Market report

BT hires Kirkby as CEO | Capita boss retiring | Marshalls

BT has appointed Glaswegian Allison Kirkby as chief executive to succeed Philip Jansen at the end of January 2024 at the latest.

Ms Kirkby has been president & CEO of Sweden-based Telia Company since early 2020. It is the market leading digital communications and telecommunications provider to 25 million customers across the Nordic and Baltic region. 

She will be paid a base salary of £1.1 million and an annual performance-related bonus of up to £2.2m, matching Mr Jansen’s pay.

She moved into the TMT sector in 2010, initially joining Virgin Media, and was most recently president & CEO of TDC (2018-2020), the largest telecommunications company in Denmark, and president & CEO of Tele2 AB (2015-2018) the largest challenger telecommunications company in Sweden and the Baltics.

Earlier in her career she held a number of financial and operational roles at Procter & Gamble (1990-2010) and qualified as a chartered management accountant in 1990 at Guinness.  

She has been a non-executive director at BT Group since 2019 and is also a non-executive director and member of the audit committee of Brookfield Asset Management.


Capita boss retiring

Capita has announced that CEO Jon Lewis will retire from the outsourcing company next year.

The company said Mr Lewis, who has led the business since 2017, will step down towards the end of the year, and will remain involved until next July to help with its transition.

Adolfo Hernandez, current vice president of global telecommunications at Amazon Web Services will take over.


Marshalls

Slower trading with little prospect of a recovery in the second half of the year has forced construction materials group Marshalls to cut 250 jobs, including the closure of a factory in Carluke, Lanarkshire.

The FTSE 250 firm said its performance for the full year will be lower than expectations.

Its second profit warning in only three months pointed to weak trading in housebuilding and repairs, maintenance and investment.

A cut in shifts and capacity in other facilities and will restructure its commercial team. The changes are expected to save £9 million a year.

Shares in Marshalls fell by 2.8%, or 7.5p, to 268.5p.


Pearson

Pearson profits soared in the first half as the education group enjoyed strong demand for English language learning, exams and qualifications.

Adjusted operating profits jumped 44% to £250 million in the six months to the end of June, having also been boosted by cost-cutting efforts.

Pearson told investors it is on course to hit annual and mid-term targets.


Market close: Oil firms rise

Oil firms enjoyed a surge in their share prices after Rishi Sunak announced his oil and gas plans. BP was up 7.5p to 483p, Shell rose 24.5p to 2366p, while Ithaca Energy, which has stakes in six of the ten largest fields in UK waters, rose to the top of the FTSE 250 index with a gain of 12p, or 7.3%, to a near-five-month high of 176.5p.

Despite a subdued start to the week for the FTSE 100, which closed 5.14 points higer at 7,699.41, the blue chip index completed its best monthly performance since April. 

Shares in Weir, the Glasgow-based engineer, advanced 45p, or 2.5% to 1835p ahead of interim results.

Drinks groups were under pressure and AG Barr, the Irn-Bru maker, lost 14.5p, or 3% to close at 471.5p.



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