26th May 2026 07:48
(Alliance News) - Kingfisher reports lower like-for-like sales in a soft market, CVS Group launches a share buyback programme after refinancing its debt and Shawbrook reportedly considers a merger with competitor bank Aldermore.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.5% at 10,414.76
GBP: higher at USD1.3478 (USD1.3441 at previous London equities close)
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BROKER RATINGS
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Barclays raises British Land to 'overweight' - price target 465 pence
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Goldman Sachs cuts Taylor Wimpey to 'sell' (neutral) - price target 75 (95) pence
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COMPANIES - FTSE 100
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Kingfisher reports lower like-for-like sales for its first quarter to the end of April against a "soft market backdrop" but says it is on track to deliver its full year guidance. The London-based home improvement products retailer says first quarter sales rise 1.4% to GBP3.30 billion on a reported basis, but fall 0.9% on a like-for-like basis. Underlying sales, excluding calendar and leap year impact, fall 0.7%. "We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop," says Chief Executive Officer Thierry Garnier. The firm says its core categories are "resilient" despite a late start to spring impacting footfall. B&Q sales fall 3.0% on a reported basis to GBP1.03 billion, and are down 4.1% on a like-for-like basis. Screwfix sales increase 5.5% to GBP712 million, or 4.1% on a like-for-like basis. Looking ahead, Kingfisher says it is on track to deliver full-year guidance. It expects adjusted pretax profit between GBP565 million and GBP625 million for the full financial year to the end of January 2027, higher than GBP560 million it had reported for financial 2026. CEO Garnier says: "While mindful of the consumer environment, we remain absolutely focused on delivering our strategy, disciplined gross margin and cost management, and consistent shareholder returns. We are confident in achieving our full-year guidance and are well positioned to capitalise on the attractive long-term growth opportunities across our markets."
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Melrose Industries reports an ongoing incident at GKN Aerospace's Garden Grove facility in California, US. The Birmingham, England-based aerospace and defence business says a thermal issue was identified regarding a storage tank containing methyl methacrylate on Thursday. The firm says the Orange County Fire Authority made a precautionary decision on Friday to issue mandatory evacuation orders for parts of the surrounding area. "Since then, technical specialists, the emergency services and the relevant authorities have continued to work closely to resolve the situation, with a focus on ensuring the safety of the local community, employees and everyone else involved," Melrose says. Due to "positive progress", on Monday the mandatory evacuation order was "significantly reduced". By Monday evening, no injuries, leaks or contamination had occurred. "The progress made over the last few days is testament to the continued skill and dedication of all the support teams and services involved," Melrose adds.
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COMPANIES - FTSE 250
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CVS Group refinances its bank debt facilities on improved terms and launches a GBP50 million share buyback programme. The Norfolk, England-based provider of veterinary services says its GBP350 million bank debt facilities, which were repayable on February 21, 2028, have been successfully refinanced on improved terms. The new facilities are a GBP125 million term loan repayable on May 20, 2030, a revolving credit facility of GBP225 million repayable on the same date, and the existing GBP5 million overdraft facility, renewable annually. CVS says the margin payable on drawn debt has reduced by 20 basis points. It has an option to extend these facilities for a further year. CVS says it believes it is well positioned for growth, but says its current rating make a buyback of shares attractive. It launches a GBP50 million share buyback programme, to be conducted by Peel Hunt and Berenberg, which will be completed by November 24. CVS also announces the acquisition of a further single site first opinion companion animal practice in Sydney, Australia. The initial consideration is AUD8.2 million, or around GBP4.4 million. "We are pleased to have refinanced our bank facilities through to May 2030 on improved terms. This provides additional flexibility and firepower to launch a meaningful share buyback programme, alongside disciplined capital allocation in enhancing our estate and quality of service to our customers and investing in our attractive pipeline of accretive acquisitions," says Chief Executive Officer Richard Fairman.
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Shawbrook Group is considering to merge with competitor bank Aldermore, Sky News reported on Monday. The Essex, England-based digital banking platform is reportedly in the early stages of considering whether to make an offer for Reading, England-based Aldermore, which has been put up for sale by its South Africa-based owner FirstRand. Industry sources would be "surprised" if Shawbrook would not participate in the sale process, Sky reported. It was not clear whether FirstRand might seek to sell Aldermore with or without Motonovo, its car finance arm.
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OTHER COMPANIES
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Ryanair Holdings says it is "effectively debt free" after repaying its last EUR1.2 billion bond. The Dublin-based budget carrier says it is the first time since it floated in 1997 that it has repaid all its debt, leaving an "unencumbered" fleet of 620 B737 aircraft. "This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive (long-term) debt and aircraft leases and will enable Ryanair to continue to grow traffic at much lower fares than our competitors, bringing even more value to consumers all over Europe," says Chief Financial Officer Neil Sorahan.
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Gem Resources says no decision has been taken regarding seeking cancellation of its listing in London to become a private company. The emerald miner in South Africa, Zambia and Australia notes "recent market speculation", including on investor bulletin boards. It says this speculation suggests it intends to seek cancellation of the listing of its ordinary shares on the equity shares (transition) category of the official list and admission to trading on the Main Market of the London Stock Exchange, to become a private company. "As previously announced, the company continues to evaluate strategic and corporate opportunities in the ordinary course of business and will make further announcements as and when required," Gem Resources says.
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VVV Sports proposes a placing to raise GBP5 million to fund its US expansion. The sports, media and entertainment business intends to seek a dual listing on the Nasdaq Global Market in the US, while retaining its listing on the Aquis Stock Exchange Growth Market. VVV Sports says the issue price for the placing is expected to be at or around the current market price. The firm says it is also progressing plans for a US Padel Centre of Excellence in New York. It expects the placing to close by the end of June. "The board believes the company is well-positioned to capitalise on significant growth opportunities in both sports, particularly in the US, where demand for padel and pickleball infrastructure substantially exceeds current supply," it adds. It acquires Topseries Pickleball, a leading pickleball circuit operating outside the US.
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By Michael Hennessey, Alliance News reporter
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Related Shares:
British LandTaylor WimpeyKingfisherMelroseCVS GroupShawbrook GroupRYA.LGem Resources PLC