Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Full year numbers from Kingfisher today paint something of a mixed picture for the owner of companies like B&Q and Kingfisher. Sales are broadly flat but profitability has been hit. The company remains committed to its turn around plan, but Castorama in France clearly remains problematic. The company appears committed to challenging this rather than exiting the division altogether, but investor patience may start to run thin. A separate announcement that the company has started the succession planning process for its CEO would seem to validate this concern.
Good Energy, the 100% renewables power generation and supply company, published full year results this morning. Revenues and gross profits are both up around 12%, although rising administration costs have served to take a toll on earnings per share. The company believes however that it is well placed, at a time when a number of competitors have gone bankrupt.
Chain restaurant group Tasty, the company behind dimt and Wildwood, published full year numbers this morning. The high street dining market continues to struggle against a slew of private equity backed businesses and this is clear in today’s results. Gross profit fell by more than 50%, pushing the company to an operating loss for the year. Economic uncertainty caused by Brexit is taking a toll, although competitor closures have helped provide a ready pool of high calibre staff. Once again, no dividend has been declared for the year.