Core Insights - Persimmon reported a strong performance in 2025, with a 12% growth in completions and expects underlying profit before tax at the upper end of expectations, driven by outlet expansion and a robust fourth quarter [5][7][21] Sales and Pricing - Forward sales increased by 2% in value terms, with private forward sales up 4%, although PRS forward sales value declined due to fourth-quarter disruptions [1] - Average selling prices (ASP) rose, with private ASP up 5% and affordable ASP up 4%, leading to a blended ASP growth of 4% overall [3][7] - Pricing incentives have remained stable at around 4% to 5% for the last 18 months, with regional variations noted [2] Completions and Growth - Completions growth was driven by a mix shift across channels, with affordable completions up 30%, PRS up 20%, and private completions up 6% [4] - The company expects around 12,000 completions for FY2026, although growth is anticipated to slow compared to 2025 [10][8] Market Conditions and Land Opportunities - Management highlighted an excellent pipeline of land opportunities, with improved access attributed to better partnerships and brand rehabilitation [12][11] - Recent government progress on planning and infrastructure is seen as positive, although real-world impediments remain [11] Cost Pressures and Margin Outlook - Key cost headwinds include a significant increase in landfill tax and the upcoming Building Safety Levy, which will impact cash costs [6][14] - Despite these pressures, the company expects margin progression in 2026 to be similar to that of 2025 [17] Remediation and Capital Allocation - The company is nearing completion of remediation works, with 90% of known developments either completed or contracted [18][19] - Management anticipates a reduction in remediation provisions over time, although the process may be uneven [19][20]

Core Insights - Covenant Logistics Group reported lower third-quarter earnings due to overcapacity and muted freight demand impacting the trucking industry [1][2] - Adjusted earnings per share were $0.44, down from $0.54 in Q3 2024, while total revenue increased by 2.8% year-over-year to $296.9 million [1][5] Financial Performance - The truckload segment's operating income fell to $9.2 million from $23.1 million a year earlier, affected by rising insurance, wages, and maintenance costs [2] - Freight revenue per total mile increased by 5% year-over-year, but lower utilization led to a decline in overall efficiency [3] - The expedited segment's freight revenue decreased by 9% year-over-year to $80.2 million, while dedicated operations grew by 11% year-over-year to $91.6 million, driven by new contracts in the protein supply chain [3] Future Outlook - The company anticipates a decline in fourth-quarter adjusted earnings per share, citing reduced contributions from its transport enterprise leasing affiliate and the loss of a major managed freight customer [4] - Covenant is evaluating contracts in its truckload business for potential improvements or exits, expecting modest contraction in its combined truckload fleet while focusing on growth in asset-light segments [2]