Rolls-Royce secures funding for small reactor program
Rolls Royce (RR.) Set up a small modular reactor company after securing the necessary funding from the public and private sectors to cover the design phase of the project.
The company is leading a consortium that plans to build a series of small reactors under factory conditions and then assemble them at existing nuclear sites across the country. Members of the consortium are investing £ 195million in addition to the £ 210million in government funding raised last month. Each small modular reactor would be about a tenth the size of a conventional nuclear power plant and produce enough energy to power a million homes. Rolls-Royce chief executive Warren East said the SMR program could generate up to 40,000 jobs by 2050. MF
Less debt, more elevator at Rolls Royce
The deployment of Covid-19 antivirals is accelerating
Who knows? Ultimately, Covid-19 may turn received wisdom about treating the cause of the disease, rather than its symptoms, on its head. Beximco Pharmaceuticals (BXP) announced the launch of the world’s first generic molnupiravir, an oral antiviral drug to treat Covid-19 infections that was recently developed by Merck (US: MRK) and Ridgeback Biotherapeutics. Beximco’s branded generic version of molnupiravir, granted for emergency use in Bangladesh, will be marketed under the name Emorivir. The drug is an antiviral for symptomatic Covid-19 and is under review by several other regulatory bodies, including the European Medicines Agency and the United States Food and Drug Administration. Read our September 28 IC commentary.
Homebuilders manipulating inflation
Less than a week ago, an influential group of developers and investors in the UK housing market warned of ‘labor and material shortages’ and called for a’ radical overhaul »The government’s approach to the provision of housing.
The latest evidence from two of the country’s largest home builders suggests that traffic jams are not hindering maintaining a strong business.
This morning, Khaki (PSN) said its average bookings of private new homes since early July were around 16% higher than the same period in 2019. The group added that it plans to increase sales by around 10% for its current financial year, and that the market adopted the changes to the purchase aid regime and stamp duty “in its wake”.
Persimmon said he continues to “manage” construction cost inflation and supply chain issues through higher selling prices, a point echoed by Vistry (VTY) ahead of its capital markets day today. The Kent-headquartered group, formerly known as Bovis Homes, added that it expects construction cost inflation to climb to between 4% and 5% over the next year, but the material peaks would decrease.
Despite strong trading updates, both groups’ shares fell early in the session.
Separately, Savills (SVS) said it had “continued to trade strongly” since the last market update in August. Estate agents singled out major UK residential and commercial markets where deal volumes are higher than previous expectations and pre-pandemic trading. A
Watches of Switzerland continues to run
Usually when people feel stressed about life, they take a relaxing vacation in a sunny place. With that option off the table, it seems many have instead decided to indulge in luxury retail therapy.
In its semi-annual commercial update, Watches from Switzerland (WOSG) announced the group’s revenue was up 44.6% to £ 586.2million year-on-year and subsequently raised its guidance for the full year .
One concern could be that people tend to buy Rolexes for life, so many sales last year would mean less demand going forward. However, it is gaining new customers in the more fragmented United States, which is its fastest growing market and now accounts for 28% of total sales. It acquired five new stores there, bringing the total to 36 stores in 12 states.
The group’s high-end revenue forecast for the full year has been revised up 9% to £ 1.20bn and Adjusted Cash Profit (EBITDA) is expected to be between £ 81m and £ 83m. million pounds, up about 59 percent. These solid figures enabled it to increase its investment spending and also lower its net debt expectations.
HSBC believes the “valuation still looks compelling” and has raised the target price to 1,430 pence due to its impressive earnings growth power. On the morning of the announcement, the price of WOS increased 11% to 1,262 pa share. LIKE.