11.05am: DFS Furniture rises after improved trading
DFS Furniture PLC (LON:DFSD) pushed higher after it said it is performing in line with expectations and that it has seen a “more positive trend” in the upholstery market since September, following a significant decline in July and August.
Group order volumes are growing relative to the 2022 financial year and pre-pandemic FY19, the furniture group said in a trading update issued ahead of Friday’s AGM.
In addition, there is continued evidence of positive market share gains as shown in the latest Barclays/CACI market data, it noted.
DFS said its performance is in line with its mid-case scenario of £36mln pre-tax profits for the current financial year, with profits expected to be weighted towards the second half.
Shares rose 6.43% following the update.
9.50am: 4imprint advances 5.9%, Peel Hunt ups price target
4Imprint Group Plc (LON:FOUR) impressed the market after saying it expects profit for the current financial year to be at the top end of analysts' forecasts, while revenue is set to be ahead of the company’s target on the back of continued positive trading momentum.
Pre-tax profit is forecast to be not less than US$90mln, while group revenue is expected to come in at US$1.1bn, above its long-held target of US$1bn, the direct marketer of promotional merchandise said in a trading update.
Shares rose 5.9% on the news and prompted Peel Hunt to raise its price target to 4,600p from 4,300p and increase full year 2022 EPS forecasts by 8%.
Analyst Jessica Pok said: “4imprint goes from strength to strength. So far, management is not seeing any change in customer trend. Investment in its people and marketing is paying off and we think the business can potentially further outperform in the near term.”imprint