Maitland/AMO Morning Monitor – Tuesday 1 October 2019
The FTSE is expected to open down this morning. The CAC and DAX are expected to open up.
In Asia markets are mixed. The Hang Seng and Nikkei are both up whilst the Shanghai Composite is down.
In the news
- Prime Minister Boris Johnson will reveal his final Brexit plans to EU leaders within days
- South Korean exports continue to slump for the tenth month in a row
- Australia's central bank has cut interest rates to a new all-time low
The political day
- The Conservative Party continues its Annual Conference in Manchester with Home Secretary Priti Patel speaking
- EU trade ministers meet in Brussels
Top Financial Announcements* Maitland Client
Ferguson PLC Results for the year ended 31 July 2019
- Revenue increased 6.1% to $22,010m (2018: $20,752m).
- Profit before tax increased to $1,324m (2018: $1,187m).
- The Board expects to make further good progress in the year ahead. Whilst US market growth is currently broadly flat, consistent with the second half of 2019, the company expects to continue to outperform.
- John Martin, CEO, said: “Ferguson performed strongly in 2019. Markets weakened in the second half but our well-executed approach to expanding gross margins and decisive cost control measures ensured strong profit delivery. We recently proposed the demerger of our UK operations and work on this is progressing well.”
- WPP today announces the appointment of John Rogers as CFO.
- John is currently CEO of Sainsbury’s Argos, where he has overseen the digital transformation of one of the UK’s leading technology-driven businesses.
- John will join WPP in early 2020, when he will also become a member of the Board. He succeeds Group Finance Director Paul Richardson.
- Mark Read, CEO of WPP, said: “John is not only an accomplished CFO, but also a leader with extensive experience of business transformation. His priority will be to lead a finance function that best fosters investment in creativity, technology and talent in support of WPP’s new strategy for growth.”
- John Rogers, CEO of Sainsbury’s Argos, is leaving the business to become CFO of WPP PLC.
- Argos’s retail and logistics teams will report into Simon Roberts, Retail and Operations Director and Argos’s commercial team will report into Paul Mills-Hicks, Commercial Director.
- Mike Coupe, CEO, said: “John has worked alongside me for over fourteen years and has made an outstanding contribution to the business. He leaves Sainsbury’s with our best wishes for the future.”
- Total sales up 12.4% for the 13 weeks to 28 September 2019.
- Company-managed shop like-for-like sales up 7.4% for the 13 weeks to 28 September 2019.
- Total sales for the nine months to 28 September 2019 up 13.9% and company-managed shop like-for-like sales up 9.4%.
- Expectations for the full year remain unchanged.
- The company is pleased to confirm that Eoghan O’Lionaird has been appointed CEO with effect from 1 October 2019.
- The Company further confirms that Nick Henry has stepped down as CEO and Executive Director with effect from 1 October, but will remain employed by the Company until 31 March 2020 to ensure a smooth and effective transition of responsibility.