Persimmon set to ride housing slump
Housebuilder Persimmon will offer the latest update on the UK housing market next week, while gift wrap supplier International Greetings will also provide figures.Persimmon will be looked to for more signs of resilient trading, after it underlined its "excellent prospects" earlier this year by setting aside £1.9 billion to return shareholders over the next decade.
The group, which will provide a trading update on Tuesday, has ridden out the weak housing market by focusing on building family homes in affluent areas and more recently has benefited from a resurgence in the first-time buyer market.
The York-based builder, whose brands include Charles Church and Westbury, reported a 20% rise in its weekly sales rate for first quarter of 2012 and said visitor levels at its sites were around 10% higher.
Keith Bowman, an analyst at Hargreaves Lansdown, said: "The coming update is expected to see a continuation of positive trends. Sales levels are forecast to have remained strong, with the group's profit margin benefiting from the usage of more recently acquired cheaper land."
The City expects first-half pre-tax profits of £75.3 million, up 29.6% on the previous year.
Meanwhile, a company that makes half the gift wrap sold in the UK is expected to report a sharp rise in profits on Wednesday as it benefits from being stocked in value retailers such as Poundland and 99p Stores.
International Greetings, which is the official supplier of Christmas crackers to the Queen and also makes cards and stationery, has said profits for the year to the end of March will be at the top end of City expectations after a strong final quarter.
Arden Partners analyst Ben Thefaut predicts the group will report a 37% rise in pre-tax profits to £7.1 million for the year to the end of March.
He said the Hatfield-based company, which was formed in 1979 and now sells in 20 countries, has benefited from strong sales of 'value' cards, helped by being listed in discount stores and supermarkets such as Tesco and Asda.
The City expects first-half pre-tax profits of £75.3 million, up 29.6% on the previous year.
Meanwhile, a company that makes half the gift wrap sold in the UK is expected to report a sharp rise in profits on Wednesday as it benefits from being stocked in value retailers such as Poundland and 99p Stores.
International Greetings, which is the official supplier of Christmas crackers to the Queen and also makes cards and stationery, has said profits for the year to the end of March will be at the top end of City expectations after a strong final quarter.
Arden Partners analyst Ben Thefaut predicts the group will report a 37% rise in pre-tax profits to £7.1 million for the year to the end of March.
He said the Hatfield-based company, which was formed in 1979 and now sells in 20 countries, has benefited from strong sales of 'value' cards, helped by being listed in discount stores and supermarkets such as Tesco and Asda.
© 2013 Press Association