Company
LON:BKG
The Berkeley Group Holdings PLC builds homes and neighbourhoods across London, Birmingham and the South of England. The company revives underused land, creating welcoming, sustainable and nature-rich places where communities thrive and where people of all ages and backgrounds enjoy a great quality of life.
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Builders and building materials
Analysts at the bank said the spring selling season was likely to be a “key catalyst for the sector” while improving buyer interest is expected to support volume growth
Berkeley said profits were down to a “normal level” after an elevated period of profits thanks to a portfolio of London developments acquired in earlier years
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The Footsie closed up nearly 102 points higher, at 7,239 on the day. Over the week, the blue-chip index lost around 1.45%
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Results are also due from stem cell researcher Reneuron alongside an update from Primark's owner, Associated British Foods
The broker said shares in the housebuilder were already pricing in a 15% improvement in profits, which it considered to be at the top end of the possible range
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Britain's blue-chip benchmark finished around 65 points lower at 7,281, while mid-cap cousin FTSE 250 lost over 137 points at 20,675
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Other items on the business agenda in the coming week include the key US jobs report, PMI data and results from Cineworld, Ferguson, DMGT, IG and Loungers
Berkeley said it is "very mindful of the potential for short-term market dislocations from the current political back-drop"
The bricks supplier, which also has a heating and plumbing business as well as a roofing division, expects to join the junior market at the end of this month
“Given the attractive yields on offer, the question of sustainability becomes more hazy the further out you look”
Builders and building materials
A survey of surveyors showed interest among house buyers rose for the first time in more than two and a half years
Investments and investor services
The mid-cap FTSE 250 added over 147 points to close at 19,462 on Friday
The upmarket housebuilder's profits were expected to fall around 30% at the start of the year and had declined 26% in the first half of the year
Investments and investor services
Footsie closed around 11 points higher at 7,357 at the start of the week, while mid-cap cousin FTSE 250 gained over 39 points
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The corporate diary is fairly sparse, but there are some bright spots, notably updates from refocused blue chip hotels group Whitbread and housebuilder Berkeley Group
Investments and investor services
The Dow Jones suffered a 300 point fall in the first half hour of trading
Investments and investor services
Footsie closed at 7,279, up nearly 45 points on the day
Many UK housebuilders have had to put aside money to tackle issues such as poorly built homes and Grenfell Tower-style cladding
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The FTSE 250 though, seen as a better indicator of the state of UK companies, closed down around 41 points at 19,347.
Berkeley reiterated the updated pre-tax profit guidance it provided in December 2018 for this, and the next two years, which represented an increase of around 8% in the guidance for the current year.
