Marks & Spencer CFO's Departure Wasn't Expected
0714 GMT - The departure of Marks & Spencer Group's Chief Financial Officer Eoin Tonge has come as a surprise to the company, brokerages and no doubt to its shareholders too, Shore Capital says in a research note. Tonge has been named as Primark owner AB Foods' new finance director. The British retailer had recently just established a senior trio of executive management of which Tonge was a key part alongside Stuart Machin as CEO and Katie Bickerstaffe as the Co-CEO, the U.K. brokerage says. The board of M&S is sorry to see Tonge go, Shore notes. Marks & Spencer's shares are down 4% at 138.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Companies News:
Associated British Foods Appoints Marks & Spencer CFO as Finance Director
Associated British Foods PLC said Thursday that it has appointed Marks & Spencer Group PLC's Chief Financial Officer Eoin Tonge as its new finance director.
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Intermediate Capital 1Q Third-Party Assets Under Management Rose
Intermediate Capital Group PLC said Thursday that third-party assets under management rose 5% on a constant-currency basis in the first quarter of fiscal 2023, and that its performance remained in line with the board's outlook.
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Howden Joinery 1H Pretax Profit Rose on Strong Overall Trading
Howden Joinery Group PLC said Thursday that first-half pretax profit rose as trading was strong overall and that it is effectively managing inflationary and supply chain pressures.
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Frasers Group FY 2022 Profit, Revenue Rose Amid Covid-19 Recovery
Frasers Group PLC said Thursday that its fiscal 2022 pretax profit and revenue both rose significantly as it recovered from the effects of the coronavirus pandemic and recorded further growth.
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Anglo American Downgrades Coal Guidance; Improves View on PGM, Diamonds
Anglo American PLC on Thursday downgraded its steelmaking coal guidance, raised its production outlook for diamonds and improved its forecast on platinum group metal costs.
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Kelsian Withdraws Go-Ahead Group Takeover Plan, Citing Market Volatility
Kelsian Group Ltd. said Thursday that it no longer plans to proceed with a planned takeover of U.K travel company Go-Ahead Group PLC, citing the Australian equity market conditions.
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SSE Backs FY 2023 Earnings Growth Expectations
SSE PLC on Thursday reiterated earnings guidance for fiscal 2023, as its performance slightly exceeded expectations in the first quarter ended June 30.
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Ocado Group Misses 1H Market Views as It Swung to Ebitda Loss on Lower Retail Sales
Ocado Group PLC on Thursday missed market expectations after reporting a swing to an Ebitda loss for the first half of fiscal 2022 due to its sharply hit retail business, but said that its guidance remains unchanged.
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S4 Capital Lowers 2022 Ebitda Views Following 1H Investment in Hiring, Expansion
S4 Capital PLC said Thursday that it has lowered its expectations for full-year earnings before interest, taxes, depreciation and amortization as Ebitda for the first half is set to fall below expectations due to significant investment in hiring and expansion.
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Countryside Properties 3Q Revenue Rose; Backs FY 2022 Guidance
Countryside Properties PLC said Thursday that its third-quarter sales were roughly flat on year but that revenue increased, and backed its full-year guidance.
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Mitchells & Butlers 1Q Comparative Sales Rose; Year-To-Date Total Sales Down
Mitchells & Butlers PLC said Thursday that third quarter like-for-like sales rose 0.9% when compared to FY 2019, but total sales in the year-to-date fell 1.6% due mostly to Covid-19-related closures in the first part of the year and site disposals since 2019.
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Britvic 3Q Revenue Boosted by Volume Growth, Positive Pricing, Mix
Britvic PLC said Thursday that revenue in the third quarter of fiscal 2022 rose thanks to volume growth and positive pricing and mix, and that it is on track to deliver an in line performance for the year.
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Workspace 1Q Lettings Slipped on Holiday Disruption, Rent Rose
Workspace Group PLC said Thursday that enquiries and lettings slipped in the first quarter on holiday-related disruption, though customer demand is strong and its rent value rose.
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AJ Bell 3Q Assets Under Administration Fell Due to Adverse Movements
AJ Bell PLC said Thursday that total assets under administration for the third quarter of fiscal 2022 fell as the market saw adverse movements in an uncertain economic environment.
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Dunelm Group Sees FY 2022 Sales, Pretax Profit Slightly Above Market Consensus
Dunelm Group PLC said Thursday that sales and pretax profit for fiscal 2022 are expected to come in slightly above market consensus, on the back of significant market-share gains and the strength of its retail system.
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Moneysupermarket.com 1H Profit Rose; Sees 2022 Ebitda at Top of Market Views
Moneysupermarket.com Group PLC said Thursday that pretax profit and revenue rose ahead of its expectations in the first half of 2022, and that it anticipates full-year adjusted Ebitda to be at the top end of market forecasts.
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Anglo American 2Q Production Fell 9% on Lower Copper, Iron Ore, Coal Volumes -- Commodity Comment
Anglo American PLC on Thursday reported weaker production for the second quarter, reflecting expected issues in copper production, planned maintenance at the Minas-Rio iron ore operation in Brazil, and the ramp-up of its Aquila coal mine in Australia. Here's what the multinational mining company had to say:
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Anglo American Cuts Coal Guidance; Improves View on PGM, Diamonds -- Update
Anglo American PLC on Thursday downgraded its 2022 steelmaking coal guidance, raised the production outlook for diamonds and improved forecasts on dollar-denominated platinum group metal costs.
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QinetiQ Reports Rise in Expected Revenue Under Contract
QinetiQ Group PLC said Thursday that its visibility on revenue under contract for fiscal 2023 has improved and that the board remains confident of delivering in line with its expectations.
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Brewin Dolphin 3Q Gross Discretionary Fund Inflows Fell Amid Recent Market Weakness
Brewin Dolphin Holdings PLC said Thursday that gross discretionary fund inflows for the third quarter fell amid recent market weakness.
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Fuller Smith & Turner Sales Recovery Continues
Fuller Smith & Turner PLC said Thursday that its sales recovery is continuing, boosted by the City and West End of London.
Market Talk:
Associated British Foods' Appointment of New Finance Director Is Smart Move
0709 GMT - Associated British Foods' appointment of Marks & Spencer Group's chief financial officer, Eoin Tonge, as its new finance director is a good move, Shore Capital says in a research note. Covid-19 hit the U.K. conglomerate hard through the closure of its Primark stores, though it is now well into recovery and the board has ambitions to expand its retail estate out to fiscal 2026 by more than 30%, the brokerage notes. "Tonge joins a high-quality business in ABF, with a distinctive shareholder structure, excellent values, a top-notch assortment of different businesses and a very strong balance sheet," Shore says. Shore has a buy recommendation on the stock. (sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
07-21-22 0331ET
