Maitland/AMO Morning Monitor – Wednesday 11 September 2019

11th September 2019

Market Information

The FTSE, CAC and DAX are expected to open up this morning.

In Asia markets are mixed. The Hang Seng and Nikkei are both up whilst the Shanghai Composite is down.

In the news

  • US President Donald Trump fires national security adviser John Bolton
  • Prime Minister Boris Johnson considers plans for a regulatory border in the Irish Sea
  • China suspends import tariffs on certain US goods

The political day

  • Prime Minister Boris Johnson is due to host a Northern Ireland business reception in Downing Street
  • Health Secretary Matt Hancock is due to deliver the keynote speech on the second day of Public Health England’s annual conference
  • Education Secretary Gavin Williamson is expected to address the Universities UK annual conference
  • Defence Secretary Ben Wallace and International Trade Secretary Liz Truss are to address the DSEI conference in London

Top Financial Announcements

* Maitland Client

Galliford Try PLC Annual Results
  • Revenue including share of joint ventures fell to £2,863m (2018: £3,132m).
  • Group revenue fell to £2,711m (2018: £2,932m).
  • Strong progress against strategic operational targets in all three businesses.
  • Pre-exceptional profit before tax of £155.5m in line with previous guidance.
  • 6,507 total new homes built by Linden Homes and Partnerships & Regeneration (2018: 6,193).
  • Average net debt at £186m (2018: £227m).
  • Graham Prothero, CEO, said: “The Group has continued to perform well and our talented teams across the businesses have delivered a good performance despite the challenges faced. We continue to make great progress in Linden Homes, focusing on the benefits of standardising our range and rationalising process. We are building homes more cost effectively while delivering well-designed, high quality units which meet our customers’ needs, as reflected in our improving satisfaction scores.  We continue to head towards our target of 80% of completions being Linden Collection.”
Man Group plc Directorate Change
  • Man Group PLC announces today that Jonathan Sorrell has informed the Board of the Company of his intention to step down as President and as an Executive Director of the Company to take on a new role outside of the firm.
  • Jonathan will step down from his role as an Executive Director on the Company’s Board with immediate effect but will remain with Man for the time required to facilitate an orderly transition of his responsibilities.
  • Luke Ellis, CEO, said: “Jon has contributed hugely to the firm over the past eight years, first as CFO and then as President. Among his many achievements, Jon was instrumental in managing the firm’s cost base during particularly challenging times for the business, helping to create the strong, resilient firm we have today. More recently, as President, he has championed our important move into private markets and helped establish a strategic vision and first-class distribution platform with our sales team, creating foundations that will stand us in good stead for years to come. We wish Jon all the best in his new role.”
Crest Nicholson Holdings PLC Directorate Change
  • Crest Nicholson announces that following an extensive search process Iain Ferguson has been appointed independent Non-Executive Chairman.
  • He joins the Board on 16 September 2019 as Non-Executive Chairman designate and will become Non-Executive Chairman on 1 November 2019 at the commencement of our new financial year.
  • Stephen Stone steps down from the Board on 31 October 2019.
  • Stephen Stone, Chairman, said: “It is a privilege to have served as Chief Executive and then Chairman of this great Company and to have worked with many exceptional people to create so much value for shareholders, employees and the communities where we operate.”