Booker has been among the most reliable consolidators on the stock market in recent years. It has completed a large and tricky acquisition and for the past three years it has been pumping out substantial special dividends — and will continue to do so. The market’s reaction has been frankly baffling.
Shares in Booker, pushing 180p in early January, plunged abruptly to below 150p, but, unchanged at 175p yesterday, are pretty much back where they were. There are a few negatives holding back the cash and carry and retail operator, but the figures for the year to March 25 suggest the company has negotiated these well.
Those negatives include the display ban on tobacco products, a soggy summer that hit pub sales and continuing