FTSE 100 movers: M&S surges on results; Persimmon takes a hit

(Sharecast News) - London's FTSE 100 was down 0.8% at 8,348.43 in afternoon trade on Wednesday. Marks & Spencer surged to the top of the index as it posted a jump in full-year sales and profits as the retailer's turnaround efforts bore fruit.

In the 52 weeks to 30 March, profit before tax and adjusting items rose 58% to £716.4m, with revenue up 9.3% to £13bn. Food sales grew 13% during the year, while clothing and home sales rose 5.3%.

M&S said its "stronger financial position and performance" gave it the opportunity to restore dividend payments at a sustainable level, with a proposed final dividend of 2p, resulting in a full-year dividend of 3p for 2023/24.

Severn Trent was in the red after full-year results, while RS Group tumbled as it said annual profits dropped by a quarter.

The industrial and electrical products provider - formerly Electrocomponents - pinned the blame on weakness in global industrial production and the unwinding of unusual post-pandemic trading tailwinds.

Adjusted operating profit slumped by 25% on a like-for-like basis to £312m in the 12 months to 31 March, as LFL revenues fell 8% to £2.94bn and the adjusted operating profit margin fell to 10.6% from 13.5%.

Housebuilder Persimmon was weaker as a higher-than-expected UK inflation print for April dashed summer rate cut hopes.

FTSE 100 - Risers

Marks & Spencer Group (MKS) 290.30p 6.03% Severn Trent (SVT) 2,670.00p 2.18% Auto Trader Group (AUTO) 740.60p 1.93% Smith (DS) (SMDS) 374.00p 1.85% Diploma (DPLM) 4,278.00p 1.62% B&M European Value Retail S.A. (DI) (BME) 549.00p 1.44% Intermediate Capital Group (ICG) 2,328.00p 1.31% RS Group (RS1) 815.50p 1.12% Convatec Group (CTEC) 254.60p 1.11% Lloyds Banking Group (LLOY) 56.80p 1.10%

FTSE 100 - Fallers

Antofagasta (ANTO) 2,310.00p -4.15% 3i Group (III) 2,856.00p -3.51% Glencore (GLEN) 485.15p -2.95% Persimmon (PSN) 1,413.50p -2.85% Ocado Group (OCDO) 345.40p -2.70% St James's Place (STJ) 466.60p -2.38% Fresnillo (FRES) 617.00p -2.37% Kingfisher (KGF) 258.40p -2.27% Rio Tinto (RIO) 5,703.00p -2.09% Pearson (PSON) 935.00p -2.09%