New Aston Martin CEO Heads For Electric Future: The London Rush
(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Aston Martin Lagonda Global Holdings Plc: The luxury car maker’s CEO Tobias Moers will step down at the end of July to be replaced by Amedeo Felisa, a former Ferrari Spa boss, who will spearhead an “electrified future”.
- The company reported results for the first quarter in line with expectations, but cited lockdowns in China, supply chain challenges and raw material cost inflation as reasons for caution
Boohoo Group Plc: The fast fashion website expects the trends impacting it last year, included uncertain consumer demand and higher shipping costs, to extend into the first half of its financial year.
- The company said it is looking the source more materials from closer markets, operate with lower levels of inventory, and cut more costs
Joules Group Plc: The lifestyle company will replace its CEO Nick Jones during the first half of the next financial year, as it warned the cost of living crisis has caused its performance to fall below expectations.
- The company has seen lower sales of full priced goods, as well as lower demand for home and garden categories
Outside The City
Thursday’s elections in Northern Ireland could mark a major shift in the region’s political balance, and undermine Boris Johnson’s bid to redraw the terms of the U.K.’s split from the European Union.
Meanwhile, U.K. credit card borrowing is set to jump almost 8% to a five-year high in 2022, according to EY. That’s as pay for financial services workers in the U.K. has surged at double the pace for the rest of the economy since the pandemic began, the Institute for Fiscal Studies said.
Read the latest coverage of the war in Ukraine here.
In Case You Missed It
Scores of London bankers returned to their desks last week after the Easter holidays. Bloomberg’s Pret Index showed the coffee and sandwich chain’s transactions in the City and Canary Wharf were 88% of pre-pandemic levels last week.
The U.K. government is considering policy changes to a popular program that provides preferential tax treatment for early-stage investments into tech companies, which could make it easier for companies to raise larger rounds of funding.
And U.K.-listed insurer Hiscox is working with an adviser to gauge interest in its Asian business, people familiar with the matter told Bloomberg.
Oil giant Shell Plc is among the companies reporting tomorrow, following BP Plc’s strong earnings report earlier this week.
Later in the day, the Bank of England is expected to raise interest rates to their highest level in 13 years. The central bank is also expected to clarify how it plans to sell off some of its government bond holdings.
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