Woodford holdings AA and Card Factory see share slumps on disappointing results

More pain for Woodford's portfolios

The share prices of Card Factory and AA, both held by equity income manager Neil Woodford, fell yesterday on the back of disappointing first-half results.

Card Factory shares closed the day at 290p, tumbling some 18% as the firm reported a 14% decline in its pre-tax profits to £23.2m on the back of foreign exchange movements, the national living wage and investments. This came despite sales rising 6.1% to £179.6m as the firm opened 30 new shops and extended its range of personalised gifts available through the website. This will be another disappointment for equity income manager Neil Woodford, who holds 2.05% in Card Factory in his £726m CF Woodford Income Focus fund. Meanwhile, shares in AA, which makes up 1.09% of the Income Focus...