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Three things you need to know in the financial markets this morning from investment writer, Tony Cross.

Kingfisher

Full year results from Kingfisher [LON:KGF] are out this morning, covering the period to January 31st and showing sales holding broadly flat although profit margins were under a degree of pressure. More significantly however is the early picture being painted for the current year, which shows like for like sales down 25% after the COVID-19 pandemic hit trade, although the note adds that performance up to mid-March showed a trend of improvement. Digital channels have performed well during the lockdown but given the uncertainty that lies ahead, no final dividend will be payable.

Berkeley Group

Construction firm Berkeley Group [LON:BKG] has published full year results today for the period to April 30th. Revenues and profits declined by around one third, but this was anticipated and reflected the completion of some legacy projects in central London in recent years. The company notes that the COVID-19 crisis has had limited impact on its mid-term financial objectives, although cautions that risks remain, either as a result of a second wave or alternatively if there is a disorderly end to the Brexit transition.  The business has been structured to weather a cyclical market and with that in mind, shareholder returns continue unabated.

Boohoo

Fashion retailer boohoo group [LON:BOO] has published results for the first three months of its trading to May 31st this morning. As a purely online retailer, the company saw a 45% increase in group-wide sales over the period and believes that growth can be maintained, although it cautions that consumer uncertainty will likely result in periods of promotional activity. Regardless, revenue growth for the year is expected to be up 25% with EBITDA between 9.5% and 10.5%. The company recently completed a fund raise of almost £200m to assist with the purchase of likely distressed assets and notes that owing to strong trading, it hasn’t needed to call on government support schemes.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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