The FTSE 100 trades 0.4% higher at 7,189.08 after MPs voted yesterday against a no deal Brexit. The pound held on to gains made overnight despite the fact the vote has no legal force.
International property agent Savills (SVS) reports full-year revenue growth for 2018 but expects to see declining transaction volumes in some markets this year in line with global uncertainties. Investors focus on the latter as the shares sink 8.3% to 847p
For the 12 months to 31 December 2018, pre-tax profits are up 125% to $284.3m. Revenue jumped 259.1% to $4.12bn. These numbers reflect the acquisition of US cinema chain Regal Entertainment.
On a pro-forma basis, or in other words assuming Regal and Cineworld had been a combined entity in 2017 as well, group admissions increased by 2.6% to a record 308m driven by strong film slate in the US, the positive impact of the ongoing refurbishment programme and the continued roll-out of the company's premium formats. The shares respond positively to the numbers, up 6.7% to 308.4p.
Troubled department store Debenhams (DEB) says it will carefully consider Sports Direct's (SPD) offer to provide the company with an interest free 12-month loan of £150m in exchange for a further 5% stake as it required consent of its creditors. It ticks up 2.8% to 3.3p. Sports Direct advanced 1.7% to 280.3p.
Specialist landscape products group Marshalls (MSLH) is 1.6% higher to 554p as it posts an increase in 2018 revenue and pre-tax profit as strong second-half growth offsets the impact of severe weather in the first four months of the year. It saw a 14% increase in group revenue to £491m over the full year, with 17% growth in the second half. Pre-tax profit advances 21% to £62.9m.
Sofa seller DFS Furniture (DFS) more than doubles profits in the first five months of its fiscal year as growth in its online channel helps offset the doom and gloom on the high street, which the retailer warns will continue into 2019.
For the 22 weeks ended 30 December 2018, reported profit before tax more than doubles to £14.1m from £6.2m a year earlier, and revenue is up 29.1% to £422.3m. Investors are not won over though with the shares dipping 1.7% to 231.5p
For the 12 months ended 31 December, adjusted pre-tax profit fell 26% to £282.1m, and revenue fell 7% to £3.87bn.
That was slightly ahead of previous guidance for pre-tax profit toward the low-end of £250m to £275m. Its shares are broadly flat at 120p.