Carr's, Booker and DFS

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“Blue-chips opened on the front foot as traders reacted to Prime Minister Theresa May triggering the formal start of Brexit talks with the EU,” says AJ Bell Investment Director Russ Mould.

“Agriculture and engineering group Carr's was the FTSE All-Share’s biggest faller in early trading with its shares plunging by over 22.2% after it warned that its full-year results will be significantly below forecasts. The group has been hit by delays to a major contract in the US and a slower-than-anticipated recovery in US cattle prices. Carr’s has seen encouraging signs of returning customer confidence in its UK agriculture business but this is being overshadowed by significantly reduced profitability in its US feed block business.

“Food wholesaler Booker, which is the throes of a multi-billion pound merger with Tesco, had a good fourth quarter with non-tobacco like-for-likes up 4.7%. The group’s like-for-like sales to caterers rose by 4.4% but like-for-like sales to retailers fell by 0.6% due to the tobacco display ban and plain packaging restrictions.

“Furniture group DFS declared its first special dividend after a strong first half with revenues up 6.8%. Sales for the 12 month period have topped £1bn for the first time and the group is confident its prospects to deliver long-term profitable growth remain excellent. DFS’s shares were up by more than 1.7% in early trading.”

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