British Airways’ owner International Consolidated Airlines Group (IAG) has announced at a capital markets day that it has cut its medium-term guidance for the financial years 2020-22, due to a planned reduction in capacity. The firm now anticipates average growth in earnings per share each year of 10% – down from its previous expectation of 12%. Available seat kilometres, a metric used in the aviation industry to measure capacity, are now expected to grow by 3.4% a year in the period, compared to the 6% previously projected for 2019-23. The group also now expects gross capital expenditure for 2020-22 to average €4.7bn a year, compared to an average of €2.6bn a year of net capital expenditure previously forecast for 2019-2023.
Royal Mail has issued a statement saying it is applying to the High Court for an injunction to block planned strike action, arguing that there are potential irregularities in the ballot of workers.
Emerging markets bank Standard Chartered has announced that chief executive Bill Winters and chief financial officer Andy Halford have agreed to reduce their pensions allowance from 20% to 10% of salary from January 1. The move, which the company says is in response to shareholder concerns and new Investment Association guidance, will see Mr Winters’ annual pension allowance reduce from £474,000 to £237,000, while Mr Halford’s allowance will fall from £294,000 to £147,000. Standard Chartered agreed to look at its directors’ remuneration policy as a result of the level of votes opposing it at this year’s annual meeting.
Lloyd’s of London insurance company Beazley says in a trading statement that gross written premiums increased by 12% to $2.19bn in the nine months to the end of September. Chief executive Andrew Horton says the company continues to see strong double-digit premium growth across its business.
Games Workshop Group says in a trading statement that it expects pre-tax profits of at least £55m on sales of at least £140m in the six months to December 1.
Finally, pension funds consolidation company Phoenix Group Holdings has announced that Clive Bannister, 61, will retire as chief executive next March after nine years with the business. He will be succeeded by Andy Briggs, 53, formerly chief executive of UK insurance at Aviva and chief executive of Friends Life Group, who joins the board on January 1 as chief executive designate.
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