Maitland Morning Monitor – Friday 11 August 2017
Asian markets have again been hit by the rising tension between North Korea and the USA. This nervousness is expected to spread to European markets.
In the news
- Prudential merger of UK units paves way for group break-up
- SoftBank invests $2.5bn in Flipkart
- Weak pound fails to boost trade
Top Financial Announcements* Maitland Client
Old Mutual PLC Interim Results
- Pre-tax adjusted operating profit up 37% to £969m (2016: £708m).
- AOP EPS of 10.6p up 33% (2016: 8p).
- Adjusted NAV of 220.1p per share (2016: 228.6p).
- Bruce Hemphill, Chief Executive, said: “We are making excellent progress in delivering the managed separation of Old Mutual having materially reduced debt and largely disposed of our stake in OM Asset Management. Our focus for the next phase of managed separation is first to finalise the appropriate standalone balance sheets for our two unlisted businesses and second, subject to the necessary approvals, deliver them to our shareholders at the earliest opportunity in 2018 after our 2017 full year results.”
- Domino’s today announces the creation of a partnership with its largest franchisee in London.
- As part of the transaction DPG agreed to pay £24m for a 75% stake in a newly formed company which will consist of 25 existing Domino’s stores in London.
- The transaction is subject to final contract, with completion expected in September 2017.
- The Restaurant Group today announces the appointment of Kirk Davis as CFO. Kirk will start in February 2018 and joins from Greene King.
- Andy McCue, Chief Executive Officer, said: “Kirk’s proven skill-set and highly relevant experience position him ideally for the CFO role at The Restaurant Group. I very much look forward to welcoming Kirk to the business and to working with him.”
- Greene King announces that Richard Smothers will join in December 2017 and be appointed CFO in February 2018. He joins from Mothercare.
- Rooney Anand, Chief Executive Officer of Greene King, said: “I am delighted that Richard Smothers is joining us as Chief Financial Officer. Richard has 20 years of experience at blue chip retail and consumer-focused companies in senior financial roles. He is a great addition to the executive team as we seek to become Britain’s best pub company and to continue to deliver long-term growth and value to shareholders.”