Struggling British floor coverings retailer Carpetright (CPR) plunged into the red for year to 28 April 2018 and underlying sales have continued to fall since, the company confirms on Tuesday.
Warm weather and stock shortages have been particularly fierce challenges that saw the company report an underlying pre-tax loss of £6.4m, versus a £14.4m profit last time, roughly in-line with recent guidance following several profit warnings.
Investors remain sceptical about hopes of a recovery for the business in the near-term sending the share price around 3% lower in early trade to 29.2p.
Wider UK markets are relatively quiet early on Tuesday with the blue-chip FTSE 100 index posting a rough 11 points rise to 7,520.85.
EMERGING TAKEOVER FIGHT
Satellites network operator Inmarsat (ISAT) sees its shares slide 7% on Tuesday to 588p after an apparent u-turn by rival Eutelsat.
On Monday Eutelsat confirmed it was mulling launching a rival offer for the group. Inmarsat has recently dismissed a takeover approach by US firm Echostar.
Today Eutelsat issued another statement that rules out a move for Inmarsat. Even so, investors remain excited that a bid battle for the UK group will emerge.
Oilfield services firm Petrofac (PFC) on Tuesday reported a 5.9% increase in new order intake and said it was trading in line with expectations, helped by higher demand.
Shares in the company have enjoyed a strong run since February, which likely explains the modest weakness today, dipping 2% to 526p.
DOORS OPEN AT NEW GOLD MINE
Russian gold and silver producer Polymetal (POLY) has launched its Kyzyl mine in Kazakhstan ahead of schedule and below budget, the company says. That news goes down well with investors, the share price nudging modestly higher to 661.4p, although they remain way down year-to-date, about 25% below the 909p at which they ended 2017.
Exhibitions group ITE (ITE) is among the FTSE All-Share’s biggest fallers, at first glance on Tuesday, the shares down 40% at 83.3p. But closer inspection shows this is because of a swathe of new shares have flooded the market as part of a rights issue to fund the company’s £265m purchase of peer Ascential (ASCL).
Gold prices edged lower on Tuesday, pressured by prospects of rising US interest rates, while an easing dollar and escalating trade tensions between the US and other major economies supported the metal.
Oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output
