The consumer packaged goods business issued full year results this morning, which appeared to impress the market. Despite a challenging consumer and geopolitical backdrop the company saw both prices and volumes increasing, driving EPS up by almost 20% against the comparative. Management are confident that momentum can be maintained in the mid-term, whilst there’s optimism over the integration of Coca Cola Beverages Africa to drive sustainable profitable growth once this deal completes at the end of the year. In early trade, the Coca Cola HBC share price was around 3% higher.
The soft furnishings retailer Dunelm issued interim results which showed a reasonable performance over Christmas with continued growth in online sales. A 60 bps margin improvement was also noted and the full year outlook remains in line with earlier estimates. Despite the free cash flow position improving, management have pared back the special dividend but this hasn’t dampened investor enthusiasm. The Dunelm share price was around 3% higher shortly after the open.
A half year trading update for the six months to 31st January was issued this morning. Critically, customer confidence appears to be returning, and the company remains on track to deliver against the previously offered guidance. The forward order book is a little lower than the comparative at 4442 homes worth £1.24bn against 4726 at £1.31bn but with operating margins improving, there’s progress being made here. The Bellway share price was trading just over 3% approaching 9am.
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