深夜影院

Slow first quarter sales failed to dampen market sentiment around Kingfisher (KGF), as the B&Q owner pressed on with its turnaround strategy and maintained full year profit guidance.

The DIY retailer blamed a tough comparator period for a 0.9 per cent drop in like-for-like revenue, which was in line with analyst expectations, and said it remains on track to deliver adjusted pre-tax profit of 拢565mn to 拢625mn for FY26/27, and free cash flow of 拢450mn to 拢510mn.

Chief executive Thierry Garnier emphasised the group鈥檚 commitment to cost management and 鈥渃onsistent鈥� shareholder returns, which helped reassure investors alongside Kingfisher鈥檚 拢300mn share buyback programme.

The shares rose 4 per cent in early trading. Interim results are expected on 22 September.

Veterinary services company CVS (CVSG) has launched a new 拢50mn share buyback scheme as part of an effort to rebalance its capital allocation after joining the main market earlier this year and refinancing a large chunk of its debt. The shares rose 5 per cent in response.

As agreed at the annual general meeting last November, the maximum number of shares available to buy will be capped at around 6mn, out of a current free float of 70mn shares.

In addition, the company refinanced 拢350mn of bank facilities due in February 2028 on what management said were better terms. The company鈥檚 stated leverage target is no more than two times net debt to Ebitda, with some headroom to increase that ratio in pursuit of acquisitions. This is particularly important in relation to increasing its presence in Australia, where CVS expects to deploy 拢50mn annually in pursuit of that goal.

The company is due to announce its next trading update on 23 July, with the full-year results for the year ending 30 June due on 24 September.

Homewares company Ultimate Products (ULTP) is set to appoint Princes Group (PRN) chief executive Simon Harrison as its new head.

Harrison, whose announced departure from recently listed Princes caused a 13 per cent slump in its share price last week, will join Aim-listed Ultimate Products in September and take over as chief executive once incumbent Andrew Gossage steps down at the end of October. Gossage has been at Ultimate Products since 2005.

Both Gossage and the company鈥檚 co-founder Simon Showman are moving into non-executive roles, although Showman continues as president and founder. He also remains the group鈥檚 biggest single shareholder, with about 22 per cent of the shares. Co-founder Barry Franks also retains a stake of about 12 per cent, while Gossage holds just below 10 per cent, according to Modular Finance.

Harrison had been at FTSE 250-listed Princes Group for five years and had served the past two as chief executive. Prior to that, he had spent almost 20 years at Coke bottler Coca-Cola Europacific Partners (CCEP). 

Ultimate Products鈥� shares rose by 8 per cent, bringing its market capitalisation to 拢44mn.

Atalaya Mining (ATYM) has said its costs for the year could be around 5 per cent higher than guidance if diesel and explosives prices remain elevated. The Spanish miner has already seen profits fall in the first quarter because heavy rain reduced copper output, although higher prices helped make up some of the shortfall. The cash profit for Q1 was 鈧�48mn (拢41mn), down 5 per cent on a year ago.

Guidance for all-in sustaining costs for the full year is $3.10-$3.40 per pound of copper, and Atalaya reported $3.20 for the first quarter. The higher diesel and explosives costs could add 15-20垄 per pound to the full-year all-in cost, the company said.

Despite the warning over the Iran war impact, investors looked positively at the update on the miner鈥檚 new Touro project in Galicia. 鈥淎talaya鈥檚 local entity has received positive feedback on the permitting process,鈥� the company said. Its shares climbed 6 per cent.

Melrose Industries (MRO) shares fell by 5 per cent after the company announced that an area around its Garden Grove plant in California has had to be evacuated due to fears around a potential explosion.

The company said a 鈥渢hermal issue was identified鈥� with a storage tank containing methyl methacrylate, a chemical used for plastic production, at a GKN Aerospace site last Thursday, and that the local fire authority evacuated people from the surrounding area on Friday.

However, it stressed that 鈥渘o injuries, leaks or contamination鈥� have occurred and that the mandatory evacuation area has now been 鈥渟ignificantly reduced鈥�.

The local fire authority said on Sunday that the risk of a massive explosion from the tank had now been eliminated but there was 鈥渟till an ongoing threat to public safety鈥�.