#TW. FY Results. Looks inline with revenue increased with margin squeezed to adj. Op.Pft fairly flat. Completions up with ASP higher, spring selling progressing well, order book slightly down, buyback of £52m, more H2 weighting than usual.
#HTG FY Results. Looks slightly below on an adj. PBT and Revenue basis. Looks to be guiding slightly higher than average EBITDA consensus for FY26. Cost reduction programme and further buyback of $40m announced.
#BMY TU. FY25/26 expected inline, FY26/27 now expected to be materially ahead after yesterday evenings Sarah J Maas update to release two new books within 11 weeks of each other.
Berenberg raise TP to 650p. Cavendish unchanged at 670p. Panmure raise to 650p
EDIT: FY26 and FY27
#BTRW announce CEO David Thomas will retire and be replaced by external appointment Dean Banks. Looks like the rumours reported at the start of the year which were denied were correct after all.
#VTY FY Results. In line with revenue down and adj. PBT increased 2%. Current Sales rate up at 1.42 up from 0.59 with order book at £4.5bn. Expects Revenue and PBT growth at lower margin. Greg retiring - will be interesting to see who fills his shoes.
#GFRD H1 Results. Strong H1 with increased revenue and adj. PBT. FY expected above the top end of expectations. Order book increased to £4.1bn with 98% and 80% of FY27 and 28 revenues secured.
#KIE H1 Results. Revenue and Op.Profit growth, reached an average monthly net cash position. Dividend increased and £25m buyback announced. Order book now at £11.6bn with 94% FY26 and 78% FY27 revenue secured. Momentum continuing. Forecast inline.
The Omloop Het Nieuwsblad today - first proper race of the Spring Classics taking in some of my favourite bergs. 🇧🇪
www.cyclist.co.uk/in-depth/oml...
#CVSG H1 Results. In line with expectations, revenue increased with PBT down 4.4% citing exceptional costs including CMA and the move to Main Market. UK market still soft. Confident in delivering FY expectations.
#COST being added to FTSE 250 from Monday.
Quality business. Im hoping John Morgan isn’t planning to retire any time soon. 10yr adj.PBT CAGR of 18%. Not done bad for a “low margin contractor”
#MGNS FY Results. In line with the expectations set out earlier in the month and well ahead of FY24 (despite “headwinds”). Secured order book of £12bn up 5%, preferred bidder on a further £7.1bn. FY26 expected inline with revised expectations.
#MEGP announces delay to audited accounts. Re-confirms guidance previously issued and has not been informed of any material issues. Shares to be suspended 2nd March and results expected 13th March.
#JET2 TU. Expects FY inline with expectations. Gatwick launch ready for March. Summer seat capacity on sale is 8% higher with booked passengers up 7.9%.
I feel myself instinctively doing the Danny Glover head rotation…
#MONY FY Results. Inline/slightly ahead of forecasts with record revenue despite significant headwinds in car insurance with premiums suffering a 9% decrease. “Transforming the group into a progressive AI-enabled company”. Expects FY26 in line.
…and theres a lot of pitiful lines to choose from…
#GFRD announce appointment to the DfE £15.4bn Construction Framework with lots secured above and below the £12m contract value. Framework runs for 6 years with options for two 1yr extensions.
I think DfE announced this a couple of months ago with #MGNS winning 7lots.
Go to your Following tap top right and make sure Most Recent rather than Popular is checked.
#HTG noting the #BUCE RNS which didn’t seem to mention it was their tech…
Display an album that was important to you when you were nineteen.
Straight from Acid House to Grunge. My recollections of that era are somewhat “hazy”.
Not quite as early as I perhaps I should have. August 2023 - 1902p
Deutsche raised to 5500p.
Earnings visibility and sector rotation. Fit out momentum - rating now more specialised engineering services not construction.
#MGNS Berenberg raise again to 5800p from 5400p. I believe Peel Hunt raised to 5500p from 4800p.
Fit out dominance noted, cash status and PE deserves a higher support services rating not a cyclical builder.
Mello Birmingham 22nd April. Early bird tickets on sale and well worth the investment. A great opportunity to meet up in person.
www.melloevents.com/mellobirming...
#MGNS Recent order book history:
Feb 2020: £7.6bn
Feb 2021: £8.3bn
Feb 2022: £8.6bn
Feb 2023: £8.5bn
Feb 2024: £8.9bn
Feb 2025: £11.4bn
Feb 2026: £19.1bn (including preferred bidder status)
Given consensus is for a revenue decline in 26 and 27 it will be interesting to see what the brokers do….
#BOOT. Appeal on a 1000plots won in Kent with just 19% affordable.
Just one example of numerous housebuilder appeals currently going through the Planning Inspectorate. Strategic land banks are coming forward at a faster pace.
#MGNS FY TU. Record performance in 2025 and 2026 expected ahead of expectations. Record orderbook up 17% at £19.1bn. Fit out expected significantly ahead in 2026.
Normally John Morgan prefers to under promise.
