Property giant GPT boosted by improved economic sentiment
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Property giant GPT has forecast an 8 per cent growth in earnings for the full year underpinned by improving consumer confidence and the assumption of no new shocks from the global pandemic.
GPT chief executive Bob Johnston said there were signs of a recovery in sentiment in the March quarter across its main businesses - retail, office and the logistics and warehouse operations. “The group’s diversified portfolio continues to benefit from the economic recovery currently underway,” he said.
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âHub and homeâ: New norm for workers is a grim reality for office owners
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Office landlord GPTâs boss Bob Johnston is not quite ready to pull up the white flag in the battle to get workers back to city offices, but he admits the remote working trend is here to stay.
Workers, scattered across their home offices and armed with technology â from messaging to video-conferencing apps - are not in a rush to return to the towers. And even those keen to get back are tilting towards a hybrid model â dividing their time between open plan offices and their work stations at home.
Woolworths, Afterpay and Stockland are still key picks
Analysts like the outlook for the grocer, point out rising competition for the buy now, pay later leader and say residential settlements will buoy the property developer.
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Industry background: The food and grocery sector has enjoyed record sales growth, buoyed by panic hoarding and pantry stuffing at the peak of COVID-19 followed by elevated demand from people spending more time at home and treating themselves by spending money they would otherwise have spent on travel and eating out. Elevated demand enabled retailers to cut back on discounting, boosting gross margins, while coronavirus-related costs eased in the December half.