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☆ UK's IDS targets return to profit after Royal Mail beats expectations
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

The economic climate remains challenging, and Royal Mail faces the task of rebuilding business from the damage caused by industrial action," Chairman Keith Williams said in a statement. International Distributions Services (IDS) is targeting a group adjusted operating profit in this financial year, said the group, which is still looking for a replacement for Royal Mail CEO Simon Thompson. IDS, which includes Royal Mail UK and international operations GLS, reported a group adjusted operating loss of 71 million pounds for the year ended March 26, compared with a profit of 758 million pounds a year earlier. Analysts on average had expected a loss of 114 million pounds, according to a company-compiled consensus. Analysts on average had expected Royal Mail UK's adjusted operating loss to come in at 449 million pounds for the year.

☆ Blackstone, Thomson Reuters consortium sells $3.4 bln LSEG shares at discount
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - An investor consortium including U.S. buyout firm Blackstone (BX.N) and Thomson Reuters (TRI.TO) sold 33 million shares in the London Stock Exchange Group (LSEG.L) worth about 2.7 billion pounds ($3.41 billion), a bookrunner said on Wednesday. The placing of shares, which was upsized from 28 million, was at a price of 8,050 pence per share, a discount of about 5% to LSEG's last closing price. Shares in LSEG fell as much as 5.1% at 8038 pence in early trading. The stock sale follows an earlier sale of more than $2 billion shares in March by Blackstone and Thomson Reuters, which became LSEG shareholders when they sold financial data firm Refinitiv to the bourse operator in 2021. ($1 = 0.7923 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone, Thomson Reuters consortium sells $3.4 bln LSEG shares in upsized offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

☆ BAT names finance director Marroco as CEO as Bowles bows out
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - British American Tobacco (BATS.L) appointed finance director Tadeu Marroco as CEO on Monday, succeeding Jack Bowles who is stepping down after about four years. Marroco has been with the tobacco firm since 1992 and was appointed to the board in 2019. "Having been at the centre of the formulation of this strategy, I am convinced that this is the right strategic path for BAT," Marroco said in a statement. Director Javed Iqbal will be interim finance director while the group looks for a permanent replacement for Marroco, the company said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Smiths Group names Alcoa's Williams as next chair
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - British industrial technology company Smiths Group Plc (SMIN.L) on Wednesday named Steve Williams as its next chairman to succeed George Buckley, who is retiring at the end of the company's annual general meeting in November. UK-born Williams, who is currently chair of U.S. aluminum producer Alcoa Corporation (AA.N), started his career at ExxonMobil. His appointment at Smiths Group is subject to his election as non-executive director at the company's AGM. He will be appointed to the board as an independent non-executive director and as chair designate in September, Smiths Group said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ UK insurer Direct Line expects motor claims to hit 2023 earnings
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Direct Line Insurance Group Plc (DLGD.L) said on Tuesday it expected more adverse claims in motor, especially in relation to damage, to pressure its earnings in 2023, sending the British insurer's shares 8% lower in early trade. The motor and home insurer posted a 9.7% rise in quarterly gross written premiums to 805.7 million pounds ($1.02 billion), helped by price increases to cope with a challenging motor insurance market. "2023 earnings outlook continues to be challenging," acting CEO Jon Greenwood said in a statement, adding that the company's focus was to improve its motor insurance claim margins. Shares in Direct Line fell 8% and fellow motor insurer Admiral dropped nearly 4% by 0714 GMT. ($1 = 0.7923 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Aston Martin sticks to 2023 outlook after smaller Q1 pretax loss
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil NobleMay 3 (Reuters) - British luxury carmaker Aston Martin Lagonda (AML.L) on Wednesday reported a narrower quarterly pretax loss and maintained its 2023 outlook, benefiting from the strong sales of its sport utility vehicle DBX and higher selling prices. Free cash outflow in the quarter stood at 118 million pounds, compared with 25 million pounds of outflow a year ago as it spent on the development of new sports cars and its electrification programme. Aston Martin said it expects 2023 to be the "peak year" of capital spend. Loss before tax for the three months to March 31 was 74.2 million pounds ($92.7 million), compared with 111.6 million pounds a year earlier.

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd WiegmannApril 19 (Reuters) - Glencore (GLEN.L) has told Teck Resources (TECKb.TO) shareholders it is willing to improve its $22.5 billion takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders." "The vote (on Teck's restructuring plan) is highly likely to go through without an official bump in terms (from Glencore)," Ben Cleary, portfolio manager at Tribeca Global Natural Resources Fund, told Reuters.

☆ Glencore raises pressure on Teck Resources with promise of higher bid
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up to $8.2 billion in cash. Teck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit. Glencore's proposal would combine and spin off its thermal coal unit and Teck's steelmaking coal business.

☆ Britain's De La Rue warns on profit as demand for cash tumbles
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Struggling British banknote printer De La Rue Plc (DLAR.L) warned its fiscal 2023 profit was set to miss market expectations and next year's outlook was uncertain, as demand for cash hit its lowest in over two decades, sending shares to a record low. De La Rue shares, which have lost more than half of their value so far this year, fell more than 30% to 33 pence on Wednesday to a record low. The company said it expected adjusted operating profit for the year ended on March 25 to undershoot market expectations by a mid-single digit percentage. It expected adjusted operating profit to be in the low 20 million pound ($24.84 million) range for its fiscal 2024. The banknote printer said the downturn in demand for currency was also causing significant uncertainty in its outlook for 2024.

☆ Shell sees stronger LNG volumes and oil product performance in Q1
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

Companies Shell PLC FollowApril 6 (Reuters) - Shell (SHEL.L) expects higher liquefied natural gas (LNG) output in the first quarter after outages at its Australian plants last year as well as stable earnings from LNG trading, it said on Thursday. Shell, which recorded a record $40 billion profit last year, said In an update ahead of results due on May 4 that it expected first-quarter liquefaction volumes of 7 to 7.4 million tonnes, up from 6.8 million tonnes in the previous quarter. Its oil products division also likely boosted earnings through a "significantly higher" trading performance, the world's biggest fuel retailer said. It expects to have paid between $2.6 and $3.4 billion in tax for the first quarter, down from $4.4 billion. Its renewables unit is set to contribute $100 to $700 million to adjusted earnings, compared with $300 million in the last quarter of 2022.

☆ Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

April 4 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure. VIRGIN AUSTRALIAAustralia's second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year. VIRGIN ACTIVEThe health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business. VIRGIN CARSStarted in 2000, the Virgin brand's only foray into the online auto retail business lasted five years. VIRGIN VODKAAfter a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.

☆ UK's Cineworld to terminate sale process for US, UK businesses
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Movie chain operator Cineworld Group (CINE.L) said on Monday it will terminate the sale process for its U.S., UK and Ireland businesses after failing to find an all-cash buyer, while also reaching a conditional deal with lenders to exit bankruptcy. The global company, which is under Chapter 11 bankruptcy protection, said it will continue to consider proposals for the sale of its 'Rest of World' business, comprising its operations outside the U.S., UK and Ireland. A court filing on Sunday showed Cineworld plans to raise $2.26 billion to exit bankruptcy proceedings in the first half of 2023. "This agreement with our lenders represents a 'vote-of-confidence' in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment," CEO Mooky Greidinger said in a statement. Reporting by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Manchester United back in the black ahead of potential sale
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Manchester United (MANU.N) swung to a second-quarter net profit on the back of higher commercial revenue and lower wages, the club said on Thursday. Net profit came in at 6.3 million pounds ($7.78 million) in the three months to Dec. 31, against a 1.4 million pound loss a year earlier. United said ticket sales for the current 2022/23 season have surpassed the record set in 2016/17, hitting a cumulative 2.3 million tickets sold. Prices for adult season ticket renewals have been increased by about 5% for next season, the club said. Short-term borrowing at the end of last year jumped 95% to 206.2 million pounds, the club said.

☆ Diageo CEO Menezes to retire after nearly a decade in role
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

March 28 (Reuters) - Diageo (DGE.L) said on Tuesday that Chief Executive Ivan Menezes will retire and leave the Johnnie Walker whisky maker at the end of June, after nearly a decade at the helm. Menezes will be replaced as CEO by Chief Operating Officer (COO) Debra Crew, who will also join the board, Diageo said in a statement. Crew, who took on the role of COO last October, was previously president of Diageo North America and Global Supply from 2020, the company said. Menezes joined Diageo after the merger of Guinness plc and Grand Metropolitan plc in 1997 and has held a number of senior positions in the business, Diageo said. Reporting by Yadarisa Shabong in Bengaluru; editing by Savio D'Souza and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon raises hourly pay for UK workers by 50 pence; union mulls more strikes
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

The pay rise comes less than a week after hundreds of workers at an Amazon warehouse in Coventry in central England staged the latest walkout in a dispute over pay this year. "We're listening to Amazon workers and the message is very clear: this new pay rate is an insult," said Amanda Gearing, senior organiser of GMB, the union which represents more than 500 Amazon workers. The union had said the Amazon Coventry workers are demanding 15 pounds an hour to cope with a cost-of-living crisis that has sparked strikes across sectors in Britain over the last several months. The new increase, which will depend on locations and start from April, comes after Amazon last year raised UK hourly wages by 50 pence to between 10.50 and 11.45 pounds per hour. "Over the past seven months, our minimum pay has risen by 10% and by more than 37% since 2018," Amazon said in a statement.

☆ Factbox: Global firms with exposure to collapsed SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +7 min

March 13 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain. Below is a list of companies across the globe that have revealed their exposure to SVB:EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States. Moonpig adds that SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicateASIA-PACIFICNITRO SOFTWARE (NTO.AX)Australia's productivity software maker Nitro Software Ltd (NTO.AX) said it had about $12.18 million of its global cash reserves held on deposit at SVB.

"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them," Britain's finance minister Jeremy Hunt said. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in a statement. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. Other potential buyers for SVB UK had included Bank of London, which said on Sunday it had submitted a formal proposal.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

☆ Microsoft tells UK it will license 'Call of Duty' to Sony for 10 years
▼ + stars: | 2023-03-08 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

Microsoft last month struck a similar deal with Nvidia Corp's (NVDA.O) gaming platform, dependent on it getting the go-ahead for the much-contested acquisition. Microsoft President Brad Smith had said he hoped that rival Sony - which has strongly opposed the takeover - would consider doing the same type of deal. Britain's Competition and Markets Authority (CMA) in February said the deal could weaken the rivalry between Microsoft's Xbox and Sony's PlayStation, and stifle competition in cloud gaming. It suggested that structural remedies could be needed to allay its concerns, including divesting the business associated with 'Call of Duty.' The biggest-ever deal in gaming, announced in January last year, is facing scrutiny in the United States and in Europe.

☆ Britain's FirstGroup to add another 117 electric buses to fleet by 2024
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

Companies FirstGroup PLC FollowMarch 2 (Reuters) - Britain’s FirstGroup (FGP.L) will add another 117 electric buses to its fleet by next year after the public transport operator secured new funding as part of the country's move towards cleaner travel. The group was able to secure 25 million pounds of government co-funding in partnership with local authorities through the Zero Emission Bus Regional Area (ZEBRA) funding programme. Britain is on the road to investing heavily in policies that promote public transport, including buses, providing incentives for operators to convert diesel buses to electric or hydrogen-powered vehicles. The company, which runs First Bus and First Rail, was also awarded funding under the first ZEBRA scheme last March. The new funding will take the total number of electric buses in its fleet to more than 600 by March 2024.

☆ Aston Martin forecasts positive free cash flow in second half
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Aston Martin Valkyrie car is driven off the production line at the company’s factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil NobleMarch 1 (Reuters) - Aston Martin (AML.L) said on Wednesday it expected to improve its profitability this year and turn positive free cash flow in the second half, after 2022 losses came in better than market expectations. The London-listed company forecast wholesale volumes of about 7,000 units for 2023, slightly below average market expectations of 7,134. The British company reported a bigger adjusted operating loss of 118 million pounds ($142.20 million) for the year ended Dec. 31, compared with a loss of 74.3 million pounds for the same period a year earlier. Analysts on average had expected adjusted operating loss to come in at 135 million pounds for 2022, according to a company-compiled consensus.

☆ Cineworld gets no offer for whole company, warns on shareholders' equity
▼ + stars: | 2023-02-24 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

It said it had received initial proposals from a number of counterparties but none offered an all-cash bid for the entire company. Cineworld said talks with certain stakeholders about a possible plan of reorganisation were ongoing in parallel with a potential sale of assets, but neither path would see shareholders recover their equity interest. Cineworld had a net debt of $8.81 billion as of June 30, 2022, including lease liabilities, while its cash reserves had dwindled to $131 million. Larger rival AMC Entertainment Holdings (AMC.N) in December had said its talks to buy some theatres owned by Cineworld had fallen through. Sky News reported earlier this month that London-based cinema operator Vue International, with support from two funds, would be among the bidders for Cineworld.

Small businesses like his in Britain are being hammered by rising costs which they would struggle to pass onto cash-strapped consumers. It has left many small businesses fighting for survival. Over the course of last year citrus ingredients shot up by between 25% and 35% in price, he said. They now cost nearer to 15 pounds because of a 50% jump in the price of tinned tomatoes. He said: "We're just looking into every single aspect of the expenses that we incur to try and make a living."

☆ Unilever names Dutch dairy boss Schumacher as new CEO
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Schumacher, 51, joined Unilever in October last year as non-executive director and is currently the chief of Dutch dairy business FrieslandCampina. The London-based company in September said that CEO Jope planned to retire at the end of 2023. Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data. Analysts at Jefferies and RBC Capital welcomed Unilever's appointment of an external CEO, saying investors will support the move. "We think Unilever needs a cultural and organisational shake up," RBC analyst James Edwardes Jones wrote in a note.

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