Sector movers: Burberry lifts personal goods sector after record results

21st May 2013 15:00

Burberry was trading at 12-month highs on Tuesday after beating expectations with its 2012/13 results, lifting the personal goods sector to the top of the pile.Strong growth from its fast-growing Asia Pacific division - China and Hong Kong particularly - helped drive group sales at the luxury brand to around £2.0bn for the first time, up from £1.86m the year before. Burberry recorded an adjusted profit before tax (PBT) of £428m for the 12 months to March 31st, ahead of the consensus forecast of £418m. The stock was up 5.26% at 1,540p by 15:17, as investors seemed to shrug off the guidance for PBT in the Retail and Wholesale division to fall in the first half of the current year.Analyst Bethany Hocking from Investec said that this is due to the business becoming more second-half weighted - "this will concern some in the market although the directional trend is as expected. On first view, we don't expect a significant change to consensus."Chief Executive Officer Angela Ahrendts said that although the macro environment remains uncertain, the company is "well positioned with opportunity by channel, region and product".Elsewhere in the sector, small-cap cosmetics group Creightons was also making decent gains this afternoon.