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North-focused housebuilder Redrow lifted profits 91% in the year to end-June and was bullish about the forthcoming 12 months after strong increases to its land bank and order book. Profit before tax rose 91% to £132m, with the government's Help to Buy supporting 35% of completions.

Solly lolly: Perform hasn’t. Shares in the sports media group have been kicking around at 210p compared with a 2013 high of almost 600p. Apparently the U.S. billionaire only wanted to increase his shareholding above 50% by buying in the market. But those wild-eyed fundamentalists at the Takeover panel required him to make a full £702 million takeover offer. The panel must believe that Mr Blavatnik’s sway on the business would be considerable if he achieved majority control. It would thus be fair for all minorities to receive a takeout offer at the same level. Mr Blavatnik knows he needs acceptances equivalent to little more than 7.5% of the equity to cross the 50% threshold. Then an increase to 75% followed by a delisting will be a fait accompli. The panel’s judgment therefore apportions disadvantage with Solomonic even-handedness.

Rosneft proposes Chinese company take stake in Russian oilfield: Rosneft is proposing that China take a stake in one of its largest oilfields, in a deal that would further deepen energy ties between Moscow and Beijing at a time when the future of western companies in Russia is uncertain.

Star fund Manager cashes out of HSBC: Neil Woodford has dumped his entire shareholding in HSBC amid concerns that Britain’s biggest bank faces further heavy fines that could hamper its ability to increase dividends.

UK number of mortgage approvals for house purchases fell in July In July, number of mortgage approvals for house purchases in the UK recorded a drop to 66.6 K, higher than market expectations of a drop to 66.0 K. In the prior month, number of mortgage approvals for house purchases had recorded a revised level of 67.1 K. UK net lending secured on dwellings advanced more than expected in July In July, net lending secured on dwellings climbed by £2.3 billion in the UK, more than market expectations for an advance of £2.0 billion. Net lending secured on dwellings had climbed by a revised £2.2 billion in the earlier month. UK net consumer credit rose more than expected in July In July, net consumer credit registered a rise of £1.1 billion in the UK, compared to a revised advance of £0.7 billion in the earlier month. Market expectations were for net consumer credit to advance by GBP 0.6 billion.

TSB will pay a year’s worth of council tax for new borrowers taking out a mortgage between 75 and 90 per cent LTV. The lender will pay off the tax up to a maximum of £2,500, with the offer open to both first-time buyers and home movers.

The disposal of a portfolio of the Group's ground rent assets for £99.8 million, which completed on 17th June 2014, has contributed to a strong operating cash inflow over the period. The Group currently expects to remain ungeared following the dividend payment of 90 pence per share (£121.7 million) on 26 September 2014. A further 180 pence per share is payable as dividends in order to meet the first milestone of paying 434 pence per share by September 2015. The Board has previously indicated that it will aim to make regular dividend distributions where conditions permit and is on track to meet this commitment. Looking to the next milestone of 433 pence per share in September 2018, the Board intends to meet a proportion of this through regular dividend payments, where market conditions permit.

Apple mulling $400 price for its iWatch ahead of mystery launch: Apple is reportedly considering a $400 (£240) price point for its upcoming wearable device due to be unveiled, along with two new iPhones, next Tuesday.

Graphene market heating up for Cientifica: Cientifica, an investor in products made from wonder material graphene, is plugging into a firm developing infra-red heating. The Aim-listed outfit has bought a 24% stake in Yorkshire’s G Heat and will also invest up to £204,000 through convertible loan notes.

Buy Unite for property investment: Student accommodation provider Unite Group said that it has already let nearly all its rooms for the next academic year and at higher rents. The average cost of the debt has been reduced to 4.7%, down from 5.3% at the end of June last year and almost all the interest rates are fixed. The average debt maturity has also increased to more than seven years, from less than five at the end of June last year. The portfolio of student accommodation yields a steady 9% to 10%. Student numbers are also resilient. Mark Allan, Chief Executive, said that the latest figures from UCAS show university applications up 3.6% for this academic year. Occupancy levels for Unite’s accommodation in the current academic year are a record 92%, from 90% in the prior comparable period. This has all had a positive effect on the value of assets that support the share price. The net asset value of the property portfolio increased by £134 million to £816 million at the end of June. That equates to an increase in net asset value per share to 402p, up from 382p. Unite expects to add 1,600 beds in London in the next two years. The shares don’t offer much by way of income. The 5.6p prospective annual dividend, yields about 1.3%. However, Mr Allan expects to increase the payout and analysts forecast as much as 8.1p next year, or 45% increase. What you are paying for here is the growth in the net asset value of the property portfolio, and that doesn’t look unreasonable. The shares are up 23% on our original recommendation (357p, August 30) and still look attractive. Unite Group at 438p -2.2p Questor Says ‘Buy’.

UK house prices rose more than expected in August The seasonally adjusted house prices in the UK registered a rise of 0.8% in August on a monthly basis, higher than market expectations for an advance of 0.1%. In the earlier month, house prices had registered a revised rise of 0.2%.

Demand for rental properties across the UK grows by 18pc on an annual basis amid shrinking supply, report finds

Buoyant Hargreaves Lansdown 'poised to apply for a full banking licence': Financial services group Hargreaves Lansdown is expected to say it will apply for a full banking licence to take advantage of a growing flood of client money through its business.

Property prices soar in London's Square Mile: Residential property prices in the Square Mile are soaring, rising 71% since the last housing market crash as domestic and overseas buyers clamber to own a home in the heart of the capital.

Red flags make APR Energy a sell: APR Energy, the temporary power company, spooked investors by warning of rising costs and a boardroom reshuffle that combined sent shares almost 8% lower. Questor thinks the latest round of boardroom changes should be a red flag to any investor. Laurence Anderson, Chief Executive, told Questor that increased costs of operating in Libya and Iraq would reduce results this year. He expects earnings before, interest, tax, depreciation and amortisation to be up to 5% lower, or about $16 million, off the full year target of about $321 million (£194 million). The warning on earnings came alongside more action in the APR boardroom. Only two months ago, Andrew Martinez the Chief Financial Officer, announced his resignation on June 5. Now Mike Fairey, the Non-Executive Chairman is making for the exit and John Campion, the Co-Founder and Chief Executive, will step up to Executive Chairman. Laurence Anderson, the Co-Founder and President of APR, will become Chief Executive. The typical customer is a country where growth has outstripped the power grid or a natural disaster has destroyed capacity. APR has units in Indonesia and Senegal, and recently signed its biggest contract to supply war-ravaged Libya with electricity. The results in the first half were in line with guidance given last month. APR said revenue was up 192% to $254.2 million, giving pretax profits of $54.3 million during the six months ended June. The fleet size of generators increased by 37%, to 2,194 megawatts from a year earlier. The shares may look like they offer value, trading on about 8.7 times earnings and backed by assets, but Questor thinks this is a value trap. Those assets are worth a lot less if they are not on hire, as was the case with about 30% of the fleet at the end of June. We still don’t think there is value here. APR Energy at 505½p-41½p Questor Says ‘Sell’.

Shell could resurrect controversial Arctic oil drilling plan: Royal Dutch Shell could resurrect its controversial plan to drill for oil in the Alaskan Arctic after filing new plans with the U.S. government.

Roadside warriors: A Chief Executive aspires to become the toast of the City. Too often, he merely becomes toast. Chris Jansen has joined the legion of the lightly grilled after just eight months at the top of the AA, the insurer and roadside rescue group. Mr Jansen discussed a possible secondary buyout of the AA with would-be buyer Apax this spring. Instead, former Green Flag Boss Bob Mackenzie mounted an innovative initial public offering to transfer AA from the Ownership of private equity houses to that of long funds. Mr Mackenzie one-upped both Mr Jansen and the RAC with his accelerated bookbuild. But, the rival roadside assistance group should not suffer by being the second to float, if it does so this autumn. AA, bearing a burden of seven times debt to bare earnings, is one of those companions that can make a person better-looking by comparison. RAC was geared around five times at the end of last year, which is still steep. A valuation of £2 billion is mooted, presumably including debt. That implies an enterprise value of around 14 times earnings, higher than AA and a shade less than the median for a consumer services group.

Fridge shall speak unto oven via fully-priced CSR: Dry your tears with £50 notes. Another one-time U.K. tech hopeful may be taken over for a stiff price. CSR, best known for making wireless phone headsets beloved of minicab drivers, has fielded and rejected an offer from U.S. partner Microchip Technology. No auctioneer talks down the price of a lot. So the suggested value for the business of more than £1.7 billion, or £10 a share after cash deductions, could ordinarily be dismissed as toppy. However, prices for tech businesses continually surprise gloomsters. So a premium of 80% is conceivable. Liberum suggests £7-£9 a share would be more reasonable. In April, Wolfson Microelectronics, a weaker, smaller business, was snapped up by Cirrus Logic of the U.S. at a 75% premium, equivalent to 20 times forecast 2015 earnings. At £1.7 billion, the business formerly known as Cambridge Silicon Radio would go out for roughly 37 times predicted 2014 earnings. That is where Arm, designer of chips for mobile devices, trades. Arm is a better business. CSR has been reinventing itself and earnings have been patchy. But there is a premium for control.

Pernod Ricard: flagging spirits: Drinks maker Pernod Ricard has a lot of debt. It is not excessive – not maxed-out-credit-card high or reach-for-a-bottle-of-Chivas-Regal high – but high enough to be concerning. Full-year numbers on Thursday showed that its €8.4 billion of net debt is 3.6 times earnings before interest, tax, depreciation and amortisation. The sector average, according to Bernstein, is 2.5 times. But that does not mean that the chance of M&A has gone forever. And Pernod Ricard increasingly looks like it might need a dose of dealmaking. Results for the year to June were poor, although that was largely down to currencies. Even stripping that out, though, the numbers were uninspiring. Falling sales in China, where Martell and Chivas have been hit by the curbs on conspicuous consumption, offset better performances elsewhere so revenues were flat. The 2% increase in underlying profits was mostly due to lower advertising spending. Pernod is also in the midst of a €150 million cost-cutting programme, with most of the benefits to come over the next three years. But cost-cutting is no basis for long-term growth. Pernod Ricard has not made any big acquisitions for a while – the last one was a €5.6 billion deal for the Owner of Absolut vodka in 2008. But when sales are generally sluggish it might be time for Pernod to start looking around. First, though, it needs to cut down its debt.

Gulf Keystone plans return of foreign workers to Kurdistan: Gulf Keystone Petroleum is planning the return of evacuated staff to the Kurdistan region of Iraq amid a resumption of flights to its capital Erbil by some airlines.