Latest News

FTSE 100 Live: Blue chips to open lower, B&Q owner’s earnings plummet


FTSE 100 Live: Blue chips to open lower, B&Q owner’s earnings plummet By Proactive Investors

Breaking News


Stock Markets

Published Mar 25, 2024 07:50

© Reuters FTSE 100 Live: Blue chips to open lower, B&Q owner’s earnings plummet

Proactive Investors – Kingfisher (LON:KGF) PLC, the parent company of home improvement retailers B&Q and Screwfix, faced a challenging trading environment in the last financial year, with revenues and earnings hit by stagnant retail spending.

Year-over-year, total sales decreased by 1.8% with like-for-like (LFL) sales down by 3.1%.

Statutory pre-tax profit fell by 22.3% to £475 million (or down by 25% to £568 million on an adjusted basis), though the group was able to keep its yearly dividend stable at 12.4% with a £300 million share buyback programme also announced.

For the year ahead, adjusted pre-tax profit is expected to be between £490 million and £550 million, with free cash flow projected in the range of £350 million to £410 million​​.

“Despite all the macroeconomic and consumer challenges in our markets over the past year, we have stayed focused on our customers and our long-term strategy,” said chief executive Thierry Garnier.

Stocks to open lower

FTSE 100 futures are pointing to losses when markets open this Monday after rallying to a 12-month high on Friday. The index is expected to open 18 points lower at 7,918.

Blue chips surged nearly 3% higher last week after inflation data came in softer than expected and the Bank of England announced a rather dovish hold on interest rates.

There’s little to move the dial on the macroeconomic calendar this morning, while B&Q owner Kingfisher plc’s final results will be the focus on the company news front.

Over the weekend, it emerged that activist investor Elliott Advisors is calling on Scottish Mortgage to get its portfolio into shape by selling off parts of its portfolio- including risky private investments such as SpaceX.

Read more on Proactive Investors UK


FTSE 100 Live: Blue chips to open lower, B&Q owner’s earnings plummet

Related Articles

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Britain agrees $100 million trade finance to boost Africa food security

Previous article

Emergency power shutdowns in Ukraine’s Odesa after Russian attack

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News