This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.

UK Sparks: Change At The Top At Tesco

Edison

Contributor:
Edison
Visit: Edison

Tesco chief executive Dave Lewis is to step down next summer after six years in the position and will be succeeded by Ken Murphy, formerly president of global brands at Walgreens Boots Alliance. The change was announced alongside interim results showing a 6.7% rise in pre-tax profits to £494m on revenues 0.6% higher at £31.9bn. Operating profits increased by 12.6% to £1.13bn, while there was like-for-like sales growth of 0.2% in the UK and Ireland.

Mr Lewis says: “My decision to step down as group CEO is a personal one.  I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton.” Tesco also announced that its Booker cash-and-carry business is to pay a “nominal” sum to acquire Best Food Logistics, which distributes food to customers including Pret a Manger, KFC and Burger King and has £1.1bn of annual food service sales.

Flutter Entertainment, the parent company of gambling brands Paddy Power and Betfair has unveiled a recommended all-share merger with US online gaming business The Stars Group. The combined group would be incorporated, headquartered and domiciled in Dublin, with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. The companies had combined pro-forma annual revenues of £3.8bn in 2018, making the combination the largest online betting and gaming operator globally. Flutter shareholders would own about 54.6% of the company, with investors in The Stars Group, which owns the PokerStars website, holding the remainder.

Martin Gilbert is to stand down from the board of Aberdeen Standard Life. The fund management veteran, who co-founded Aberdeen Asset Management and ran the company for more than three decades before its 2017 merger with Standard Life, stepped down from co-chief executive to vice-chairman in March. The company says he will not seek re-election at its annual meeting in May 2020. Mr Gilbert says his time in the business has been “an incredible journey, almost unimaginable from the earliest days when we were just three people in one office in Aberdeen with £50m under management”. The group now has assets under management of more than £500bn.

Finally, defence technology company QinetiQ Group is to acquire Manufacturing Techniques, a US provider of advanced sensing solutions, for up to $125m. In the 12 months to August 31, the US company generated $167m of revenues and  $11.4m of earnings before interest, taxation, depreciation and amortisation.

Disclosure: Edison

Edison is authorised and regulated by the Financial Conduct Authority. Our research is a marketing communication as defined by the FCA, this communication only contains information that is an acceptable minor non-monetary benefit as defined under COBS2.3A19(5).

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Edison and is being posted with permission from Edison. The views expressed in this material are solely those of the author and/or Edison and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

trading top