Move made to weather downturn
Jewellery group Signet has revealed it has begun a£50 million share buy-back scheme.

The group intends to return the shares before the end of the financial year on February 3 next year. Shares will be either cancelled or held in the treasury.

Analysts Standard & Poor's said the group's rating remained unchanged, but in the context of its exposure to the consumer spending slow-down, it will need to ensure that future potential trading weaknesses can be accommodated.

Signet's US operations account for 70 per cent of its business and it owns H Samuel and Ernest Jones in the UK.