C&C holds annual guidance, Kingfisher reports small sales increase
By Josh White
Date: Wednesday 28 May 2025
(Sharecast News) - London open
The FTSE 100 is expected to open three points lower on Wednesday, having closed up 0.69% on Tuesday at 8,778.05.
Stocks to watch
Bulmers cider maker C&C said it expected a limited impact from US tariffs as it held annual guidance and reported a jump in profits for 2024/25. Operating profit surged 28.5% to €77m for the 12 months to February with net revenue up 13% to €1.66bn.
DIY retailer Kingfisher reported a small increase in underlying sales in its first quarter as continued weakness across its French operations was offset by strong growth in the UK and Ireland. Group sales totalled £3.31bn over the three months to 30 April, up 2.2% over last year at constant currencies, with like-for-like sales rising 1.8%. Chief executive Thierry Garnier said the company "made a good start to the year" as he reiterated full-year guidance for adjusted profits and free cash flow.
Pets at Home reported a modest 0.1% rise in statutory revenue to £1.48bn for the 2025 financial year on Wednesday, with group underlying profit before tax increasing 0.7% to £133m, as strong double-digit growth in its Vet Group offset weaker retail performance amid a subdued UK consumer environment. Strategic progress included completing a digital platform rollout and distribution centre optimisation, boosting subscription revenue and Pets Club membership, while laying foundations for a new insurance venture. The FTSE 250 company guided for 2026 underlying PBT of £115 to £125m, with continued investment in vets, digital growth and insurance, alongside a £25m share buyback.
Newspaper round-up
Donald Trump's global tariff trade war is "nonsense and stupid" and will damage every country in the world, including the US, the boss of one of Britain's most powerful property companies has said. Mark Preston, chief executive of the 348-year-old Grosvenor Group, controlled by the Duke of Westminster, said he was "convinced" that the president's sweeping tariff policies would ultimately be removed. - Guardian
UK homeowners are agreeing to sell for about £16,000 below the average asking price amid the busiest month for home sales since the pandemic boom, according to a leading property website. House sales have climbed by 6% this month compared with May last year, Zoopla found, and 13% more homes came on to the market, giving buyers more choice and helping to boost activity. - Guardian
Rachel Reeves's plans to combine smaller pension funds into a group of giant "megafunds" will make workers just £6,000 better off by the time they retire, The Telegraph understands. In an announcement expected later this week, the Chancellor will lay out details of new rules to encourage consolidation in the pension industry. - Telegraph
Elon Musk's Starlink is set to be handed a bigger slice of Britain's broadband network amid surging demand for satellite internet services. Ofcom has outlined proposals to grant new temporary spectrum licences to Starlink for three of its gateway Earth stations. The stations, which are located at Starlink's existing sites in Hampshire, Suffolk and Cambridgeshire, help to connect broadband users by transmitting data between satellites and infrastructure on the ground. - Telegraph
The John Lewis Partnership has been given the green light for its biggest build-to-rent project, despite opposition from the council and local residents. The group said a government planning inspector had approved its plans to build 430 homes in towers up to 20 storeys high above its Waitrose supermarket in the west London borough of Ealing. - The Times
US close
Major indices closed higher on Tuesday after Donald Trump agreed to delay tariffs of 50% on imports from the European Union.
At the close, the Dow Jones Industrial Average was up 1.78% at 42,343.65, while the S&P 500 advanced 2.05% to 5,921.54 and the Nasdaq Composite saw out the session 2.47% firmer at 19,199.16.
The Dow closed 740.58 points higher on Tuesday, more than erasing losses recorded in the previous session after Trump called for fresh tariffs on the EU and technology giant Apple ahead of the Memorial Day long weekend.
On Tuesday's macro slate, US durable goods orders plunged by 6.3% in April to $296.3bn, according to the Census Bureau, the sharpest decline since January 2024, although slightly softer than market expectations of a 7.8% drop.
Elsewhere, S&P Case-Shiller's home price index increased to 338.39 in March, up from 335.08 points in February, while consumer confidence surged to 98.0 in May, according to the Conference Board, a 12.3-point increase month-on-month and significantly better than the consensus estimates of 86.0.
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