European stocks have opened higher on Wednesday, with the FTSE 100 up 0.51% so far. The focus this morning is on Persimmons full year results, Aston Martin full year earnings and Purplebricks update on a potential sale.
- Persimmon reported its full year results on Wednesday, which saw strong performance despite a weaker housing market.
- Total group revenues increased to £3.82bn, with new housing revenues of £3.7bn.
- The group reported an underlying profit before tax of £1bn, up 4% YoY.
- However, Persimmon’s forward private sales rate reflects a significant drop in private sale rates in Q4.
- Current forward sales stand at £1.52bn, including private average sales of £0.81bn with an average selling price of £288,638 indicating that pricing remains firm.
- Aston Martin reported its full year results in line with prior guidance, with revenue growth of 26%.
- Revenue also jumped 46% in Q4 driven by strong pricing dynamics and a favourable mix in its portfolio.
- As a result, the group’s current range GT/Sport sold out for 2023 and Aston Martin remain on track to hit its 2024/25 financial targets
- As for 2023, Aston Martin expect to deliver significant growth in profitability, primarily driven by an increase in volumes and higher gross margin in both Core and Special vehicles.
- Purplebricks have announced an update on its commencement of a strategic review.
- The Group has received several credible expressions of interest that the Board wish to pursue in relation to a potential acquisition of the Company or some or all of the Group’s business and assets.
- The Formal Sale Process will enable the Board and its advisers to conduct an orderly process and engage more widely with potentially interested parties, maximising the outcome for Purplebrick shareholders.