10.55am: Trifast (LSE:TRI) slides after warning on profits
Trifast PLC, fell 3.8% to 68p after the industrial fastenings firm warned underlying profit in the year ending March 31 would be around 10% below market consensus, currently £16.3mln.
The shortfall reflects short-term headwinds from ongoing inflationary pressures, and some "tactical growth investment" the company said.
Revenue for the half year ended September 30 will be ahead of the previous year, at around £120mln from £103.7mln, the group added.
Trifast said “as a group, we continue to see significant scope to build the business and we remain confident in the fundamentals of our business model over the medium term once we see market confidence return for a sustained global economic recovery.”
10.43am: Luceco falls on profits warning
Shares in Luceco PLC (LSE:LUCE), slid 8.78% to 67.50p, after the LED lighting manufacturer and distributor warned its adjusted operating profit for 2022 will come in below previous estimates, at around £20-22mln.
"Our order book now suggests our distributor customers will destock faster in [the fourth quarter] than we originally expected” the company said in a statement.
There is an unusually broad range of macroeconomic outcomes for 2023, the company noted adding “If pressure on residential RMI activity from reduced household disposable income and fewer housing transactions continues as expected, this is likely to lead to profits in 2023 being similar to 2022.”
9.45am: Deutsche slashes price targets for UK housebuilders
Housebuilders were once again in focus knocked by a sector review by Deutsche Bank which slashed price targets across the sector.
Analysts at investment bank said the housing market is in a state of flux- mortgage rates have tripled; loans are less available and future refinancings will be painful.
As a result, broker said it has had made major cuts to estimates, now predicated on lower house prices, reduced volumes and stubborn build cost inflation.
However, it said falls of c50-60% year to date leaves share prices at steep discounts to NAVs and that after a brutal sell off, Deutsche believes much is now in the price and a relief rally lies ahead.
The rating and price target changes are as follows: Berkeley Group Holdings PLC (LSE:BKG) (Berkeley Group Holdings PLC (LSE:BKG)) - Buy to Hold, target 5535p to 3807p; Bellway PLC (LSE:BWY) (Bellway PLC (LSE:BWY)) - Hold to Buy, target 3289p to 2167p; Barratt Developments PLC (LSE:BDEV) (Barratt Developments PLC (LSE:BDEV)) - Buy, target 835p to 462p; Crest Nicholson PLC (LSE:CRST) (Crest Nicholson PLC (LSE:CRST)) - Buy, target 416p to 235p; Persimmon PLC (LSE:PSN) (Persimmon PLC (LSE:PSN)) - Hold, target 2854p to 1207p; Redrow PLC (LSE:RDW) (Redrow PLC (LSE:RDW)) - Buy, target 784p to 499p; Taylor Wimpey PLC (LSE:TW.) (Taylor Wimpey PLC (LSE:TW.)) - Buy, target 186p to 115p; Vistry Group PLC (LSE:VTY) (Vistry Group PLC (LSE:VTY)) - Hold, target 1241p to 710p.