The FTSE-100 listed kitchen fitter Howden saw its shares jump sharply in early trade, following news this morning that he company had made an acquisition and just as importantly had initiated a previously announced share buy back. The acquisition is expected to be accretive immediately with the target’s £390m valuation having been responsible for £136m of revenue and £37m in EBIT in the last year. The Howden share price was up 5% in early trade.
Discount retailer B&M issued full year results this morning. The company has faced a challenging period with some tough comparatives, falling consumer confidence and the launch of a back-to-basics turn-around plan in a bid to shore up performance. Investors have however been quick to cheer the progress here and especially the longer term outlook with a swift return to double digit margins being promised. Despite the dividend also being cut, the B&M share price was up 14% shortly after the open.
A Q1 trading update from the fast fashion retailer Boohoo Group was issued this morning with management noting the company had returned to growth, gross margins were 140bps up and the momentum gained so far is bolstering expectations that double digit EBITDA growth can be seen for the full year. With the turn around plan being seen as a success, the Boohoo share price added 10% by 8.30am.
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