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The FTSE 100 opened in negative territory as investors continued to reflect on yesterday's terrorist attacks in Belgium. Wall Street closed mixed overnight and Asian markets were lower.
“DIY giant Kingfisher continues to put its own house in order but is paying a high price for the revamp,” says AJ Bell Investment Director Russ Mould.
“The group saw statutory profits fall by more than a fifth as it continues to slimdown the B&Q arm with 30 of the 65 store closures completed. But its Screwfix brand continues to drive growth and the group’s underlying pre-tax profits of £686m were ahead of forecasts and its shares were up in early trading.
“Bookmaker William Hill’s shares plunged after it warned that operating profits would be lower than last year. The group has had its worst Cheltenham results in recent history and the outlook for online results is looking less than encouraging with profits expected to be £20m-£25m lower due to a drop in the number of active users following regulatory changes.
“DFS Furniture had a record first half with group sales up 7% underpinned by its expansion programme. DFS opened one new store in the UK during the period and its fourth in Ireland. It is also encouraged by its operations in the Netherlands and in Spain where it is targeting the large British ex-pat community.”
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