What’s buzzing around these 3 FTSE stocks: Barratt, Boohoo, Kanabo

Summary 

• Barratt completed 17,243 homes in 2021, an increase of over 36% as compared to 12,604 in the previous year.

• Boohoo has entered into a collaboration agreement with Alshaya Group of Kuwait

• Kanabo’s novel vape cartridges are going to hit the market next week.

Despite being impacted by the pandemic and prolonged lockdown restrictions, the UK stock market presents an overall optimistic outlook for the future. Here we take a look at the performance of the much-hyped FTSE stocks - Barratt, Boohoo and Kanabo..

Barratt Developments PLC

Barratt Developments PLC (LON: BDEV), an FTSE 100-listed company and a leading housebuilder in Britain, registered better than expected annual profit (before taxes) driven by tax relief during the pandemic, cheaper loans and high demand for larger homes as people continue to work from home. The company also registered growth in annual profits despite the recent decline in housing prices in the country.

Barratt completed 17,243 homes in 2021, an increase of over 36% as compared to 12,604 in the previous year. The company foresees an optimistic outlook for the new financial year and targets delivery of 20,000 homes by year end. The total forward sales (inclusive of joint ventures) stood at £3.47 billion as of 30 June 2021, which is £0.22 billion above the same time in the previous year.

With profits of £491.8 million in the fiscal year 2019-20 and £904.3 million in 2018-2019, the company’s profit before taxes stood at £430.2 million and £107 million for half years ending 31 December 2020 and 30 June 2021, respectively.

The company’s stock hovers around GBX 696.80, down by 2.00 per cent, at 14:49 PM on 15 July 2021. In the last one year, the stock has given a return of almost 32 per cent.

Also read: Lens on Barratt Developments and Bellway as UK house prices hit a record high in June

Boohoo Group PLC

Boohoo Group PLC (LON: BOO), a London-based fast-fashion retailer, has entered into a collaboration agreement with Alshaya Group of Kuwait. Through Alshaya the company would sell its brands online as well as in franchised Debenhams stores across the Middle East to expand international presence and increasing brand awareness in major territories across the wholesale channel.

Boohoo registered strong revenue growth at about 32% to reach £486.1 million in the quarter ending 30 June 2021. The company profited from the surge in the online shopping trend due to the imposition of lockdown restrictions amidst the pandemic. The recent brand acquisitions of Wallis, Burton and Dorothy Perkins have been pivotal in transcending Boohoo brand value to new heights.

The UK-based retailer has also been focusing on achieving its ESG goals on account of dented consumer sentiment with regard to a supply chain scandal in 2020.

Boohoo shares were trading at GBX 278.30, down by 4.92 per cent, at 15:02 PM on 15 July 2021. In the last one year, the stock has given a return of over 28 per cent.

Also read: Boohoo struggles to keep co-founder away from $100-m US lawsuit

Kanabo Group Plc

Kanabo Group Plc (LON: KNB) is the first cannabis business to be listed on the London Stock Exchange (LSE). The company is engaged in developing and manufacturing a range of cannabidiol-based products designed for medical applications such as pain management in patients. Its first medical cannabis product is all set to be launched in the UK next week.

Kanabo’s medical grade cannabidiol would be used in combination with the inhalation device or vape cartridges called VapePod MD. The product is touted to serve as an excellent alternative to opioid-based drugs that may have addictive side effects.

Company’s cartridges branded as NOIDECS can be only used along with Kanabo's VapePod device, priced at £50 (may vary for various clinics). The revolutionary VapePod will serve as an advancement over the two conventional means of cannabis use for patient care in the UK - smoking marijuana flowers and oral consumption, which are associated with risk of overdose and an undefined effectiveness period.

Also read: How Kanabo will gain from its smashing debut at London Stock Exchange

The VapePod MD will be the first device to have a metered dose, and thus the clinician can prescribe measured dose amounts similar to pills. Vaping offers quicker onset of drug effectiveness and improved bioavailability, which means the time taken by the drug to reach the patient’s blood stream is five times more effective as compared to oral pills.

Kanabo partnered with LYPHE Group, whose ecosystem in the UK encompasses Dispensary Green and The Medical Cannabis Clinic, which provides only patients at these clinics with access to the new products.

Kanabo shares were trading at GBX 16.00 at 15:09 PM on 15 July 2021.