Good morning!

It’s Graham here with the Mello edition of the SCVR. I will be presenting this report on stage at 11.30.

Wish me luck.


Companies on the radar are as follows. I didn't get to cover Leeds (LON:LDSG) or AdEPT Technology (LON:ADT) before running out of time.

  • Gear4Music


Also, I'm giving a talk at 2pm today, in the PrimaryBid Room, on the subject of IFRS 16. I've spent more hours than I intended to, trying to understand this new accounting standard for leases.

That's probably the best criticism of the new rule: it's more work than simply expensing the lease payments, as companies habitually did for their operating lease payments.

But the new standard arguably presents a better (more realistic) economic picture of the company.

There will doubtless be a lot more to say on this topic in future, but for today, I hope you'll make it to the PrimaryBid Room, at 2pm.


OntheMarket

  • Share price: 71.2p (+3%)
  • No. of shares: 65 million
  • Market cap: £46 million

Persimmon Plc and Onthemarket sign listing agreement

I've been a consistent sceptic when it comes to Onthemarket. Today's news offers some encouragement:

Under the agreement, which covers listing and additional advertising products, Persimmon Plc will list all its residential developments at OnTheMarket from both its Persimmon and Charles Church consumer brands.

Context: Persimmon is said to have sold 16,449 new homes last year. The most recently reported number of total listings at OTMP was reported to be c. 642,000.

So the boost to listings is a few percentage points - not a game changer, but still good news.

OTMP sees it as a strategic success:

"In addition to growing our agent base, a key objective for OnTheMarket is broadening our property advertiser base, with new homes developers a priority focus...

"Following the agreement with Barratt Developments PLC which we announced in September, this latest agreement further broadens our advertiser base and increases our relevance to active buyers in the market, while addressing the opportunities in the new homes market."

And it's probably a win from a PR perspective, getting a household name (is that a pun?) like Persimmon to publicly back the…

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