On 31 May, the ( ) share price fell 4.7%. That was the day on which the company announced its results for the 53 weeks to 3 February 2024.
Details of its financial performance were due to be published two days earlier. Any delays to scheduled events, particularly with companies that are supposed to be organised and well managed, usually upsets investors. But on this occasion nobody appeared too bothered and its share price increased 10.
2% in the week leading up to results day. And despite falling heavily on 31 May, the shares ended the week 5% higher. Perhaps those who bought a few days earlier were expecting more impressive results.
But I’m not sure why. When the company announced it was delaying publication it gave a big clue saying: “ ”. No surprises Adjusting for exceptional items, and comparing the 52 weeks to 27 January 2024 with the same period in 2023, revenue was 2.
7% higher. But operating profit fell 8.1% and earnings per share were down 9.
1%. The company blamed a lack of product innovation and a drop in promotional activity (in a wider market that was heavily promotional) for its disappointing performance. However, its profit before tax (PBT) for the full year (£917m) was in line with analysts’ forecasts.
I suspect the tumble in its share price reflects some profit-taking after some speculative trading in the run up to the announcement, rather than fundamental concerns about the company. For its 2025 financial year, the directors are predicting a PBT of £.
