Kingfisher reinstates dividend, Centamin profit surges
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The FTSE 100 is expected to open 19 points lower on Monday, having closed down 1.05% on Friday at 6,708.71.
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B&Q owner Kingfisher reinstated its dividend as it reported soaring annual profits and a strong start to the new fiscal year on higher demand from “a new generation of DIYers” working from home during the Covid-19 pandemic. Pre-tax profits rose 634% to £756m on a 7.2% increase in sales to £12.3bn. A dividend of 8.5p a share was declared against 3.33p a year earlier. First quarter like-for-like sales were up 24.2% to March 18, Kingfisher said on Monday.
Centamin's pre tax profit for the year to the end of December jumped 82% to $315m (£228m) as the higher price of gold more than offset a dip in production during the Covid-19 crisis. Revenue rose 27% to a record $829m and earnings before interest, tax, depreciation and amortisation increased 54% to $439m. The FTSE 250 gold miner proposed a final dividend of 3 cents a share, taking the total 2020 payout to 15 cents a share. Centamin said it would pay at least $105m of dividends in 2021.
Student housing developer and operator Unite said on Monday that a resolution to grant planning permission for its 700-bed student accommodation development at Derby Road in Nottingham had been received. The FTSE 250 company said the direct-let development, adjacent to the University of Nottingham campus, would open for the 2023-2024 academic year, adding that it had secured additional beds for the scheme through the planning process, resulting in total development costs of £57m. It said the project would deliver a development yield in line with its stated targets.
Newspaper round-up
A year of Covid-19 lockdowns has cost the UK economy £251bn – the equivalent of the entire annual output of the south-east of England or nearly twice that of Scotland, according to a report published on Monday. Analysis by the Centre for Economics and Business Research found that while the whole of the country had suffered huge damage from restrictions on activity since the first national lockdown began, some poorer regions had suffered the most. - Guardian
Britain’s Covid vaccine programme faces a two-month delay in the event of an EU export ban, derailing the government’s plans to reopen the economy this summer, an analysis for the Guardian reveals. A ban, due to be debated by leaders of the 27 EU member states on Thursday, would badly stall the UK vaccination effort, and would be likely to force the government to extend restrictions on people’s lives. - Guardian
A powerful group of MPs will meet on Monday to decide whether to launch a formal inquiry into the collapse of supply chain financier Greensill, amid claims that former prime minister David Cameron personally lobbied the Government on its behalf. The Treasury Select Committee is expected to discuss the prospect as calls grow for an investigation into Mr Cameron's alleged efforts to secure access to emergency coronavirus lending for the company. - Telegraph
Thousands of people from Hong Kong risk losing access to their pensions if they come to the UK under a new visa scheme. In retaliation at the UK offering a new visa, China initially announced it would not recognise the BN(O) passport as a travel or ID document from January 31, when the UK opened its doors. Some 3m Hongkongers hold BN(O) status - many with BN(O) passports - and are eligible to move to the UK under the new visa. - Telegraph
Covid-19 put James Bond’s latest mission on hold. Hercule Poirot’s cruise down the Nile was delayed. Lieutenant Pete “Maverick” Mitchell, set to take to the skies once more, was grounded. Cinema executives hope that such blockbuster heroes will ride to their rescue when they return to the silver screen. Thousands of multiplexes have been dormant for a year. Their owners fought for survival while releases such as the latest 007 film, No Time to Die, were pushed back again and again. - The Times
US close
Stocks closed in a mixed state on Wall Street on Friday, with the Dow Jones Industrial Average down 10.71% at 32,627.97.
The S&P 500 slipped 0.06% to 3,913.10, while the Nasdaq Composite gained 0.76% to 13,215.24.