Crest Nicholson, British Land and Lonmin

“The FTSE 100 started the trading week in subdued mood with further downbeat data from China adding to fears over the state of the global economy, while oil prices and the likely impact of Brexit also remain in focus,” says AJ Bell Investment Director Russ Mould.

“Both sides on the EU Remain or Leave divide will claim support for their views after an update by housebuilder Crest Nicholson and full-year figures from property developer British Land.

“Crest Nicholson dispelled any qualms over the impact the EU referendum might be having on house prices by confirming that its revenues are on course to hit £1bn. Sales rates at its outlets continue to rise and total forward sales are up 22% on last time. The group’s confidence is underpinned by robust employment conditions and good mortgage access.

“British Land, though, was rather less bullish. Its underlying profits rose in the year to the end of March but it has noted that some occupiers are delaying decisions to take space until after the EU referendum.

“Lonmin was a strong early riser after its restructuring plans turned a $6m first half loss a year ago into earnings of $36m this time. The cost cutting programme is ahead of schedule with more than 5400 people leaving the group by the end of March and with nearly 1500 having been redeployed into more productive roles following reskilling.”

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