Maitland Morning Monitor – Wednesday 13th June 2018

13th June 2018

Market Information

The FTSE is set to open down this morning. The German DAX and French CAC both opened up.

Asian shares slipped back today, with MSCI's broadest index of Asia-Pacific shares outside Japan dropping, while Japan's Nikkei managed to edge up.

In the news

  • Tory rebels force May into Brexit climbdown (Financial Times)
  • No more games: Trump gives Kim path to peace (The Times)
  • Wage growth dip casts doubts on summer interest rate rise (i)

Top Financial Announcements

* Maitland Client

Glencore PLC Katanga Mining announces settlement with Gécamines
  • Glencore refers to the announcement today by Katanga Mining Limited in which it announced the settlement of the DRC legal dispute with La Générale des Carrières et des Mines and an agreement for the resolution of the capital deficiency at Katanga’s 75% owned DRC operating subsidiary Kamoto Copper Company.
  • Glencore is pleased that this matter has now been resolved and looks forward to supporting KCC’s closer partnership with Gécamines as the parties work together to ensure that the Joint Venture reaches its full potential for the benefit of all stakeholders.
Dixons Carphone PLC Investigation Into Unauthorised Data Access
  • The company determined that there has been unauthorised access to certain data and launched an investigation.
  • Action was taken to close off the access and there is no evidence it is continuing.
  • There is no evidence to date of any fraudulent use of the data as a result of these incidents and the relevant authorities including the ICO, FCA and the police, have been informed.
  • Alex Baldock, CEO, said: “We are extremely disappointed and sorry for any upset this may cause. The protection of our data has to be at the heart of our business, and we’ve fallen short here. We’ve taken action to close off this unauthorised access and though we have currently no evidence of fraud as a result of these incidents, we are taking this extremely seriously.”
Mulberry Group PLC Preliminary results
  • Reported profit before tax of £6.9m (£2017: £7.5m).
  • Revenue up 1% to £169.7m (2017: £168.1m).
  • Cash of £25.1m at the end of the year (2017: £21.1m).
  • Thierry Andretta, CEO, said: “We have made significant progress during the year on our international strategy, creating new Mulberry subsidiaries in China, Hong Kong, Taiwan and Japan. We are also pleased to announce today the formation of a new majority owned venture to develop the business in South Korea. Our international business is growing and following the completion of this set up phase in Asia, we will focus on omni-channel, digital partnerships and marketing investment in the region.”
Biffa PLC Final Results
  • Net Revenue up 8.8% to £977.7m (2017: £898.8m).
  • Underlying profit before tax up 32.2% to £59.6m (2017: £45.1m).
  • Final dividend of 4.53p per share proposed (2017: 2.40p).
  • Ian Wakelin, CEO, said: ”We are delighted to report another year of strong performance by Biffa. Our strategy remains unchanged; to grow market share, develop services and infrastructure, and optimise systems and processes, and we are pleased with the progress made against all three of these strategic goals.”
Biffa PLC Directorate Change
  • Ian Wakelin, CEO, has advised the Board that he no longer wants to hold a full time executive role and that intends to leave the Company once the Board’s succession plan has been implemented.
  • Michael Topham, CFO, will succeed Ian. Ian will remain as CEO and Michael as CFO until a successor CFO has been appointed.
  • Ken Lever, Chairman, said: “Ian can feel extremely proud of what he has achieved at Biffa. He will be leaving a business in good health, the result of the growth strategy which he and his colleagues have been implementing for the last eight years. We are delighted that Michael will be Ian’s successor. Michael has played a major role in the development of the Group and the evolution and implementation of its strategy since he joined the business in 2010. Moreover, he played a central role in, and has become widely regarded since, the Group’s IPO. We believe the business will continue to be in excellent hands when Ian hands over the reins to Michael.”