Centrica, Mitchells & Butlers and Majestic Wine
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“The FTSE100 opened in negative territory weighed down by a cut in UK growth forecasts, volatile oil prices and weaker overnight trading on Wall Street and in Asia,” says AJ Bell Investment Director Russ Mould.
“British Gas parent Centrica’s shares tumbled as it warned that adjusted earnings per share would be lower than market forecasts. The group has seen a sharp drop in customers in the face of a highly competitive trading environment and the performance of its business energy supply businesses in the second half has been disappointing. Centrica’s shares were down by more than 12.6%.
“Pub and restaurant group Mitchells & Butlers was the biggest FTSE250 faller after a decline in full-year adjusted operating profits. The group has been hit by a combination of higher food and drink, property and labour costs. The group’s shares were down by over 12% in early trading.
“Majestic Wine's shares rose after it bounced back into the black in the first half. The improvement was driven by Naked Wines achieving profitability in all three geographical markets, and continued profitable sales growth in Majestic Retail. Sales increased by 5.7%, or 4.2% on an underlying basis, and are on track to hit the £500m target by 2019. Majestic Wine’s shares were up by more than 8.6%.”
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