Maitland/AMO Morning Monitor – Friday 11 January 2019
The FTSE, CAC and DAX are all set to open up this morning.
Asian markets are up as investors welcome a more restrained Federal Reserve and U.S.-China trade talks.
In the news
- Ford and JLR slash thousands of EU jobs as sales fall
- May calls trade union chiefs to back Brexit deal
- Debenhams chairman forced out
Top Financial Announcements* Maitland Client
Grafton Group PLC Trading Update
- Revenue increased by 8.7% to £2.95bn (2017: £2.72bn).
- Revenue in constant currency grew by 8.4%.
- The Group anticipates reporting EBITA for 2018 slightly ahead of the top end of analyst expectations.
- Gavin Slark, CEO, said: “We are pleased with the strong performance over the year, with contributions from both organic growth and the Leyland SDM acquisition. The Group continues to benefit from its exposure to multiple geographies and its diverse customer base. The Group’s cash generative businesses, strong balance sheet and low level of net debt support our development strategy for the year ahead.”
- Following the announcement on 14 November 2018 and the launch of a Formal Sales Process (FSP), the Boards of Flybe and Connect Airways (comprising Virgin Atlantic, Stobart Group and Cyrus Capital) announce that they have reached an agreement on the terms of a recommended cash offer for Flybe. Flybe shareholders will be entitled to receive 1p in cash for each Flybe share, valuing the deal at £2.2m.
- Cyrus, Stobart and Virgin have committed to make available a £20m bridging loan facility to support Flybe’s ongoing working capital and operational requirements.
- The three companies are also intending to provide up to £80m of further funding to the Combined Group to invest in the business and support its growth.
- Christine Ourmières-Widener, CEO of Flybe, said: “”By combining to form a larger, stronger, group, we will be better placed to withstand these pressures. We aim to provide an even better service to our customers and secure the future for our people.”
- John Worth has been appointed Group CFO and is expected to join the Board within the next few months.
- He will replace Richard Hoskins, who has been with the business since April 2015.
- Toby van der Meer, CEO, said: “I am delighted to welcome John to Hastings and look forward to working with him as we continue our profitable growth trajectory. I would also like to thank Richard and wish him well for the future”.