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☆ UK's Saga shares drop 20% after profit warning
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 27 (Reuters) - British holidays group Saga Plc (SAGA.L) cut its full-year profit forecast on Tuesday, after reporting a loss for the first half of the year as its insurance unit struggles with inflationary woes, sending its shares 20% lower. Saga said its underwriting business has experienced high levels of claims inflation, currently around 13%, increasing the cost of insurance claims and hitting profitability. "Trading conditions in the UK insurance market continue to be challenging," Chief Executive Officer Euan Sutherland said in a statement. Saga posted a first-half pretax loss of 257.5 million pounds, as compared to a profit of 0.7 million pounds a year earlier. ($1 = 0.9275 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Amna Karimi in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ GSK picks Burberry's Brown as CFO
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in April, start as CFO in MayCFO Iain Mackay to retireSept 26 (Reuters) - GSK (GSK.L) named luxury fashion brand Burberry's (BRBY.L) Julie Brown as its new chief financial officer on Monday to succeed Iain Mackay, at a time when the British drugmaker is sharpening focus on its core business. The change comes after GSK spun off its large consumer business, Haleon (HLN.L), to focus on prescription drugs and vaccines. Burberry had said on Friday that Brown would step down as its CFO and chief operating officer in April to take up a role outside the luxury industry. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amna Karimi and Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Mackay, 60, will be retiring next year after serving as GSK's finance chief for nearly four years, following an eight-year stint as group finance director at the bank HSBC. Register now for FREE unlimited access to Reuters.com RegisterBrown, also 60, will join GSK in April and take up the job in May. She also served in several finance roles at AstraZeneca (AZN.L), which last year also appointed a female CFO, Aradhana Sarin. With Emma Walmsley as GSK's chief executive officer, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Brown will receive an annual base salary of more than 900,000 pounds at GSK, the company said.

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in AprilIain Mackay to retire in MaySept 26 (Reuters) - Britain's GSK (GSK.L) has appointed its first female chief financial officer, Julie Brown, to succeed Iain Mackay, as the drugmaker focuses on its core pharmaceuticals business. With Emma Walmsley as GSK's chief executive, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Mackay, 60, will retire next year after almost four years as GSK's finance chief, before which he completed an eight-year stint as group finance director at HSBC. She also served in several finance roles at AstraZeneca (AZN.L), which last year appointed a female CFO, Aradhana Sarin.

Made.com web site is seen on a smartphone in front of a displayed logo in this illustration taken June 16, 2021. Made.com employs around 700 people, indicating more than 200 jobs could be cut. In the past year supply chain disruptions, made worse by Russia's invasion of Ukraine, have also pushed up costs for companies, including Made.com. Made.com appointed PricewaterhouseCoopers (PwC) as its financial adviser to the strategic review and formal sale process. British retailer DFS Furniture (DFSD.L)last week also warned of a challenging outlook for the furniture sector, saying volumes have fallen as demand wanes.

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