JD Sports Fashion results, index up

Topps Tiles sales decline in ‘very demanding’ market

07:52 , Graeme Evans

Topps Tiles reported annual sales of £248 million, down 5.7% on last year’s record but broadly comparable to the 2022 financial year.

Sales in the fourth quarter were lower by 4.4%, or 8.2% compared to the same period, as trends improved towards the end of the year due to weaker comparative results.

FTSE All-Share described conditions throughout the year as “very challenging”, particularly for larger ticket projects. He believes the broader market is down 10-15% year-on-year.

While economic indicators point to a stronger market in 2025, CEO Rob Parker said it is difficult to predict the timing and trajectory of economic recovery.

AO World in attack on Magpie music

07:38 , Graeme Evans

Home electronics company AO World will buy MusicMagpie after the two companies today agreed a takeover deal worth almost £10 million.

AIM-listed musicMagpie, which sells used mobile phones, technology, CDs and DVDs, games, books and clothing, will expand AO’s consumer technology offering.

Founder and CEO John Roberts said: “Excellent exchange services will be essential, and musicMagpie is a significant enabler of unlocking value through our reverse supply chain.”

Founded in 2007, musicMagpie operates in Macclesfield and Greater Manchester and in the US in Atlanta, Georgia. AO’s bid price of 9.07p compares with last night’s price of 5.75p and 25p at the end of last year.

JD Sports Fashion profits rise amid currency headwinds

07:21 , Graeme Evans

Transatlantic retailer JD Sports Fashion today announced record half-year results after revenues reached £5 billion and adjusted profit rose 2% to £405.6 million.

The group sells in 4,506 stores after acquiring 1,179 Hibbert sportswear stores in a transaction finalized at the end of the half-year.

JD still expects profit for the year to be in the range of £955m to £1.03bn, although this is based on specific exchange rates.

The stronger pound has contributed £6 million to today’s underlying profit, and at current rates the company estimates it will reach £20 million in the second half of the year.

Index slightly higher, Brent Crude is approaching $75 per barrel

07:00 , Graeme Evans

Brent crude oil futures rose 1.7% to $74.77 a barrel today, continuing the rally since yesterday’s missile attack with Iran.

On Wall Street, the S&P 500 index closed 0.9% lower in response to events in the Middle East and weak reports from the manufacturing sector.

The FTSE 100 is 11 points higher this morning at 8,287, after yesterday’s close up 0.5%. Defense company BAE Systems rose 2.5% and oil company BP rose 2%.