Results round-up

Total first quarter sales at Home Retails Group's Argos chain grew by 2.6% to £868m, the company said, adding that net new space contributed 2.5%, mainly as a result of store openings in the previous financial year.

Like for like sales at Argos grew by 0.1%, although the company said the “cannibalisation impact from the new space added in the previous financial year was around 1% and therefore Argos' underlying like-for-like sales increased by approximately 1%”.

The company also warned that it would have to increase redress provisions by £30m for the full year after charging excess fees to late paying customers.

It added that it was on track to complete its £1.4bn merger with Sainsbury's in the third quarter. Last month the Competition and Markets Authority said it would examine the deal to see if it would lead to "a substantial lessening of competition" for consumers.

DYI chain Homebase was sold to Australian firm Wesfarmers in February for £340m and rebranded as Bunnings, which was seen to make Home Retail more attractive to its suitor Sainsbury.

Online car sales firm Auto Trader Group motored to a £155m pre-tax profit in its first full year as a listed company, up from £10.9m last year.

Revenues rose 10% to £281.6m, while operating profits grew 27% to £169.6 million. Basic earnings per share from continuing operations of were up to 12.67p from 0.85p.

The company proposed final dividend of 1p per share, totalling 1.5p per share for the year and said a rolling programme of share buy-backs would start “imminently”, with the majority of surplus cash after dividends being returned to shareholders.

“The new financial year has started well. Based upon having the largest consumer audience, healthy relationships with our retailers, a robust car buying market and a modest cost base decrease, the Board is confident of further growth in the coming year,” the company said.