YP75: Market suffers as uncertainty surrounds Irish economy

On Monday, Hull-based Cranswick, a leading supplier of pork products, released its half-yearly report. The company reported improved pre-tax profits for the first-half fiscal 2011 and said the business is moving into new categories which will lead to further growth opportunities. Gross profit was 51.1m compared with 46.2m in 2009.

A busy start to the week also saw an interim management statement from York-based Persimmon. The homebuilder said it expects to legally complete 9,400 homes for the year ending December 31 and added it was currently trading in line with expectations.

Since July, sales volumes have remained stable with sales prices and margins holding firm. The company is continuing to improve the quality of its existing landbank and underlying operating margins.

On Wednesday, SIG, a supplier of insulation and construction products updated the market with its interim management statement.

The company said it expects the positive sales trends experienced so far in the second half to continue through the remainder of 2010 and added that underlying profit before tax for the year will be in line with the current market expectations of 61.3m.

Management stated it had identified further opportunities for cost savings across the group and intends that all significant restructuring measures will be finalised before the end of the current tax year.

Aviation and distribution group Dart on Thursday announced a half-yearly report in which pre-tax profit rose 38 per cent, to 38.7m, on revenue of 340.4m.

Full-year results are anticipated to be ahead of market expectations, despite increased losses forecast in the second half, due to business growth.

Airline Jet2 increased load factors to 87.5 per cent compared with 81.3 per cent the previous year, helping increase revenue by 25 per cent.

Performance in the groups six-month trading period has outperformed its expectations despite the Icelandic volcano.

On Thursday, Town Centre Securities, the Leeds-based property investment and development company stated that for the period July 1 to November 17, it has continued to progress its strategic objectives.

The company continues to benefit from a broad spread of tenants and its focus on the value for money retail sector. Rent collection has been very strong, and 99 per cent of the rent due at September quarter-days was collected within seven days of the due dates.

The market remains stable and the group has been able to concentrate efforts on working with new and existing tenants.

Adrian Wasson: Assistant Investment Manager, Brewin Dolphin.