Construction news & headlines
Latest breaking stories, features and analysis
- Sirius Real Estate’s pre-tax profit slides to £55.22 million in fiscal H1.
- The property company raises its dividend to 1.62 pence per share.
- Sirius saw a 10% annualised growth in revenue to £70.40 million in H1.
Features & analysis
Latest Construction news
In a report on Tuesday, Land Securities Group plc (LON: LAND) said that it concluded the fiscal first half with a broader loss, attributed primarily to a drop in the value of its assets. The company, however, chose to reinstate dividend payments on Tuesday. Shares of the company opened a little under 4% down in the stock market on Tuesday, but jumped more than 10% in the next hour. On a year to date basis, Land Securities is currently about 30% d...
Simon Property Group Inc. (NYSE: SPG) said on Monday that its retail properties in the fiscal third quarter posted higher rent collections in the United States, after a sharp decline in the spring quarter due to the Coronavirus pandemic that weighed on the financial health of tenants. Shares of the company tanked 1.5% in after-hours trading on Monday. At £56 per share, Simon Property Group is now close to 50% down year to date in the stock mark...
Marriott International Inc. (NASDAQ: MAR) published its earnings report for the fiscal third quarter on Friday. The American multinational swung to an unexpected profit in the recent quarter, and its revenue contracted less than the analysts’ estimates. Marriott still refrained from giving its guidance for the full year citing the Coronavirus uncertainties. In the prior quarter (Q2), Marriott had reported £179.47 million of loss, as per the repor...
In an announcement on Tuesday, Bellway plc (LON: BWY) said it had decided to reinstate dividend payments as the housing market showed signs of recovery at the start of the new fiscal year, after months of halt due to the Coronavirus pandemic. Bellway plc jumped more than 2.5% on market open on Tuesday but lost the entire intraday gain later on. Including the price action, shares of the company are now trading at £25.66 versus £38.87 per share at...
British Land Company plc (LON: BLND) expressed confidence on Friday that signs of recovery in tenant performance and rent collection were evident in the fiscal second quarter after months of disruptions due to the Coronavirus pandemic that has so far infected more than half a million people in the United Kingdom and caused over 42 thousand deaths. British Land closed more than 0.5% up on Friday. Including the price action, shares of the company a...
Unite Group plc (LON: UTG) said on Thursday that its property portfolio posted a 0.7% annualised growth in terms of valuation in the fiscal third quarter, attributed to the state-backed stimulus measures to combat the COVID-19 crisis. It also warned that its rental income is likely to see a decline in the upcoming months. Shares of the company closed the regular session about 2.5% down on Thursday. Unite Group now has a per-share price of 863 pen...
Ferguson plc (LON: FERG) said on Tuesday that its full-year profit blew past expectations as demand recovered for air conditioning repairs and home improvement at large, after months of inactivity due to the Coronavirus pandemic. The company also acknowledged its cost-cutting measures as it reinstated the dividend on Tuesday. Ferguson was reported trading about 3% up in premarket trading. Including the price action on Tuesday, shares of th...
Galliford Try Holdings plc (LON: GFRD) said on Wednesday that it concluded fiscal 2020 in loss. The company, however, expressed confidence that it will jump back into profitability this year. Site activity and productivity, as per Galliford, has recovered almost entirely after months of disruptions due to the Coronavirus pandemic. Shares of the company jumped about 7% in premarket trading on Wednesday. The stock gained another 10% on market open....
In an announcement on Wednesday, Redrow plc (LON: RDW) said that its pre-tax profit in fiscal 2020 came in 66% lower on an annualised basis. The company attributed the decline to the Coronavirus pandemic that has so far infected more than 370 thousand people in the United Kingdom and caused over 41 thousand deaths. Redrow also said that costs and impairments ascribed to scaling back its business in London also resulted in a hit to its pre-tax pro...
Lennar Corporation (NYSE: LEN) said late on Monday that its profit and revenue in the fiscal third quarter blew past Wall Street estimates. The U.S. homebuilder attributed higher demand to record-low mortgage rates. The U.S. housing market has recovered sharply in recent months as the government eased COVID-19 restrictions. In July, U.S. homebuilding posted a record growth since 2016. Shares of the company were reported about 4% down in extended...
Marshalls plc (LON: MSLH) revealed to have swung to a loss in the fiscal first half on Tuesday. Following the downbeat performance, the company’s board decided to skip an interim dividend in a bid to shore up finances amidst COVID-19 that has so far infected more than 370 thousand people in the United Kingdom and caused over 41 thousand deaths. Shares of the company opened about 2.5% up on Tuesday. But the stock slid about 7% in the next hour to...
Ashtead Group plc (LON: AHT) said on Tuesday that its profit before tax came in 37% lower on a year over year basis in the fiscal first quarter. The company blamed the Coronavirus pandemic that weighed on its revenue in the recent quarter and forecast that its annual revenue is likely to remain under pressure this year. Its yearly profit in fiscal 2020 was also reported dovish in April. Ashtead Group plc is currently about 1% in the stock market...
In an announcement on Friday, Berkeley Group (LON: BKG) said that the first four months of the current fiscal year had seen robust trading, on the back of which, the company expressed plans of reinstating £280 million of shareholder returns. The British property developer that primarily operates in Birmingham, London, and the South of England reported a 20% decline in its underlying sales reservations in the four months that concluded on 31st Aug...
Barratt Developments (LON: BDEV) said on Wednesday that its full-year profit came in lower than last year. The company decided in favour of suspending its special dividend but expressed confidence that home completions and sales will improve in the new fiscal year. Mortgage lender Nationwide also said on Wednesday that house prices in the UK were at an all-time high. Shares of the company were almost flat in premarket trading on Wednesday but jum...
Deere & Co. (NYSE: DE) published its quarterly financial results on Friday that blew past the analysts’ estimates. The company also provided a slightly hawkish guidance for the full fiscal year on Friday. Shares of the company climbed more than 4% in premarket trading on Friday. At £145.93 per share, Deere & Co. is currently trading at the highest per-share price in its history. As the Coronavirus pandemic disrupted business in March, the...
WeWork said on Thursday that it has successfully reduced its rate of cash burn by almost 50% as compared to the start of the year. It also announced to have secured an additional £840 million financing from SoftBank Group Corp (TYO:9984) that currently has a majority stake in WeWork. Previously, SoftBank had pulled out of a £2.41 billion tender offer in April that had left WeWork in crisis. Shares of SoftBank lost roughly 1.5% on Friday. The Japa...
The Macerich Company (NYSE: MAC) published its quarterly financial results on Tuesday that highlighted the company to have concluded its fiscal second quarter in loss that came in lower than what the experts had forecast. Its revenue and funds from operations (FFO), however, fell shy of the analysts’ estimates. Macerich highlighted on Tuesday that it the Coronavirus pandemic pushed it into closing nine of its malls in California once again as the...