LONDON BRIEFING: Howden Joinery buys DIY Kitchens; B&M profit halves

Wed, 03rd Jun 2026 08:00

(Alliance News) - Howden Joinery agrees a GBP390 million acquisition of online retailer DIY Kitchens, while Tritax Big Box REIT completes the sale of six logistics assets for GBP199 million as part of its capital recycling strategy. B&M European Value Retail reports a sharp fall in annual profit amid a challenging trading environment.

Here is what you need to know before the London market open:

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MARKETS

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FTSE 100: called down 0.3% at 10,346.71

GBP: lower at USD1.3443 (USD1.3475 at previous London equities close)

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BROKER RATINGS

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Goldman Sachs starts Relx with 'buy' - price target 3,000 pence

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Goldman Sachs WPP with 'sell' - price target 240 pence

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COMPANIES - FTSE 100

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Howden Joinery agrees to acquire online retailer DIY Kitchens for an enterprise value of GBP390 million. The consideration comprises GBP292.5 million in cash and GBP97.5 million in new Howden shares. Kitchen and joinery supplier Howden says DIY Kitchens generated GBP136 million in revenue and GBP37 million in earnings before interest and tax in 2025 and has achieved annual revenue growth of more than 17% over the past five years. The acquisition gives Howdens direct access to non-trade consumers through DIY Kitchens' online-only model, while the business will continue to operate separately from Howdens' own larger trade only business following completion. Howdens says the deal is expected to be immediately accretive to revenue, Ebit margin and earnings per share, and does not affect its previously announced GBP100 million share buyback programme for 2026. The transaction remains subject to regulatory approval. Howden CEO Andrew Livingston says: "The acquisition of DIY Kitchens...adds a complementary very profitable, business to the group, providing access to non-trade end customers through its direct online channel with self-service planning, design and ordering tools."

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Tritax Big Box REIT completes the sale of six logistics assets to EQT Real Estate for GBP199 million in cash, in line with their book values. The assets, located in Leamington Spa, Peterborough, Didcot and Kettering, generate total contracted annual rent of GBP12 million. The real estate investment trust investing in logistics properties in the UK says the disposals form part of its strategy to recycle capital into higher-returning opportunities, including development-led logistics projects and data centres. The company notes it has completed nearly GBP1 billion of asset sales over the past three years and says proceeds from the latest transaction will support investment in its development pipeline and strengthen the balance sheet.

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COMPANIES - FTSE 250

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B&M European Value Retail reports pretax profit of GBP227 million for the financial year ended March 28, down 47% from GBP431 million a year earlier, as revenue rises 3.6% to GBP5.78 billion from GBP5.57 billion. The Luxembourg-based variety goods chain in the UK and France cuts its total ordinary dividend to 9.6 pence per share from 15.0p and describes financial 2026 as a "difficult year" marked by a challenging market and execution issues. Adjusted earnings before interest, tax, depreciation, and amortisation falls 26% to GBP459 million, in line with guidance, while net debt declines to GBP656 million from GBP781 million. Chief Executive Tjeerd Jegen says financial 2027 remains a "year of investment" as the group continues its 'Back to B&M Basics' turnaround plan. B&M says trading in France has started the new year well and it remains confident in its medium-term prospects, including a return to double-digit Ebitda margins in the UK business.

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Ninety One reports assets under management of GBP171.8 billion at March 31, up 31% from GBP130.8 billion a year earlier, helped by the GBP18.3 billion Sanlam asset management business take-on, positive net inflows of GBP2.8 billion and GBP19.9 billion of market and foreign exchange gains. Pretax profit rises 2% to GBP207.5 million from GBP204.3 million, while adjusted earnings per share increase 12% to 17.4 pence from 15.5p. The London and Cape Town-based money manager raises its total dividend by 10% to 13.4p per share, including a final payout of 7.4p, and expands its share buyback programme to GBP55 million from GBP30 million. The additional GBP25 million buyback will be conducted by JPMorgan and is expected to complete by July 21.

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Currys says Fredrik Tonnesen will become group chief executive on August 3, succeeding Alex Baldock. Tonnesen, currently chief executive of the Nordics business, has worked for Currys for more than 20 years and has led the division since 2023, overseeing around 40% of group revenue. The company says Nordics operating profit has more than tripled under his leadership. Baldock will step down from the board on August 3 and leave the company on August 31 after supporting the transition. Currys reiterates guidance for adjusted pretax profit of around GBP191 million for the year ended May 2 and net cash of more than GBP170 million.

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OTHER COMPANIES

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The UK Competition & Markets Authority gives Alphabet's Google nine months to comply with new conduct requirements for its search business after designating it as having strategic market status. The measures require Google to give publishers greater control over how their content is used in artificial intelligence-powered search features, including the ability to opt out of content being used to train or fine-tune AI models, while ensuring clear attribution and links in AI-generated search results. The CMA says the rules aim to improve transparency, strengthen publishers' bargaining power and boost consumer trust, with further action on Google's search business possible in the coming weeks. The CMA says: "Following consultation feedback, Google will now also have to allow publishers to opt-out of allowing their content to be used for the ‘fine-tuning’ of AI models. This provides publishers with confidence that they will have control over the full range of AI use-cases of their content."

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Ryanair says it carried 20.7 million passengers in May, up 6% from 19.6 million a year earlier, while load factor remained unchanged at 95%. The airline operated more than 114,000 flights during the month. Rolling 12-month passenger numbers rose 4% to 210.4 million from 202.0 million, with load factor steady at 94%.

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boohoo Group, trading as Debenhams Group, says gross merchandise value rises 0.5% year-on-year in the first quarter to May 31, with May GMV growth accelerating to around 8%. The retailer says performance is led by Debenhams and PrettyLittleThing, while profitability and cash flow improve materially, helped by gross margin expansion to 53.5% from 52.1% and a lower returns rate. The company reiterates guidance for double-digit adjusted Ebitda growth in financial 2027 from the GBP53 million guided for financial 2026 and says it remains on track to generate free cash flow and reduce net debt-to-adjusted Ebitda below 1 times. Full-year results for the financial year ended February 28 are due within the next two weeks.

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Ramsdens reports record revenue of GBP83.7 million for the six months to March 31, up 62% from GBP51.6 million a year earlier, while pretax profit jumps 173% to GBP16.7 million, exceeding its full-year financial 2025 profit of GBP16.2 million. The financial services provider and pawnbroker says strong demand for precious metals, supported by elevated gold prices, drives a 130% increase in related gross profit, while jewellery and pawnbroking also deliver growth. Ramsdens raises its total interim dividend to 9.0p per share from 5.0p, including a 3.0p special dividend, and upgrades financial 2026 pretax profit guidance to GBP30 million-GBP33 million, ahead of market expectations.

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Vaultz Capital says Chief Executive Officer Eric Benz has been dismissed with immediate effect and will step down as a director under the terms of his service contract. Benz had started his role as CEO on August 1 last year. The company, focused on bitcoin network infrastructure, announces that former non-executive chair Charles Wood has been appointed executive chair with immediate effect.

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By Eva Castanedo, Alliance News reporter

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