 2017
Speedy Hire has reported its full year numbers for the period to March 2017 this morning. Crest Nicholson has updated the market and Civitas Social Housing has made another small acquisition. Speedy’s numbers show why its statements are now quite upbeat; it is signalling that the turnaround is down and it is now ready for sustainable growth. Morgan Sindall broke through 1200p rising 2.6% to 1232p. The last time the shares were at this level was November 2007 when the recession forced them downwards. The shares are up 66% YTD and yes it was one of our five picks for this year, the others were SIG up 23%, Costain up 34%, Forterra up 44% and MJ Gleeson up 15%. The FTSE All Share is up 5.3%.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 15th May 2017
It’s a day for updates from sector tiddlers with Bilby and Mortice updating us on progress. We attended the SIG meet the top team event Friday last. We got a very positive impression from the new CEO. The sector performed weakly last week against a positive performance in the overall market.
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