Card Factory Share News (CARD)

LONDON (Alliance News) - Stock prices in London are seen opening higher on Tuesday ahead of UK jobless data at 0930 BST.In company news, Rio Tinto lowered its annual iron ore production guidance, greeting card retailer Card Factory's profit fell while fellow high street retailer JD Sports reported strong annual results defying negative trends in the UK retail sector. IG futures indicate the FTSE 100 index is to open up 17.63 points at 7,454.50. The blue chip index closed down 0.19 points at 7,436.87 on Monday. Miner Rio Tinto lowered its annual iron ore production guidance as its operations were hit by fire and tropical cyclone, which also brought significant damage to the port, affecting shipments.The company's Pilbara mine located in western Australia recorded a 9% year-on-year decline in iron ore production to 76.0 million tonnes for the three months to March-end, 64.1 million of which was net to Rio Tinto. As a result, iron ore shipments decreased by 14% to 69.1 million tonnes, with 58.2 million tonnes net to Rio Tinto.The FTSE 100-listed company said that the production was impacted by a fire at Cape Lambert A in January and significant disruptions caused primarily by tropical cyclone Veronica in March. Rio Tinto now expects its Pilbara shipments in 2019 to be between 333 million and 343 million tonnes as the damage to the port from tropical cyclone Veronica is expected to result in ongoing disruption to shipments. Previously, the company guided its annual production at the lower end of the range of 338 million and 350 million tonnes, on a 100% basis.JD Sports Fashion delivered a strong annual performance driven by its core UK market.For the financial year ended February 2, revenue surged 49% to GBP4.71 billion from GBP3.16 billion the year before and pretax profit rose 15% to GBP339.9 million from GBP294.5 million the year prior. The company reported "encouraging" total like for like sales growth of more than 6% achieved against a backdrop of widely reported retail challenges in the company's core UK market.JD Sports raised its total dividend to 1.71 pence per share from 1.63p last year."While we recognise that there is uncertainty surrounding the nature and timing of the UK's exit from the European Union, we are cognisant of the potential consequences of a disorderly exit on supply chains, tariffs, exchange rates and consumer demand. Notwithstanding this uncertainty, the board remains confident in the international potential of the JD proposition," said Chair Peter Cowgill."Given the significance of Easter trading to the overall result of the group and the change in the timing relative to last year, any announcement of like for like sales performance in the year to date would lack precision. However, we are pleased with the continued underlying positive performance of the group and are excited by the major developments ahead," Cowgill added. Greeting cards retailer Card Factory said it delivered a robust annual performance in a challenging consumer environment.For the financial year ended January 31, revenue was up 3.3% to GBP436.0 million from GBP422.1 million last year but pretax profit fell 8.3% to GBP66.6 million from GBP72.6 million. The company attributed the profit fall to foreign exchange headwinds and a rise in the national living wage.Card Factory said annual like-for-like sales were down 0.1% amid "widespread" high street footfall decline. The retailer maintained its total dividend at 9.3p, but cut its special payout to 5p from 15p the year before. "Whilst the new financial year is just two months old, we are satisfied with the start we have made and are particularly pleased with record seasonal performances from Valentine's Day and Mother's Day. As previously stated, Ebitda for the forthcoming year is anticipated to be broadly flat year-on-year (excluding the impact of IFRS 16) in light of various external pressures, but we are confident we are laying the right foundations for future profit growth, whilst continuing to deliver healthy returns of cash to our shareholders," said Chief Executive Karen Hubbard. Housebuilding, regeneration and construction group Galliford Try said it is undertaking a strategic review of its Construction business.Galiford said the review will reduce the size of the Construction business, focusing on its key strengths in markets and sectors with sustainable prospects for profitability and growth.However, the company expects the review to reduce profitability in the current year reflecting a "reassessment of positions" in legacy and current contracts and the effect of some recent adverse settlements alongside restructuring costs. As such, the company expects that the outcome of this assessment will reduce the group's full year post-exceptional pretax profit by GBP30 million to GBP40 million below the current consensus analysts' forecasts.Subprime lender Provident Financial urged shareholders to take no action over Non-Standard Finance's takeover offer.Provident Financial said many questions put to NSF remain "substantially unanswered" and added that certain NSF dividends are in contravention of the Companies Act."At this point, there is no new revelation about this deal; it is still the same dreadful deal that it was on day one. It is more of a coup d'etat than a hostile takeover, spearheaded by a management team at NSF with a track record of value destructive acquisitions and facilitated by two powerful shareholders. These shareholders already together own about 54%. of NSF, a business which has singularly failed to deliver pretax profit since the IPO and in which period its share price is down 48%. This coup d'etat may inflict a cost to shareholders of as much as GBP40 million in transaction fees alone, and that's before you take into account the other significant potential value-destroying elements of the deal," said Chair Patrick Snowball.The pound was quoted at USD1.3090 Tuesday, against USD1.3109 at the London close Monday, ahead of the UK jobs report.The unemployment rate is forecast unchanged at 3.9%, average weekly earnings excluding bonus payment are anticipated to have risen by 3.4% on an annual basis. Average earnings that includes bonuses is expected to have picked up to 3.5%, from 3.4% in January."Average wages are expected to have increased to 3.5% year on year in the three months to February. With inflation in February down at 1.9%, indications point to pressure easing on the UK consumer. This should in theory be good news for the economy as more disposable income leads to increased spending and stronger inflationary levels. With the Brexit can kicked further down the road, the BoE cannot use it as a reason to sit on the fence anymore. Not for six months anyway. This could temp the BoE to consider hiking rates sooner rather than later," said London Capital Group's Jasper Lawler. The Japanese Nikkei 225 index closed up 0.2%. In China, the Shanghai Composite is up 1.4%, while the Hang Seng index in Hong Kong is up 0.8%."With Asia markets shrugging off the slight weakness in US markets to trade up to six month highs, trade talks between the US and Japan got underway in Washington yesterday, and this strength in Asia looks set to put European markets on the front foot this morning," said CMC Markets analyst Michael Hewson. In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite closing down 0.1%. In US earnings calendar on Tuesday financial services companies Bank of America and Morgan Stanley will report their respective earnings before the market open in New York.