Probably the most modest beer in the world - YOUR REGULAR PAPER INSIDE - City AM
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REGULAR
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BUSINESS WITH PERSONALITY
Probably the most
modest beer in the world.
versus Peroni whilst in each case 8% expressed no preference. Please see www.carlsberg.co.uk/export-2020 for verification details.
In a December 2019 independent study of 227 premium lager drinkers, 55% preferred Expørt versus Stella and 55% preferred Expørt
Probably the most modest beer
in the world. We Danes don’t like
to blow our own trumpets. It goes
against everything, well, Danish.
So, you probably wouldn’t know
that most drinkers prefer the
taste of Carlsberg Expørt to
Stella and Peroni. We choose
to focus on brewing beer rather
than boasting about it. Perhaps
that’s why Carlsberg Expørt is
deceptively full-bodied. Made
to the original Danish recipe,
balancing deep malty notes and
a smooth bitterness for a more
refreshing taste. But don’t just
take our word for it. We’d humbly
suggest you try it for yourself.
BUSINESS WITH PERSONALITY
GET GREEDY FEAST ON A
WEEKEND OF FILM, MUSIC
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AIRLINES HIT
FRIDAY 21 FEBRUARY 2020 ISSUE 3,561
WITH $30BN
VIRUS BILL
OUTBREAK CONTINUES TO TAKE TOLL ON BUSINESS
EDWARD THICKNESSE half of this figure, with a $12.8bn Etihad, the Franco-Dutch group has
drop in revenues forecast. cancelled flights to mainland China,
@edthicknesse
FLIGHT suspensions to mainland
Alexandre de Juniac, IATA’s director
general, said the impact would be
which make up 5.5 per cent of its traf-
fic, until the end of March. A COSTLY WINTER Insurers face
China and spooked travellers can-
celling bookings over coronavirus has
“severe” for those more exposed to
the Chinese market.
BA yesterday announced extra
flights to Miami and Seattle, using up to Ciara and Dennis damage
left the global aviation industry “Airlines are making difficult deci- planes normally bound for China,
braced for $30bn (£23.3bn) in lost rev- sions to cut capacity and in some until the end of May, a move which JAMES BOOTH “Clearly there has been far more flood
enue, as the outbreak continues to cases routes. This will be a very tough could be interpreted as it not expect- damage from Storm Dennis compared
savage the world economy. year for airlines,” he added. ing the flight ban to lift next month. @Jamesdbooth1 to Storm Ciara — which was mainly
Aviation body the International Air IATA’s estimate came as Air France- Australian flag carrier Qantas said THE COST to the insurance industry of wind damage. Unfortunately, due to
Transport Association (IATA), which KLM and Qantas became the first car- the outbreak would cost it as much as Storm Dennis and Storm Ciara, both the continuing rainfall there is greater
represents the world’s leading carri- riers to report on the impact the AU$150m (£77m) for this financial of which battered the UK in recent risk of further flooding.”
ers, yesterday said combined airline illness could have on the bottom lines. year, adding it would ground the weeks, could hit £425m. The Environment Agency added
revenues would drop five per cent Shares in Air France-KLM slumped as equivalent 18 planes and ask its Storm Ciara swept across the UK on that flood risks remain high.
from its December estimates. much as 7.6 per cent yesterday, after 30,000 staff to use up their annual 9 February bringing heavy rain and “Although it is still very early to
The total fall in global demand will the airline group warned the disease leave to offset the fall in demand. gusts of wind of up to 97 mph. assess the full impact of the severe
be 4.7 per cent, with passenger could wipe up to €200m (£167.4m) off Last week Cathay Pacific, which It was followed by Storm Dennis a weather, our initial estimates for UK
demand in the Asia-Pacific region to earnings by April if flights remain plans to cut a third of its capacity over week later which brought strong insurance losses due to Storm Dennis
fall 13 per cent. suspended. the next two months as well as 90 per winds and heavy downpours, leading are approximately £175m to £225m,”
Asia-Pacific carriers will be the worst “Obviously, if it lasts longer, the im- cent of all flights to mainland China, to flooding across areas such as south Khan said, in addition to a £150m to
affected by the outbreak, with the ma- pact will be heavier,” its finance chief warned that its first-half results Wales, Herefordshire, Worcestershire £200m bill for Storm Ciara.
jority of the cost — $27.8bn — borne by Frederic Gagey added. would be “significantly down” after and Shropshire. Insurer Aviva said its contact centre
those in the region. China’s domestic Along with many global carriers, “the most challenging Chinese New Mohammad Khan, general received five times its normal volume
market alone will account for nearly such as BA, Virgin Atlantic and Year period we have experienced”. insurance leader at PwC, said: of calls last Sunday.
No more 1984: Backlash sees Barclays put Big Brother back in its box
CHEEKY
ANNA MENIN and water breaks. BARCLAYS INSTALLS
‘BIG BROTHER’
bathroom breaks or even get up for will continue to use the software,
AND ANDY SILVESTER The banking giant introduced SOFTWARE ON
EMPLOYEES’
water” due to the software. but the data gathered will be
BANKERS
software on a number of COMPUTERS Yesterday Barclays curtailed the aggregated and anonymised.
@annafmenin @silvesterldn computers at the start of this week pilot. “We always intended to listen The move came after criticism of
BARCLAYS announced it had which admonished staff if they to colleague feedback as part of the software, built by Indian-US
scrapped a trial of employee were not sufficiently productive — EXCLUSIVE
ANDY SILVESTER
at the firm’s Canary Wharf headquarters.
Sapience describes the system as offering this limited pilot, and we have firm Sapience.
monitoring software described as or “in the zone.” A whistleblower taken steps to ensure that no The TUC yesterday described the
@SilvesterLDN “automated work pattern reporting and real-time
analytics” and “unprecedented visibility into how
BARCLAYS has been criticised by HR experts and people work, with actionable insights to better
privacy campaigners after the bank installed “Big manage cost and performance across teams.”
Brother” employee monitoring software in its The software compiles a report into an
“dystopian” yesterday, after City told City A.M. that “employees are individual data is visible to pilot as “dystopian Big Brother
London headquarters. employees’ activity during the working day. A
Introduced as a pilot last week, the technology “work yoga” assessment sent to an employee
monitors workers’ activity on their computers, earlier this week, seen by City A.M., warned the
and in some instances admonishes staff in daily staffer of “not enough time in the Zone yesterday!”
updates to them if they are not deemed to have It added: “Tips: mute the phone disable
A.M. revealed staff were fearful of worried to step away from their How we reported the details of the managers,” a spokesperson said. tactics that show a total disregard
the “repercussions” of bathroom desks, have full lunch breaks, take scheme in yesterday’s newspaper City A.M. understands the bank for hardworking staff”.
FTSE 100▼ 7,436.64 -20.38 FTSE 250▲ 21,866.69 +15.83 DOW▼ 29,219.98 -128.05 NASDAQ▼ 9,750.96 -66.21 £/$▼ 1.287 -0.006 £/€▼ 1.193 -0.006 €/$▼ 1.079 -0.001
02 NEWS FRIDAY 21 FEBRUARY 2020 CITYAM.COM
DEMOCRATS IN BLOOM-BERG Mayor Mike takes a beating as
opposition searches in vain for leading figure to take on Trump
THE CITY VIEW
Boris bounce drives up
sales for the high street
R
ETAIL sales jumped slightly at the beginning of the New
Year, offering some respite from the doom and gloom
that has shrouded the UK high street in recent years. The
Conservative General Election victory sparked a boost in
consumer and business optimism — dubbed the “Boris bounce”.
This has been detected in survey after survey, from finance chief
optimism to hiring intentions. But the retail figures are among
the first examples of sentiment bearing fruit in hard data.
December’s election result has given retailers the confidence to
plough on with investment plans that might have been
abandoned had the public backed Jeremy Corbyn, and British
consumers are also splashing the cash after holding back in the
festive period. However, the respite for the sector is likely to be
FORMER New York mayor and billionaire Mike Bloomberg (far left, though not in policy) finally stepped on to the debate stage
brief. Its troubles run deep, and retailers would be wise to in Nevada and was immediately the focus of a brutal attack from all other candidates. He was criticised for not sharing profits
capitalise on the current uptick from his media ventures with staff, for non-disclosure agreements signed as a businessman, and for stop-and-search policies.
in optimism. However it’s
UK to make WTO
essential that brands address
the inevitable continued shift
to online, capitalise on the The death of the Boris to level —
not level up —
popularity of “experiential”
high street is
food safety stand
stores, and provide click and
collect services. Some issues exaggerated, but
plaguing the high street are
out of retail bosses’ hands,
such as business rates reform,
the patient will
continue to suffer growth bodies
high rents, minimum wage CATHERINE NEILAN
hikes and the coronavirus outbreak disrupting supply chains. EXCLUSIVE previous speeches, he has also said
CATHERINE NEILAN future decisions on food safety will @CatNeilan
On top of it all is Brexit uncertainty, with many businesses
be “governed by science and not by DOWNING Street is planning a
hedging their bets until the outcome of trade negotiations @CatNeilan mumbo jumbo”. major shake-up of the way it deals
becomes clear. But although the death of the high street is DOWNING Street is preparing to break Sources indicated that Downing with the business community, with
greatly exaggerated, the patient will continue to suffer without away from the EU on food safety at an Street is adopting a broad interpreta- officials planning to scrap the
upcoming World Trade Organization tion of the duty of sincere cooperation system created by Theresa May, it
an injection of cash and creative thinking. As Dominic Watkins, (WTO) summit, in yet another breach that all EU member states are was reported yesterday.
head of food and retail at law firm DWF says: “Investment in of transition rules within the with- bound by, as well as commitments Officials are poised to axe the
stores is not just a good opportunity, it is a necessity to keep drawal agreement. made within the UK’s withdrawal five business councils set up by the
driving footfall and sales.” The brands that have managed to The stage will be set when the US for- agreement. former Prime Minister around
mally welcomes the UK as an inde- One source said: “In the past minis- business lines, including one for
thrive despite the challenging trading environment — Dunelm, pendent member of the WTO during a ters have been told by government financial and professional services.
Greggs and Boohoo for example — have smart social media meeting about sanitary and phytosan- lawyers ‘you can't do that’ and minis- In its place, Boris Johnson and
strategies and clear customer propositions. The ones that have itary (SPS) measures. ters have meekly not done it. his team are expected to create a
The UK’s permanent representative “You now have a very different single new committee of business
struggled, on the other hand, have been stuck in the past. More Julian Braithwaite is expected to approach from Number 10 in which advisers, according to Sky News.
than 16,000 stores were closed last year, while Mothercare and respond with “a clear statement about ministers will do whatever they need Johnson held one meeting last
Bonmarche collapsed entirely after failing to adapt. It won’t be future intentions” on areas like beef to do to be successful, and will read October with the council co-chairs
easy to address the deep-seated issues in the sector, and hormones, gene editing and GM foods the duty of sincere cooperation — including the technology
and the use of peracetic acid to wash accordingly.” entrepreneur Brent Hoberman,
investment is risky. But the retailers that take bold action could poultry, City A.M. understands. Last month City A.M. revealed plans Tesco chief executive Dave Lewis
be the ones to survive the next cull. Peracetic acid is commonly used were afoot to move Braithwaite away and Sir Ian Davis, the Rolls Royce
instead of chlorine when processing from the EU’s table at the WTO Holdings chairman. However, there
chicken. Although Boris Johnson has months before transition rules per- have been no meetings since
Follow us on Twitter @cityam ruled out “chlorinated chicken” in mitted such a move. December’s election.
FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL
HSBC IDENTIFIES UNICREDIT
WHAT THE SHELL WILL NOT RACE BP ON CALLS FOR CHANCELLOR TO TRUMP ALLY ROGER STONE
BOSS AS POTENTIAL CHIEF OTHER GETTING TO CARBON ZERO SHAKE-UP STAMP DUTY SENTENCED TO THREE YEARS
HSBC has identified Jean Pierre
Mustier, the boss of Italian lender PAPERS SAY Royal Dutch Shell will not “get into an
arms race” with BP over carbon targets,
Next month’s Budget is a golden
opportunity to reform the UK’s broken
Roger Stone, a longtime adviser to US
President Trump, was sentenced to
Unicredit, as the leading external
contender to become its next chief THIS a senior executive has said in a sign that
Europe’s biggest oil group will not rush
stamp duty system and get the country
moving again, MPs, economists and
three years and four months in prison
for lying to Congress and other crimes,
executive, said two people familiar with
the matter. The Asia-focused bank has
MORNING to match its rivals net zero pledge. campaigners have said. Industry
experts say the tax on property sales is
after a tumultuous two weeks in which
the government trial lawyers withdrew
been searching for a chief executive REPORT THAT CALLED HOME stopping families from moving and and the president repeatedly criticized
since it ousted John Flint last August. OFFICE RACIST TONED DOWN preventing millions of young people the case.
Noel Quinn was subsequently A report that said the Home Office was getting on the housing ladder.
appointed as interim chief executive racist over its hostile environment TWO BIG WORK-SOFTWARE
and the contest to lead the bank is now policy towards migrants has been DOMESTIC COAL AND WOOD PROVIDERS TO MERGE
a two-horse race between him and toned down. The Windrush review was TO BE BANNED NEXT YEAR Workplace-software providers Ultimate
Mustier, the people said. agreeing to new takeover terms that originally intended for publication at Domestic coal and certain type a of Software and Kronos plan to merge in
would give Deutsche Telekom a larger the end of March last year. The phrase wood are to be banned from next year an all-stock deal that would create a
SPRINT AND T-MOBILE CLOSE share of the company and pave the way “institutionally racist” was included in in an effort to cut air pollution, the company worth roughly $22bn
ON TELECOMS TIE-UP TERMS for the combination of the third and an early draft of the report but no longer environment secretary George Eustice (£17.1bn) including debt, the
Sprint and T-Mobile are close to fourth largest players in US mobile. appears in more recent versions. is set to announce today. companies said yesterday.
CITYAM.COM FRIDAY 21 FEBRUARY 2020 NEWS 03
Trump tries to Morgan Stanley
RAISING THE BRA Victoria’s Secret set to
go private in $523m deal for lingerie brand
US LINGERIE giant
to buy E-Trade
get British back
Victoria’s Secret will
in a $13bn deal
be taken private
after owner L Brands
sold a controlling
stake to investment
firm Sycamore ANNA MENIN
on their Huawei
Partners, valuing the
firm at $1.1bn @annafmenin
(£850m). L Brands MORGAN Stanley is to buy discount
announced brokerage firm E-Trade in an all-
yesterday that it will share deal worth around $13bn
sell a 55 per cent (£10bn), makin it the biggest deal
stake to the private by a major Wall Street bank since
CATHERINE NEILAN “gradually eliminate [Huawei]… equity firm for the financial crisis.
within the life of this government”. around $525m. L The deal will help Morgan
@CatNeilan The US position is said to be “frank Brands will retain a Stanley boost its wealth
A SENIOR US official has met with and full-on” but ultimately a con- 45 per cent stake in management division, which chief
Boris Johnson’s chief adviser Dominic structive one. the business. executive James Gorman is trying
Cummings in the hope of getting the The adviser said the meeting should to grow in order to help the lender
government to change its mind be a wake-up call for Number 10 to better ride out weak periods in
over Huawei’s involvement the UK’s stop “hiding from reality”. If Downing trading and investment banking.
5G network. Street sticks to its guns it would be The deal, which is expected to
Young entrepreneurs say they
US President Donald Trump’s acting “very difficult” to get a trade deal close in the fourth quarter of 2020,
chief of staff Mick Mulvaney yesterday through congress, he noted. brings together $3.1 trillion of
met with Cummings and the Prime “This is not just a case of a few client assets.
are optimistic going into 2020
Minister’s chief strategic adviser Sir words, and lip service, and the Amer- E-Trade has over 5.2m clients
Eddie Lister, in what sources de- icans will go away,” the source said. with over $360bn of retail client
scribed as “a very important meeting” “This is a real dispute and it has to assets, which will be added to
with serious repercussions for the UK- have real answers. This is a matter of Morgan Stanley’s existing three
US security partnership and future vital national importance to the US JAMES BOOTH University Entrepreneurs found 51 million client relationships and
trading relationship. and we need to understand that — I per cent of entrepreneurs were more $2.7 trillion of client assets.
Johnson did not attend. don’t think officials have done yet.” @Jamesdbooth1 positive about 2020 than 2019, while “E-Trade represents an
Although the Americans are said to The Prime Minister and the US Pres- MORE than half of the UK’s young 77 per cent felt confident about the extraordinary growth opportunity
be furious about last month’s deci- ident, however, spoke yesterday. entrepreneurs are more optimistic performance of their firms over the for our wealth management
sion to allow the Chinese firm limited A Downing Street spokesperson said going into 2020 than they were going next five years. business and a leap forward in our
involvement in the UK’s network, one Johnson and Trump “discussed a into 2019, according to a new report. Tim Jones, Tata executive director, wealth management strategy,” said
source told City A.M. there was “a land- range of bilateral and international is- A survey of entrepreneurs by the said: “We believe that it’s really Gorman. “This continues the
ing zone out of this”, if Downing sues” and “reiterated their commit- Tata group and the National important for the UK that we decade-long transition of our firm
Street made a firm commitment to ment to the UK-US relationship”. Association of Colleges and nurture our entrepreneurship.” to a balance sheet light business.”
CITYAM.COM FRIDAY 21 FEBRUARY 2020 NEWS 05
IN BRIEF
Lloyds 2019 profit
PSG PRESIDENT INDICTED ROYAL MAIL SHARES JUMP SWISS BANK JULIUS BAER
AMID CORRUPTION PROBE ON PAY PROPOSALS RAPPED FOR RISKY DEALS
Paris St-Germain president Nasser Al- Shares in Royal Mail jumped 4.8 per Swiss bank Julius Baer has been
Khelaifi has been indicted by Swiss cent yesterday after the postal firm reprimanded by the country’s financial
sinks on £2.45bn
authorities in connection with a Fifa proposed a six per cent three-year pay watchdog Finma for ignoring money
bribery investigation concerning World deal to the Communications Workers laundering risks in handling millions of
Cup television rights. Prosecutors Union in a bid to avoid strike action. francs of payments linked to corruption
yesterday charged Al-Khelaifi with Earlier this month Royal Mail said the in Venezuela and world football body
inciting former Fifa secretary general union was preparing for another strike Fifa. In a highly critical report, Finma
Jerome Valcke to commit criminal ballot, after the postal service avoided said there had been scores of failings at
hit by PPI charge
mismanagement. Valcke was also industrial action over the Christmas Switzerland’s third-largest listed bank,
charged with accepting bribes, criminal period. Royal Mail said the offer would such as its acceptance of a SFr70m
mismanagement and falsification of mean an increase of more than 16 per (£55m) transfer for a Venezuelan
documents. The charges against Al- cent between 1 April 2018 and 31 March customer in 2014 despite knowing he
Khelaifi are in connection with his 2023, but said it must deliver rapidly on was accused of corruption. “We accept
dealings as chairman of Qatari TV a turnaround plan announced last year Finma’s findings and regret the
network Bein Media. Prosecutors allege to fulfil the pay proposals. The firm’s shortcomings identified in our business
he let Valcke use his £1.5m villa rent-free Journey 2024 turnaround plan seeks to with Latin American clients,” said
ANNA MENIN Overall, the saga is set to cost the finan- in an attempt to win Fifa tournament TV adapt to trends and turn Royal Mail into chairman Romeo Lacher. “This is not
@annafmenin 1.38% cial sector over £50bn. Despite the dead-
line for claims having been last August,
rights. Authorities also dropped bribery
charges against Al-Khelaifi.
a more internationally-focused parcel
delivery business.
compatible with the risk culture that we
are striving to achieve.”
LLOYDS reported a 26 per cent payouts remained one of the biggest
drop in annual profit yesterday, with drags on full-year profit, with Lloyds hit
Britain’s largest domestic lender hit by a by a one-off charge of £2.45bn.
rise in bad debts and billions of pounds The bank said it had reached a final set-
of customer compensation payout. tlement with the Official Receiver over
Chief executive Antonio Horta-Osorio the mis-selling of the insurance,
said the results demonstrated a “solid included within the one-off charge total.
financial performance in a challenging Lloyds yesterday announced a div-
external market”, but analysts idend of 3.37p per share. This
described them as “slightly amounted to a total payout
disappointing”. of £2.4bn — well short of
Pre-tax profit slumped 26 the £4bn total paid out
per cent to £4.39bn, 11 per
cent below analysts’ expecta- Horta-Osorio said Lloyds
tions and down from had achieved a “solid”
£5.95bn in 2018. performance in 2019
Horta-Osorio said Lloyds’
performance had been the previous year.
impacted by a “substantial pay- The belt-tightening was
ment protection insurance (PPI) not limited to investor
charge related to the deadline for returns. The lender slashed its
claims submission”. bonus pool for 2019 by a third to £310m
The banking giant was also hit by a in the wake of the PPI scandal and its
spike in impairments on bad loans, treatment of customers impacted by
which rose to £1.3bn, up from £937m the fraud at its HBOS Reading branch.
previous year, as weakening second-hand Horta-Osorio and chief operating offi-
car prices hit Lloyds car financing divi- cer Juan Colombas asked to be excluded
sion, and the failure of two large compa- from the 2019 bonus scheme in recogni-
nies damaged its commercial arms. tion of the poor performance and mis-
Lloyds has been the hardest-hit lender conduct, but the pair were still paid
in terms of compensation paid out fol- £4.7m and £2.6m respectively.
lowing the PPI scandal. Shares closed up 1.4 per cent yesterday.
MARINE AND COASTAL ACCESS ACT 2009
APPLICATION FOR THAMES SIDE WEST - RIVER
WALL WORKS
Notice is hereby given that Charles Calverley, Executive Director, Silvertown
Homes Limited, 58 Old Compton Street, Soho, London, W1D 4UF, has applied
to the Marine Management Organisation under the Marine and Coastal Access
Act 2009, Part 4, for a marine licence to create a new river edge along the
entire 1,065m frontage of the proposed Thames Side West development.
Works will involve the installation of a new sheet piled wall, waling beam,
anchors and capping beam; outfalls and scour protection; an intertidal planting
area; two re inforced concrete gravity walls; a riverside walkway and timber
fenders. Plans showing the position of the works may be inspected at Silver
Building, 60 Dock Rd, Royal Docks, London E16 1YZ (open 8am – 5pm).
Copies of the application and associated information may be viewed on line
in the Public Register at www.gov.uk/check-marine-licence-register.
Representations in respect of the application should ordinarily be made by:
- Visiting the MMO public register at
https://marinelicensing.marinemanagement.org.uk/mmofox5/fox/live/MMO_
PUBLIC_REGISTER/search?area=3 and accessing the `make a comment?
section of case reference MLA/2019/00497;
However, we will also accept representations via the following formats:
- By email to marine.consents@marinemanagement.org.uk; or alternatively
- By letter addressed to Marine Management Organisation, Lancaster House,
Hampshire Court, Newcastle upon Tyne, NE4 7YH
In all cases, correspondence must:
- Be received within 28 days of the date of the first notice 19th February
2020. So that it reads Be received within 28 days of 19th February 2020;-
Quote the case reference; and
- include an address to which correspondence relating to the representation
or objection may be sent.
The Marine Management Organisation will pass to the applicant a copy of any
objection or representation we receive.
06 NEWS FRIDAY 21 FEBRUARY 2020 CITYAM.COM
GETTING THRIFTY
Mayoral candidates given
a spend limit of £420,000
CANDIDATES in the London mayoral
election must not spend more than
£420,000 in the six weeks leading up to
polling day, unreleased guidance
written by the Electoral Commission,
and seen by City A.M., has stated.
O2 revenue rises for third consecutive year
JAMES WARRINGTON was up 2.3 per cent to £1.9bn. per cent — the lowest in the sector.
The growth was driven by a Capital expenditure was up 3.4
@j_a_warrington continued rise in O2’s customer per cent last year to £801m as O2
O2 HAS posted its third consecutive numbers, which were up 5.7 per launched its 5G network.
year of revenue and profit growth cent year on year to hit 34.5m. While the firm has not yet felt
as the mobile network continued O2, which is the UK’s largest the benefits of 5G, its decision not
to expand its customer numbers. mobile network, credited its to use equipment made by Huawei
Revenue rose 3.8 per cent to hit “customer fairness and customer means it will not have to carry out
£6.2bn in the year to the end of centricity” for the growth. The firm costly replacements, unlike rivals
December, while operating income recorded a churn rate of just one Vodafone, Three and BT-owned EE.
Chief executive of recruiter Staffline Audit watchdog kicks
quits after string of profit warnings off climate risk probe
ANNA MENIN stock exchange yesterday, Staffline cent to 43.95p following the JAMES BOOTH It also said it will review a sample of
@annafmenin 5.48% said its outlook for 2020 remains
unchanged and in line with
announcement yesterday.
It came as rival recruitment firm @Jamesdbooth1
audits to assess how auditors are
ensuring the impact of climate risk
STAFFLINE yesterday expectations, despite noting “the Hays reported a fall in profit AUDIT watchdog the Financial has been appropriately reflected in
announced the resignation group continues to operate in a yesterday, citing the UK General Reporting Council (FRC) yesterday company reports and accounts.
of chief executive Chris Pullen, competitive environment”. Election and a weak German announced a major review of how It said it would analyse the resources
weeks after the recruiting firm Tracy Lewis, non-executive chair economy as reasons for the decline. companies and auditors report on the available to audit teams for assessing
issued a profit warning due to an of the company, said: “I would like Like-for-like operating profit for impact of climate change. the impact of climate change on the
ongoing accounting review. to thank Chris for his contribution the company dropped 18 per cent The FRC said it will review the extent companies they audit.
The company had warned last to the business as both chief to £100.1m, down from £124.1m in to which UK companies and auditors It will also consider how investors
month that annual adjusted profit executive and previously 2018, as net fees slumped two per are responding to the the impact of are addressing climate when it moni-
would be materially below prior finance director.” cent to £553.1m. climate change on their businesses to tors reports under the new steward-
forecasts. The company issued “Chris has led the The recruitment firm’s ensure reporting requirements are ship code, which will be issued from
three profit warnings in 2019, business through very performance in the UK was being met. the beginning of 2021.
delayed publishing its annual difficult circumstances impacted by “pre-election The review will consider how the FRC chief executive Sir Jon
results, and its auditor PwC and we wish him well for uncertainties”, which led to private quality of information provided to Thompson said: “Auditors have a
resigned. the future. I look forward sector fees dropping eight per cent, investors can be improved to help responsibility to properly challenge
Pullen, who led the firm for two to announcing a new chief however it added that “in time the them make informed decisions. management to assess and report
years, will continue to lead executive in due course.” result could provide impetus”. The FRC said it will analyse a the impact of climate change on
Staffline while it searches Shares fell 5.5 per Hays said that the Australian sample of company reports and their business.”
for a new chief bushfires in December “severely accounts across industries to assess Daniel Wiseman, lawyer for cam-
executive, the Chris Pullen will impacted the market”, although the quality of their compliance with paign group Client Earth said: “This
company said. continue to lead while fees were broadly stable reporting requirements in relation to long overdue review must lead to
In an update to the it finds a new boss beforehand. climate change. strong enforcement action.”
CITYAM.COM FRIDAY 21 FEBRUARY 2020 NEWS 07
Anglo American notches Kaz Minerals offsets a decline in
copper prices with revenue boost
strong earnings for 2019
JACK RICHARDSON on the fundamental structural However, City stalwarts remained
EDWARD THICKNESSE
@edthicknesse
KAZ MINERALS boosted
1.26%
both its profit and its revenue
in 2019 as higher production rates
existing mines. The declining mines
will be replaced by new projects,
most notably the Baimskaya mine in
the Chukotka region of Russia,
which the firm bought for $436m in
January 2019.
and operational improvements critical of the deal. and sales volumes offset a decline in Kaz expects to complete its
@JackRich93 we have embedded across City veteran and Sirius investor copper prices. feasibility study for the new asset in
MINING giant Anglo American report- our buisness. Crispin Odey said the takeover The firm yesterday reported that the first half of this year.
ed strong results for 2019 yesterday, as “The result is founded on “significantly undervalues” profit increased eight per cent in Andrew Southam, chief executive
the company saw a nine per cent high quality, low cost, the Sirius shares. 2019, up to $923m (£717.2m) from officer, said: “In 2019 Kaz Minerals
boost in underlying earnings. world class assets.” Sirius chair Russell $851m the year before. has continued to build on its
Adjusted earnings rose from $9.1bn Anglo American also Revenue grew to $2.3bn, a five per operational track record, delivering
(£7bn) in 2018 to $10bn at the end of defended its offer price Anglo American shares cent increase on 2018’s $851m. further growth in copper
2019. The board proposed a dividend for troubled UK firm rose 1.7 per cent on the The Kazakhstan-focused miner production and maintaining its
of $0.47p per share. Sirius Minerals, which news yesterday saw its net debt increase to $2.8bn, industry leading cost position.
Total dividends paid and proposed is behind a proposed almost $700m higher than in 2019. “Our large scale operations in
in respect of 2019 rose to $1.09 per fertiliser mine in North Scrimshaw gave his sup- The company announced a final Kazakhstan achieved record levels
share, up $1 per share from 2018. Yorkshire. port to the deal last dividend of $0.08. of production and our proven, low
The results came in slightly ahead of Cutifani said the £405m month. If it fails to go Kaz said copper production cost asset base provides a strong
expectations sending shares up 1.7 per offer “takes into account future through, Sirius bossses said the would fall as much as 10 per cent in platform for investment into value-
cent to 2,122.5p yesterday. investment and project needs and firm could go into administration. 2020 to around 280,000 to 300,000 accretive growth projects.”
Anglo American boss Mark consistent with that we believe our Shareholders will meet on 3 March tonnes, down from 317,000 tones in Shares in the mining firm rose 1.3
Cutifani, said: “We continue building offer is fair and reasonable”. to make their decision. 2019, due to declining supply from per cent to 515.4p yesterday.
BAE Systems’ earnings rise as its
aircraft contracts start to pay off
EDWARD THICKNESSE expects earnings per share to grow to sell 48 Typhoon airfighters to
by a mid-single digit percentage. the Gulf state, which is under
@edthicknesse The defence contractor, which pressure due to its involvement in
DEFENCE giant BAE Systems builds combat aircraft and ships, the ongoing conflict in Yemen.
yesterday posted an 18 per cent said that it would make a one-off Woodburn said: “A number of
increase in profit for 2019 as the payment of £1bn in an attempt to European countries are looking to
firm said work on F-35 fighter jets reduce its £1.9bn employee increase their defence spending
and its Qatar Typhoon contract pensions deficit. and move closer to meeting their
would help earnings to grow by Operationally, 2019 was a strong Nato commitments. The group is
a mid-single digit percentage year for the multinational, with well-positioned to benefit.”
next year. the firm making an agreement Shares rose 2.2 per cent to 654p.
Operating profit rose to £1.9bn with Qatar to accelerate the
in 2019, up from £1.6bn last year. delivery of its Typhoon and Hawk BAE SYSTEMS
Revenue increased by a similar aircraft.
P
percentage to £18.3bn from Speaking to reporters, chief 670
£16.8bn in 2018. executive Charles Woodburn said
BAE also boosted its sales, that the increased defence 660
pushing up from £18.4bn last year spending from a number of
654
650 20 Feb
to £20.1bn this year. The firm European countries would offset
reduced its net debt to £743m, the potential impact of Germany’s 640
compared to £904m in 2018. ban on exporting arms to
Earnings per share increased to Saudi Arabia. 630
46.4p, nearly 50 per cent higher The ban has raised questions
than last year’s 31.3p. For 2020, BAE over BAE’s multi-billion-pound deal 14 Feb 17 Feb 18 Feb 19 Feb 20 Feb
YO U C A N TA S T E W H E N
I T ’ S F R O M T H E H I L L S O F I TA LY
08 NEWS FRIDAY 21 FEBRUARY 2020 CITYAM.COM
Pension funds usher in new voting climate
L
IBOR settlements, the use of Lastly, the Pensions and Lifetime find a solution. Quinn, its interim chief executive,
Mervyn King’s eyebrow to fire a Mark Savings Association’s call for a vote As the self-styled “voice of business”, was seeking as he outlined plans this
chief executive, a boss em- Kleinman against the pay policy of carbon- shouting into an echo chamber week for 35,000 job cuts.
broiled in a whistleblowing intensive businesses where there rather than being granted an audi- The reaction was predictable,
scandal: Barclays is used to is no relevant metric in incentives ence by the Prime Minister for a though. Investors wearied by repeated
finding itself cast as the City’s is striking. protracted period would equate to a HSBC strategy updates during the last
guinea pig. Its timing is spot on. And while it failure of its membership. decade shrugged it off as more of the
Shareaction’s climate change resolu- will emphasise that its revised guide- To accelerate a healing process, it same — minus the promised multi-bil-
tion, to be voted on at the bank’s lines are not aimed at any individual may need to recruit a new chief lion-dollar share buybacks.
annual general meeting in May, is the company, it will act as a further warn- who is more attuned to a “getting Simplifying HSBC by shrinking the
latest example. ing shot across Barclays’ bows. Brexit done” approach than it has number of business units makes
The pressure group says Barclays has The pensions minister Guy Opper- exhibited for most of the post- sense, though.
provided $85bn in financing fossil man wants investors to go further: referendum period. And the revised return targets
fuel and other carbon-intensive “I’d encourage them to commit to Fairbairn has done an impressive might not set investors’ pulses racing
projects since the Paris accord in 2015 vote against the re-election of direc- job in many respects, modernising but can’t easily be dismissed as unde-
— a record which means its lending tors when firms drag their feet on the CBI and carving out a distinctive manding in an ultra-low interest rate
“poses a serious threat to the climate change — not just consider it,” position for British business on vital environment.
climate”. he said. issues such as climate change and For chairman Mark Tucker, the
Today, the Pensions and Lifetime For Nigel Higgins, Barclays’ chair- boardroom diversity. choice of a new chief is critical.
Savings Association, whose members man, the gauntlet has been thrown Yet after Boris Johnson’s party lead- He has been castigated this week for
collectively manage about £1 trillion down. How will he respond? ership and general election victories, dragging his feet, but he’s sticking to
in assets, will stoke
debate around climate-related stew-
the For the CBI, CBI’S TRICKY BALANCING ACT
the CBI’s choice of arch-remainer and
Cobra Beer founder Lord Karan
the timetable he set out when he
fired John Flint last August.
ardship in UK boardrooms. shouting into an These are anxious times for Britain’s Bilimoria as its next president has Tucker’s argument that the restruc-
In its latest voting guidelines, which
I’ve seen, the body says pension echo chamber biggest business lobbying group.
The Confederation of British Industry
been interpreted as inflammatory by
some in Downing Street.
turing and chief executive selection
are “separate processes run in paral-
trustees should be prepared to oppose
the re-election of directors and chairs
rather than being (CBI), which represents 190,000
companies employing 7m people,
As I reported yesterday, Boris John-
son is about to scrap the short-lived
lel” is fair enough.
Quinn looked an absolute shoo-in
if companies have failed to engage granted an finds itself effectively frozen out of network of business councils. two months ago; but whether it’s
properly on climate change issues. Downing Street. To guarantee a role on any replace- Blackrock’s Mark McCombe, former
Similarly, they should vote against audience by the It’s not, of course, the only organisa- ment committee, the CBI must RBS chief Stephen Hester or Unicredit
directors where “the company has not
listened to investor concerns about
PM would equate tion to have discovered itself on the
receiving end of the ire of Dominic
choose its next chief carefully. bigwig Jean Pierre Mustier, my
money’s still — narrowly — on an
any direct or indirect corporate lobby-
ing activity whose objectives are
to a failure of its Cummings, the prime minister’s
most senior adviser — but as it seeks
ODDS WIDEN ON AN HSBC
INSIDE JOB
outside appointment.
considered to frustrate climate membership a successor to director general Ouch. A six per cent fall in HSBC £ Mark Kleinman is City editor at Sky
change mitigation”. Carolyn Fairbairn, the CBI needs to shares was not the response Noel News @MarkKleinmanSkyCITYAM.COM FRIDAY 21 FEBRUARY 2020 NEWS 09
EDITOR’S NOTES
CHRISTIAN MAY @CHRISTIANJMAY
News and views from the City, Westminster & beyond
CHRISTIAN.MAY@CITYAM.COM
Barclays forgot about DODGY DOSSIERS WON’T HELP THE TRADE TALKS £ Intriguing remarks from
the humans in HR It isn’t exactly the
biggest issue on the
Colm Kelleher, president of
Morgan Stanley until his
B
table between EU and retirement last year. The FT
ARELY a day goes by without controversy on yesterday’s front UK trade negotiators got hold of his remarks to a
a think tank, employers’ page. As today’s front page notes, but a graphic released private dinner in Dublin, in
group or minister talking Barclays has now pulled the plug by the EU this week has which he suggested that the
about the need to improve the on the controversial pilot scheme attracted justifiable EU’s capital markets “are not
productivity or British business, following a wave of criticism. criticism. The chart fit for purpose”. He added:
and while this generally conjures Two take-aways stand out. attempts to show the “They are neither large nor
up images of factory floors it’s Firstly, this must be the first time difference in size deep enough to support
reassuring to know that that the TUC has come to the between the EU’s trade economic growth or to buffer
investment banks are also defence of investment bankers with the UK and its it in hard times.” Brexit, he
searching for elusive gains. How (“Shame on you Barclays,” they trade with Japan. The said, “amplifies the
else to explain the decision by said yesterday) and secondly, UK bubble should be challenge” for the EU, as the
Barclays to install dystopian staff- employers have to take staff with 4.4 times larger than City of London “is the world
monitoring software on their them when introducing Japan’s but for some class portal through which
Canary Wharf computers? technological innovation. reason the EU inflated it global capital enters and exits
A whistleblower in the Performance data can be valuable, to 16 times larger. the EU.” Do they really want to
investment banking arm provided of course, but alienating your Details matter. shut themselves off from it?
us with details of the Sapience workforce comes at a high cost
system installed last week on and it’s right that Barclays has
computers, and we revealed the gone back to the drawing board. £ There’s a real treat available on £ Have you ever heard Sadiq £ It seems no amount of evidence
the BBC iPlayer in the form of a Khan say Shaun Bailey? He says CAN I QUOTE YOU ON THAT? will wake the Labour party up from
Frost warms up his audience documentary called The Market. only “the Tory candidate.” It its Corbynista coma. Leadership
T
First broadcast in 1976, the film reminds me of a scene from the frontrunner Sir Keir Starmer has
HE SPEECH given this week believer in Brexit and his speech to shines a light on the City of West Wing when campaign signed up to almost all of Corbyn’s
by the UK’s chief EU
negotiator David Frost
academics in Belgium represents
the most detailed and personal
London and a world of merchant
banks, jobbers and brokers. A few
advisers plead with Jed Bartlet to
stop using his opponent’s name I brought the new platform, but he should read new
polling carried out by the Tax
constitutes the most significant explanation of euroscepticism top hats are still visible and the since it amounts to free biography of Justice Network, of all people.
utterances by a Brit in Belgium
since Margaret Thatcher delivered
(and Brexit) that anyone has given
since the referendum. Brexiters
skyline is a little less flashy. I dare
say a handful of you will
advertising. Bartlet responds: “I
think it’s going to make me look
Chopin with me Surveying traditional Labour
voters in Blyth Valley the poll found
her Bruges speech in 1988. If you should luxuriate in it, while those remember the scenes. It’s also like I can’t remember his name. I Dutch PM Mark Rutte makes it that anti-wealth rhetoric went
don’t believe me, look it up and who lament our departure should reassuring to note what hasn’t think it’s going to make me look clear he has no intention of down particularly badly, with most
read the whole thing. Frost is a read it to understand exactly what changed: the value placed on addled. And even if it didn’t make shifting his position ahead of a people saying billionaires and
functionary, he is doing the PM’s the project’s proponents believe, trust, reliable market intelligence me look like those things, it would crunch EU budget meeting millionaires deserved their wealth.
bidding, but he is also a true and what they have planned. and sound judgement. remain a stupid idea.” Quite. Sir Keir should pay attention.
I N STO R E | O N L I N E | A P P
100% Italian extra virgin olive oil. Selected stores. Subject to availability. Minimum online spend applies.10 NEWS FRIDAY 21 FEBRUARY 2020 CITYAM.COM
Transport for London Public Notice
ROAD TRAFFIC REGULATION ACT 1984
THE BIG HALF (RESTRICTION OF TRAFFIC IN CONNECTION WITH
Rathbone Bros
annual funds
CERTAIN EVENTS) ORDER 2020
1. Transport for London hereby gives notice, that after consulting the IN THE LONDON BOROUGH OF TOWER HAMLETS
Commissioner of Police for the City of London, the Commissioner of From 0400 hours (on Sunday 1st March 2020)
rise to £50bn
Police of the Metropolis, the London Boroughs of Lewisham,
Southwark and Tower Hamlets, the Royal Borough of Greenwich, and Aspen Way westbound between East India Dock Tunnel and
the Common Council of the City of London, the Commission for Preston’s Road, East India Dock Tunnel westbound, East Smithfield,
New Towns and Canary Wharf Management Limited, it has made the Mansell Street southbound, Rotherhithe Tunnel, Thomas More
above named Traffic Order under section 16(A)(7) of the Road Traffic Street, Tower Bridge, Tower Hill between Tower Bridge Approach and
Regulation Act 1984 for the purpose specified in paragraph 2. The Minories, Tower Bridge Approach
effect of the Order is summarised in paragraph 3.
2. The purpose of the Order is to enable the event known as “The Big From 0700 hours (on Sunday 1st March 2020) ANGHARAD Services Compensation
Aspen Way between Preston’s Road and Limehouse Link Tunnel, CARRICK Scheme charge of £4.5m for
1.12%
Half” to take place.
3. The effect of the Order is to prohibit any vehicle from: Bank Street, Branch Road southbound between Rotherhithe Tunnel the year, up from £2.8m, was
and Horseferry Road, Butcher Row, Cabot Square, Canada Square, @angharadcarrick considerable and expects the
(1) entering and proceeding in the carriageway of any street or length
of street specified in Schedule 1 to this Notice between the time
Cannon Street Road between Cable Street and The Highway, Cartier INVESTMENT man- change to increase further by
specified in relation to each street or length of street (or earlier if
Circle, Churchill Place, Garnet Street, Glamis Road southbound agement firm Rathbone up to 45 per cent in 2020.
between Cable Street and The Highway, Leman Street southbound, Brothers reached a Chairman Mark Nicholls
required by a police constable in uniform) and a time when normal Limehouse Link Tunnel, Limehouse Causeway, Narrow Street, North
traffic operation can be resumed; significant milestone yester- said: “2019 may well be
Colonnade, Royal Mint Street, Schoolhouse Lane southbound day as it reported £50.4bn in remembered for political
(2) stopping or waiting by vehicles (including waiting for the purpose of between Cable Street and The Highway, South Colonnade, Stockholm
delivering or collecting goods or loading or unloading a vehicle) in each total funds under manage- reasons more than any other,
Way, St Katharine’s Way, The Highway, Trafalgar Way, Upper Bank ment and administration. but investment markets
street and length of street specified in Schedules 1 and 2 to this Street, Wapping High Street, Wellclose Square, Wellclose Street,
Notice. The firm’s total funds finished the end of the
Westferry Circus, Westferry Road between West India Dock Road and under management and year strongly.”
4. The Order will also: Westferry Circus, West India Avenue, West India Dock Road
administration rose to Rathbone appointed its new
eastbound
1) Prohibit any vehicle from proceeding in an easterly direction on £50.4bn, a 14 per cent chief executive Paul Stockton
Upper Thames Street, Lower Thames Street, Byward Street and increase on the £44.1bn seen last May.
Tower Hill between their junctions with Queen Street Place and IN THE CITY OF LONDON at the end of 2018. Nicholls said that following
Minories; From 0400 hours (on Sunday 1st March 2020) Total funds in Rathbone's the appointment “we took
2) ban the right turn from Whitechapel High Street into Leman Street Mansell Street southbound investment management the opportunity to refocus
in the London Borough of Tower Hamlets; unit grew 12 per cent to our strategic direction.”
3) allow all vehicle to turn right from Dockhead into Jamaica Road £43bn, while its unit trusts “Our updated strategy both
IN THE LONDON BOROUGH OF SOUTHWARK unit recorded 32 per cent recognises a need to invest in
westbound in the London Borough of Southwark;
4) ban all vehicles proceeding southbound in West Lane from turning
From 0400 hours (on Sunday 1st March 2020) growth in funds to £7.4bn. our business in the shorter
left into Jamaica Road and allow all vehicles proceeding southbound Queen Elizabeth Street, Tower Bridge, Rotherhithe Tunnel, Tower Despite a strong showing in term and also builds upon
in West Lane to proceed ahead only into Southwark Park Road in the Bridge Road northbound between Druid Street and Tower Bridge its funds, Rathbone reported our strengths as we look to
London Borough of Southwark; that profit fell from £61.3m grow and develop over the
From 0700 hours (on Sunday 1st March 2020) in 2018 to £39.7m which it coming years.”
5) allow all vehicles to use the bus lane on Salter Street in the London
said reflects costs associated Rathbone increased its final
Borough of Tower Hamlets; Brunel Road, Canada Street, Cope Street, Deal Porters Way with the acquisition of Speirs dividend by 7.1 per cent to
6) allow all vehicles to use the bus lane on Shorter Street in the southbound, Jamaica Road, Lower Road, Quebec Way, Redriff Road, & Jeffrey. 45p. Shares rose 1.1 per cent
London Borough of Tower Hamlets and City of London; Rotherhithe Street, Salter Road, Southwark Park Road northbound Rathbone said a Financial to 1,980p yesterday.
7) allow two way operation on Cartwright Street in the London between Clement’s Road and Jamaica Road, Surrey Quays Road
Borough of Tower Hamlets; between Needleman Street and Redriff Road, Tooley Street
eastbound between Borough High Street and Tower Bridge Road,
8) allow two way operation on John Fisher Street in the London
Borough of Tower Hamlets;
Tooley Street between Tower Bridge Road and Jamaica Road
TURNER NEW LEAF BoE rolls out
9) allow two way operation on King David Lane in the London
Borough of Tower Hamlets; IN THE LONDON BOROUGH OF LEWISHAM £20 note featuring famous artist
10) allow two way operation on Nelson Road in the Royal Borough of From 0700 hours (on Sunday 1st March 2020)
Greenwich. Abinger Grove between Staunton Street and Evelyn Street, Creekside
between 7:00 AM and 4:00 PM on Sunday 1st March 2020. northbound between Berthon Street and Creek Road, Deptford
Church Street northbound, Deptford High Street between Edward
11) suspend the northern footway on The Highway between its Street and Evelyn Street, Evelyn Street, Lower Road between
junctions with Ensign Street and Wellclose Street in the London Rotherhithe Old Road and Evelyn Street
Borough of Tower Hamlets;
12) allow two way operation on Boss Street in the London Borough of IN THE ROYAL BOROUGH OF GREENWICH
Southwark;
From 0700 hours (on Sunday 1st March 2020)
13) allow two way operation on Spert Street in the London Borough
of Tower Hamlets; College Approach, Creek Road, Creekside northbound between
Berthon Street and Creek Road, Deptford High Street between
14) allow two way operation on Horseferry Road in the London Edward Street and Evelyn Street, Greenwich Church Street,
Borough of Tower Hamlets; Greenwich High Road between Greenwich South Street and
15) allow two way operation on Lafone Street in the London Borough Greenwich Church Street, Romney Road, Stockwell Street, Trafalgar
of Southwark; Road westbound
16) allow two way operation on Three Oak Lane in the London
Borough of Southwark; SCHEDULE 2 (SEE ARTICLE 3)
17) allow two way operation on Marigold Street in the London Suspensions described in Schedule 2 are assumed to finish at 1500 THE BANK of England’s new £20 note featuring British painter
Borough of Southwark. hours on Sunday 1st March 2020 subject to the proviso described in JMW Turner entered circulation for the first time yesterday, after
between 10:00 AM on Saturday 29th February 2020 and 3:00 PM on Article 3 or unless stated otherwise being launched at the Tate by Bank governor Mark Carney.
Sunday 1st March 2020.
5. The prohibitions will not apply in respect of: IN THE LONDON BOROUGH OF TOWER HAMLETS
Embattled Laura Ashley
(1) any vehicle on any occasion when it is being used for fire brigade, From 0800 hours (on Saturday 29th February 2020 until 2359 on
ambulance or police purposes if the observance of those provisions Sunday 1st March 2020)
would hinder the use of the vehicle; The Parking and Disabled Persons Vehicles Bay outside St Paul’s
scraps dividend amid loss
(2) anything done with the permission or at the direction of a police Shadwell, The Highway
constable in uniform, or a person authorised by Transport for London; From 0001 hours until 2359 (on Sunday 1st March 2020)
(3) any vehicle used in conjunction with The Big Half (“the Event”). The bays outside No.100 The Highway
6. Additional streets and lengths of streets may also be closed at the From 0500 hours (on Sunday 1st March 2020)
direction of a police constable in uniform, to facilitate alternative
routes. JESS CLARK weaker consumer
IN THE ROYAL BOROUGH OF GREENWICH confidence, with a like-for-
7. At such times as the prohibitions are in force alternative routes will be @jclarkjourno
From 0700 hours (on Sunday 1st March 2020) like retail sales drop of
indicated by traffic signs.
STRUGGLING retailer 10.4 per cent.
8. The Order will come into force between 8:00 AM on the 29th The Loading/Unloading and Disabled Persons' Vehicles Bay outside Laura Ashley will not pay Laura Ashley attributed
February 2020 and 11:59 PM on the 1st March 2020 or until normal No.111 Deptford Broadway, Welland Street an interim dividend after its loss before tax of £4m,
traffic operation can be resumed, whichever is the sooner. losses more than doubled up from £1.5m a year
Dated this 21st day of February 2020
in the first half of the year, earlier, to lower home
SCHEDULE 1 (SEE ARTICLE 3) Gerard O’Toole amid a “challenging” furnishings sales and
All closures and suspensions described in Schedule 1 are assumed to Network Regulation Manager, trading period. because of revenue
finish at 1500 hours on Sunday 1st March 2020 subject to the proviso Transport for London, Palestra, 197 Blackfriars Road, Laura Ashley reported disruption caused by a
described in Articles 2 and 3 or unless stated otherwise London, SE1 8NJ total group sales of change in its Japanese
£109.6m, down from franchise partner.
£122.9m a year earlier, for The board is not
the first half of the year. recommending a payment
MAYOR OF LONDON The decline in total
revenue was due to the
of an interim dividend.
However, shares rose
closure of three stores and 10.5 per cent to 2.1p.You can also read
