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Centrica CFO leaves; Dr Martens confirms IPO; Devro update

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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.

Full story here

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.

Full story here

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.

British Gas

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.

Devro

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.

Markets

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.



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