European Movers: Marks & Spencer, BMW, Vestas Wind
MARKS & SPENCER was up £0.21 to £6.54... Unveils £1 billion share buyback - Reports first half adjusted pretax profit of £451.8 million, +11.5% (vs consensus of GB440 million-£445 million); sales £4.2 billion, +6.5%; UK sales up 5.9%; International sales up 13.8%; UK like-for-like sales +1.6% (vs cons +1.5%); General Merchandise +2.3%; Food +0.5%; interim DPS 8.3p, +31.7%. Is to start share buy-back of up to £1 billion, equivalent to c.10% of issued share capital. Believes there is a significant opportunity to grow International business and is targeting a 15-20% contribution to revenues within next five years. The company says short term economic outlook remains uncertain. Adds that is stepping up capital investment in the business and expects to spend over £1 billion in 2007/08 and in 2008/09.
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