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Reports UK

UK stock market morning note (August 18, 2014)

August 18, 2014, Monday, 09:28 GMT | 04:28 EST | 12:58 IST | 15:28 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning as we begin the new trading week as investors look to seek out value aside from the ongoing geo-political backdrop. There is no major economic data due for release today hence the focus on fundamentals. Commodity prices are mixed and on the foreign exchanges, the pound is higher against the dollar and the euro but trading within narrow ranges. It is also a quiet start to the week for major corporate news.

Company Announcements

Bovis Homes

Half Year Results see operating profit up 150% and revenue ahead 75% to GBP51.2m and GBP322.1m respectively with the operating margin improving by 4.8ppts to 15.9%. The dividend is raised 200% to 12p a share with ROCE up 5.7ppts to 13.4%. It noted that it was now almost completely sold for the current financial year and confident of delivering targeted volume of around 3,650 new homes for 2014. It expects to deliver an operating margin of between 17%-18% for 2014 with ROCE now expected to be circ 16%. It added that it intends to pay an enhanced dividend of 35p for 2014 and at least 35p in 2015 with a revised dividend policy thereafter.


Half Year Results from the plastic piping manufacturer see operating profit up 29% to GBP22.7m on revenue ahead 11% at GBP168.2m. There is a maiden dividend of 1.5p a share with cashflow from operations improving by 42% to GBP17.8m. It added that it was well placed  to capitalise on future growth opportunities and remains confident of delivering full year results in line with its expectations at the time of the IPO earlier this year.