Daily Business Live
Centrica CFO leaves; Dr Martens confirms IPO; Devro update
REFRESH PAGE FOR UPDATES
4.30pm: London remains flat
Shares in London remained subdued amid new travel restrictions and Covid uncertainty. The FTSE 100 closed 15.06 points lower at 6,720.65.
4pm: Taxi outrage
Economy Secretary Fiona Hyslop has been urged to fix a loophole that disqualifies taxi drivers claiming a new business support grant.
11am: Charlotte St Partners criticised
Charlotte Street Partners, the Edinburgh and London communications company, has been urged to rethink its appointment of the House of Lords deputy speaker as an adviser.
8am: FTSE 100 opens flat
London’s blue chip index was barely moved at 6,735.55 as investors look ahead the US inauguration and digest positive economic news from China which helps offset the impact of travel restrictions in the UK.
7am: Centrica board change
Centrica has announced that, for personal reasons, Johnathan Ford will step down today as group chief financial officer and will leave the company on 31 January.
Kate Ringrose takes over the role with immediate effect. She has been with Centrica for 16 years and has most recently been group financial controller, having previously held a variety of roles across the energy, services and trading businesses. Ms Ringrose will also join the Centrica board.
Dr Martens confirms IPO
Bootmaker Dr Martens has firmed up its statement on 11 January and confirmed it will be floating it shares on the stock market next month.
The final offer price will be determined following a book-building process.
The Company has engaged Goldman Sachs International and Morgan Stanley & Co. International as joint global co-ordinators, and Barclays Bank, HSBC, Merrill Lynch International and RBC Europe as joint bookrunners for the offer. Lazard & Co is acting as financial adviser.
Meat casings manufacturer Devro said trading in the final months of 2020 was slightly ahead of management’s expectations, driven by higher volumes and margins.
The Moodiesburn-based group says underlying operating profit, subject to audit, is around the upper end of current analyst expectations.
The group delivered strong cash generation in the final quarter. Net debt at the end of December was circa £110 million.
The FTSE 100 looks is expected to make a subdued opening despite China’s latest economic performance showing remarkable resilience. Over 2020, China grew by 2.3% in 2020.
Asia’s main markets pared their earlier losses after the People’s Republic said its economy had expanded by a better-than-expected 6.5% in the fourth quarter.