The discount retailer B&M issued a H1 trading update this morning with investors marking down the stock as a result. Revenues were up but falling prices hit margins and the company notes that full year EBIT will be around 25% lower than the comparative. Whilst management are heralding a back to basics approach, the market is clearly focused on the immediate situation with the B&M European share price down 12% in early trade.
The legacy tobacco company issued a trading update this morning noting continued success of its next generation products. The company remains on track to meet full year guidance and has also announced another share buyback, this time for £1.45bn in line with the agreed capital return policy. The note adds that capital returns to shareholders will exceed £2.7 billion in the coming fiscal year, representing around 11% of the company’s market capitalisation. The Imperial Brands share price was almost 3% higher by 9am.
The South African based speciality metals producer Ironveld issued a note this morning advising that a 74% owned subsidiary had entered into a binding mining operations agreement that will see a third party take over full financial responsibility for a site over the next five years. The move cerates a sustainable revenue stream for Ironveld and allows the company to pivot to a lower risk model. The Ironveld share price was up 36% in early trade.
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