Tuesday, 19 August 2014

Markets Stay Firm on the ‘Hole’

It was a very good week for US data, with the manufacturing PMI and better than expected job numbers, sending the S&P500 to another record close - something it hasn't done since July.  That said all eyes were on Janet Yellen’s announcements following the Jackson Hole symposium where the great and good of the central banking world meet on an annual basis.

HellermannTyton, registered in Crawley, released strong half year results, slightly ahead of expectations. Revenues grew by 9.3% to €292.4m with pre-tax profit rising by 42.1% to €40.9m. Improvements were seen across all regions, but were slightly hampered by currency movements.

The saga between Carillion and Balfour Beatty continued this week with Balfour rejecting the fourth approach.  This led to Carillion announcing they will walk away from the deal.

Quindell, with operations in East Grinstead, found itself under further attack this week responding via the website to more allegations of wrong doing.  Following this they issued seemingly robust half year results that saw revenue more than double to £357.3m, with pre-tax profit standing at £123m. Despite this the shares fell on the day and finished the week 6.3% down.  Clearly investors still have doubts.

The housing market appears to be continuing at full steam with Bovis Homes reporting 3530 homes sold in the first 32 weeks, 41% higher than the same period in 2013. They also sprung a surprise detailing its plans to pay an enhanced dividend of 35p in 2014 and at least 35p in 2015.

D3O, Portslade based makers of advanced orange goo made national press this week with a glowing review of its new wonder-material.  With familiar qualities, D3O is soft when handled slowly but stiffens on impact, making it appropriate for a range of domestic and industrial usage.  A company clearly on the up! 

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