Maitland/AMO Morning Monitor – Friday 3 January 2020
In the news
- US air strike kills Iran's top military leader
- New poll suggests that Keir Starmer is the favourite among Labour leaders to succeed Jeremy Corbyn
- Three energy firms are to pay £10.5m following August's widespread power cut
Stock market moves
Corporate announcements* Maitland Client
British American Tobacco PLC BAT Response to FDA Flavour Guidance
- British American Tobacco welcomes the U.S. FDA’s acknowledgement that a properly regulated vapour category continues to provide a credible alternative to smoking, whilst also highlighting the important issue of preventing the access and appeal of vapour products to youth.
- Following a significant period of disruption and uncertainty, this regulatory clarity is a welcome step towards returning the US vapour market to stability.
- Jack Bowles, CEO, said: “Yesterday’s announcement takes us a step closer to a predictable regulatory environment in a key marketplace, but focus must now shift to enforcement to ensure vapour market regulations are effective. We have long said it is not the marketing of these products per se that is the concern, it is the irresponsible marketing of them that should be robustly addressed. For us, smart regulatory frameworks partnered with responsible marketing and appropriate enforcement will ensure the sustainability of adult consumer choice across all categories.”
- Q4 full price sales to 28 December up +5.2%, which was +1.1% ahead of the group’s internal forecast.
- Year to date, full price sales up +3.9% on last year.
- Full year profit guidance increased by £2m to £727m. This would represent an increase of +0.6% on last year and Earnings Per Share growth of +5.4%.
- Looking ahead, initial guidance for the year ending January 2021 is for full price sales to be up +3.0%, profit up +1.0%, EPS growth of +3.5%.
- As previously announced on 7 November 2019 Galliford Try Holdings plc confirms that Bill Hocking formally took up his role as Chief Executive with effect from 3 January 2020.
- Bill Hockin said: “I am excited by my appointment and the opportunity to lead our UK construction-focused group which is strongly positioned for future growth. I am particularly looking forward to working with the Group’s highly experienced senior management team focusing on optimising the operational performance of the business”.
- Galliford Try also announces the completion of the disposal of the Linden Homes and Partnerships & Regeneration divisions of Galliford Try plc following the Group restructuring having been implemented and the scheme of arrangement under Part 26 of the Companies Act 2006 becoming effective yesterday. The acquisition has been completed by Bovis Homes Group PLC.