Filtronic shares dip 13% as it swings to loss in the second half

Jamie Gordon
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Filtronic shares dip 13% as it swings to loss in the second half
Producer of wireless telecoms and critical communications products Filtronic plc (LON:FTC) saw its shares dip during the Thursday session, following a comparatively less productive half-year period. The Group’s revenues narrowed from £8.9 million during the first half of the financial year, to £7.5 million for the second half. Similarly, Filtronic adjusted operating profit dropped from £0.4 million to £0.3 million, while adjusted EBITDA for the period finished at £0.6 million once again.

The headline figure, though, was that the company swung from a £0.4 million operating profit during the first half, to a £0.5 million operating loss during the second half. Further, its net debt widened from £2.5 million to £3.6 million.

In brighter news, the company noted impressive operational developments:

· “Successfully disposed of the Telecoms Antenna Operation for an initial consideration of $5.5m potentially increasing with a profit share in excess of mutually agreed gross profit targets.

· Strong demand from our lead OEM customer for Orpheus product and initial demand for our next-generation Morpheus, both being deployed in 5G X-Haul applications.

· Good progress made to onshore production of public safety products to the USA with production expected to commence in Q1 calendar year 2020.

· Expansion programme implemented at Sedgefield to increase manufacturing capacity and production volumes of X-Haul and defence transceiver products. Machinery now embedded and optimised to improve operational efficiency.

· New design contract wins for High-Altitude Pseudo-Satellite (HAPS) mmWave “X-Haul” applications and other 5G mmWave equipment markets.”

Filtronic comments

Speaking on the update, Chairman Reg Gott, said:

“The sale of the FTAO business enables us to implement an effective operating structure across a more efficient footprint and provides us with a stronger balance sheet to further develop and grow the business. The Board is committed to revenue growth initiatives and intends to strengthen the sales and marketing organisation and extend engineering capacity across a range of disciplines during the course of this calendar year.”

“The recent design wins to develop X-Haul derivatives to major players in the High-Altitude Pseudo-Satellite and 5G mmWave equipment markets were key milestones on our strategic roadmap. However, this NRE funded development work will run through the next 16 months meaning revenue will largely not be recognised until FY2021, slightly limiting our progress in H2 profit development. These new contracts enable us to further extend our engineering capability, know-how and highlight our ability to develop a competitive position across a wider market”.

Investor notes

Following the update, the company’s shares dipped 13.21% or 1.47p, to 9.66p per share 06/02/20 14:10 GMT. Analysts from finnCap reiterated their ‘Corporate’ rating of Filtronic stock. The company’s market cap is £21.25 million.

On the Beach Group set to capture Thomas Cook market share

Jamie Gordon
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On the Beach Group set to capture Thomas Cook market share
Online travel retailer On the Beach Group plc (LON:OTB) issued an update on Thursday ahead of its AGM, in which it outlined its intention to go after Thomas Cook’s (NSE:THOMASCOOK) share in the beach holiday market.

“As outlined in the Group’s Preliminary Results on 27 November 2019, there exists an unprecedented opportunity to take market share in the beach travel market following the failure of Thomas Cook Group (“TCG”). On the Beach has responded to this opportunity, more than doubling offline marketing spend to drive awareness of the On the Beach brand. Management expects that a proportion of this investment will payback in the second half of the financial year. Alongside this exceptional marketing spend, the Group has also focused on price competitiveness to continue to drive long term market share gains.” the company’s statement read.

On the Beach continued, stating that the failure of Thomas Cook has led to an overall reduction in capacity and as a result, a ‘significant’ year-on-year seat price increase. The situation has been exacerbated by issues with the Boeing 737 Max and in turn, seat prices aren’t expected to normalise within the current financial year. The Group said its action to secure market share was helping to drive strong sales growth for summer 2020. Its international sites continued to deliver efficient performance and the Group’s Board is continuing to evaluate opportunities to enter new markets.

On the Beach Group comments

Simon Cooper, Chief Executive of the company, commented:

“The actions we have taken in the first four months of the new financial year have accelerated our market share gain and mean we are well prepared to take advantage of capacity returning into the market. Our incremental investment into offline marketing activity is helping to drive significant growth in awareness of the brand nationally and we are delighted with the performance of the Classic Package brand in its first year post launch. We look forward to providing a more detailed update on progress at the Group’s Interim Results.”

Investor notes

Following the update, the company’s shares rallied 4.64% or 18.80p to 423.80p per share 06/02/20 13:57 GMT. Peel Hunt analysts reiterated their ‘Buy’ stance on On the Beach Group stock. The Group’s p/e ratio is 18.93, their dividend yield is 0.78%.  

SDCL Energy Efficiency Income Trust acquires 50% of recycled energy project

Jamie Gordon
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0
SDCL Energy Efficiency Income Trust acquires 50% of recycled energy project
SDCL Energy Efficiency Income Trust (LON:SEIT) announced on Wednesday that it had acquired a 50% interest in Primary Energy, a which is a portfolio made up of recycled energy and cogeneration projects. The projects are located in Indiana, USA, and the 50% stake is being bought from a consortium headed up by Fortistar LLC, for an equity cash sum of around US $110 million.

“The 298MW portfolio consists of five operating projects which generate low-cost, efficient energy, comprising three recycled energy projects, one natural gas combined heat and power project and a 50% interest in an industrial process efficiency project.” The company’s statement said.

The group said it would finance the acquisition through cash reserves. It added that its existing project debt finance facilities remained in place post-acquisition.

SDCL Energy Efficiency Income Trust comments

Jonathan Maxwell, CEO and Founder of Sustainable Development Capital LLP, said:

“We are delighted to have completed this acquisition. This opportunity involves a proven operational portfolio of industrial energy efficiency projects with strong environmental benefits.

This investment further diversifies SEEIT’s portfolio, in terms of geography, technology, counterparty and application. We are confident that this acquisition will make a significant contribution to SEEIT’s total returns.”

Investor notes

Following the announcement, the SDCL Energy Efficiency Income Trust shares rallied modestly by 0.91% or 1.00p, to 111.00p per share 05/02/20 16:45 GMT. The company has a target dividend per share of 5.00p, with this set to increase to 5.50p for the year ended March 31 2021. Its estimated NAV is 99p.

FTSE and Sterling quashed by proposed MiFID II concession removal from London

Jamie Gordon
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0
FTSE and Sterling quashed by proposed MiFID II concession removal from London
After being given a boost by Tuesday’s PMI results, Sterling was knocked down a peg on Wednesday by the news that the EU was moving to amend its MiFID regulations in order to remove concessions from the UK. The MiFID II was designed as a standardising regulatory package to improve protections for investors and restore trust in financial institutions across the EU, following the 2008 crash. By amending the framework, the EU would seek to remove some of the privileges currently afforded to London, and impose rules that exclude the City from the efficiencies of being part of a unilateral bloc. “There is a risk that the Mifid review could be misused for political ends, which could ultimately, and regrettably, serve to frustrate access to EU markets by City firms,” Nathaniel Lalone, partner at law firm Katten, told Bloomberg. It should come as little surprise to any, though. Not because, as the British press will likely frame it, the EU are being vindictive. But simply because the bloc has a track record of protectionism. The substantial tariffs placed on the import of manufactured goods and services from the African continent should tell us all we need to know about the EU’s practices. Like it or not, they are prepared to implement frameworks which systematically maintain poverty, in order to protect the bloc’s collective interests (in this case, protecting EU members’ secondary and tertiary sectors). The news that the MiFID II could be adjusted also meant that while the FTSE rallied, it lagged behind its European counterparts. Speaking on market movements during the Wednesday session, Spreadex Financial Analyst Connor Campbell stated,

“Despite the World Health Organisation downplaying reports of a coronavirus treatment coming out of Chinese media, investors couldn’t resist the temptation to keep the market rebound going.”

“While the NASDAQ hit a fresh all-time high, the Dow Jones added 260 points, crossing 29000 for the first time in a week and a half. Echoing those gains, the DAX rose 1.3%, with the CAC nearing 6000 as it reclaimed another 0.9%.”

“Interestingly the FTSE couldn’t keep up the pace with its Eurozone and US peers, instead rising just 0.6%. What made the UK index’s performance especially curious was that the pound was down 0.4% against the dollar and 0.1% against the euro.”

“Sterling reversed its post-service PMI gains following reports that the EU could amend its Mifid II financial regulations to remove the concessions originally granted to the UK when the rules were first put into place. That would, presumably, be in order to combat the fact the continent’s biggest financial market – London – now sits outside the European Union.”

“It also didn’t help the FTSE that Imperial Brands (LON:IMB) was down close to 8%, after issuing a profit warning related to the crackdown on vaping.”

Where does British Politics stand? A few thoughts on a Wednesday afternoon

Ishen Patel
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Where does British Politics stand? A few thoughts on a Wednesday afternoon
British Politics has never been in such a unique moment, the current negotiations of Brexit are circulating news headlines whilst PM Johnson looks to gain trade deals with states such as Brazil, Russia, China and India. Coupled with this, the rise of extremism, party politics and austerity measures have all taken their toll, and here I want to share a few of my thoughts. Where does this leave the state of British Politics? Well, I don’t think that there is one straight forward answer if I am quite honest and certainly there are many balls to juggle for the newly elected Prime Minister. Brexit is a topic which has almost worn the British public down, after so many elections, pledges and false hopes I think that the British public are now rather disenfranchised with the whole idea of Brexit and just want it to be over and done with. Indeed, Friday was a historic day for British Politics but did the people really engage with the “Brexit Deadline Day”? I am not sure if the answer is yes – certainly from personal experience I would say no. Being a former Politics and International Relations student, I can’t count the amount of times I have been asked questions such as “What will happen with Brexit?”, “What will happen after Brexit is done?” and “Was Brexit the right decision?”. Brexit is not something which will just change overnight, and even if all the paperwork and formalities had been completed the moment we voted to leave the EU on that sunny Friday in June, I don’t think that it would all be done even today nearly three and a half years on. There are still so many formalities of Brexit that need to be cleared up, negotiated and debated in both Westminster and Brussels. Putting the process of “Brexit” aside, I feel like the management from politicians, legislators and the government has been handled rather poorly. The British people – including myself do not know what will happen when Brexit is finally done, will we be able to get a deal which allows us to stay within the Single European Market?, or will we have to forge new trade links with other countries. The information has simply not been there. Whereas the decision to leave the EU was a joint venture which involved the British people – that has been the only point where the public had any clue of what they were actually voting for, or the views that they actually represented. There is no need for me to dig into the Brexit campaign issues, as the public know that they had been deceived from both sides where false promises, incorrect statistics and to be honest absolutely absurd claims had been made by both the “leave” and “remain” campaigns. The government need to address the wider issue – which concerns the views and opinions of the British public who are not interested currently in British Politics as they do not have the resources or information. Endless debates in Westminster take place everyday, countless Prime Minister’s Questions have happened since Brexit and methods of Parliamentary scrutiny onto the Executive are not involving the British people – which goes against the principles of democracy. It really does make sense that the British people are not holding much interest in British Politics – and it not even a case of the party leaders or central figures being an issue. Outside of Brexit, PM Johnson has many issues to tackle outside of Britain’s fragmented relationship with the EU. A few days ago, another fatal terrorist attack took place in Streatham following another episode of political extremism. The rise of the “political right” in England has meant that communities have never been more isolated – and many members of far right political groups such as the British National Party or the English Defense League are quick to blame Political Islam as the reason for these attacks happened. Looking into this however, the reasons are not so apparent. This is only meant to be a round up piece – and I would love to sit here and write thousands of words about the history of political extremism and the recent rise of terrorism in the UK, however there is too much ground to cover. The simple answer is that we need to create a society of involvement, not one that promotes isolationism, not one that separates minority groups and makes them feel excluded. The British Government need to pay more attention on promoting both racial and ethical harmony in the UK, as there is still so much ignorance faced towards split communities, whether this be British Muslims, British Sikhs or even the LGBTQ+ community. It is important to stress that this is not an issue that requires attention from just the government or legislators. Political education has to become more available for the British public, and progressive politics and ideology has to be an open part of pluralist British society. It is very easy for many in the UK to point fingers at the immigration system or the actions of extremist minorities, however this is just one small aspect of many that need to be tackled to promote a fairer and more diverse society. I am a firm believer that the British people want to know more about British Politics and are keen to learn more about Parliamentary processes and the idea of Parliamentary democracy. However when the resources are not there and things go wrong – it is easy to point fingers and play the blame game. British Politics needs to become a universal entity – rather than split into partisan factions. This has been see throughout Prime Minister’s question as Jermey Corbyn attacked Theresa May or Boris Johnson every week rather than discussing the wider issues that need to be solved. Again – the answer is not something that can spring from a new Prime Minister or a new candidate promoting a hybrid party between the Conservatives or Labour. British Politics has become more and more partisan – following the polarization of the parties at both ends of the political spectrum and arguably this is one of the reasons as to why nothing is “actually” being done in Westminster. There is a lot going on for PM Johnson, and this is certainly not a criticism of him. The December election gave both parties a chance to express their intentions, and relate to the British people on a level that they can engage with Westminster officers. Neither party really did so in my opinion – if someone was to tell me that Boris Johnson played a master stroke and won the election against the odds then this would be far from the truth. Instead, the British people sided with Johnson over fears that Labour could not deliver and the so called ‘red wall’ of the North collapsed. In reality, the answer to the question posed initially does not really have an answer. Political writers and commentators will continue to speculate over Brexit, Political extremism and a reformed immigration system however the British public have seen some extreme divisions which is worrying to think about. The first job for British Politics is to heal the wounds of a fragmented society, and try and make the House of Commons a chamber of legislation making, not partisan rule breaking. Once this is done, we will hopefully see a British Political progression and a more universal society, which tackles issues such as Brexit in a more informed manner.

GlaxoSmithKline round off excellent 2019 with bullish fourth quarter update

Ishen Patel
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0
GlaxoSmithKline round off excellent 2019 with bullish fourth quarter update
GlaxoSmithKline (LON:GSK) have seen their profits rise across 2019 as the pharmaceutical titan updated the market on its 2019 and fourth quarter operations. Glaxo alluded to the improvements particularly in its vaccines and consumer health segments, and also the benefits exploited from its mutual venture with Pfizer (NYSE:PFE). The pharmaceutical giant said that it had reported a £6.22 billion pretax profit across 2019, which sees a 30% surge from the 2018 figure of £4.8 billion. The rise in profit was one of headline statistics from today’s update. Revenue was £33.75 billion, rising 9.5% from £30.82 billion in 2018 . This higher year-on year improvement was driven by strong performance in the vaccines market , where revenue rose 22% to £7.16 billion from £5.89 billion, following the success of its Shingrix shingles vaccine. Consumer Healthcare revenue also rose 17% from £7.66 billion to £9 billion, which was driven by a strong partnership with Pfizer. The joint venture agreement between the two firms seem to have benefitted both parties, as Pfizer reported in November that they had smashed both analyst and market expectations. In this agreement, Pfizer hold a 32% equity whilst GlaxoSmithKline hold the rest. Within three years, the firm expressed their intentions to demerger and create a new listing on the London Stock Exchange. The FTSE 100 listed firm declared a final dividend of 23 pence for the fourth quarter, which takes total dividend to 80p which was consistent from the 2018 figure. Looking forward, GlaxoSmithKline expressed their strategy to keep dividends flat at 80 pence across 2020. The firm said ” We set out below earnings guidance for 2020. This reflects our expectations for growth in key new products, and the start of a two-year period in which we will continue to increase investment in these products and in our R&D pipeline, alongside implementation of our new programme which will prepare the Group for separation.” In 2019, the firm saw its adjusted earnings per share totalled 123.9p, rising 3.8% from 119.4p in 2018, a 1% rise at constant currency. Adjusted figures exclude intangible amortisation, intangible impairment, major restructuring, and other costs. Emma Walmsley, Chief Executive Officer, GSK said: “GSK delivered a good performance in 2019 with growth in sales and earnings, together with strong cash generation. We also made excellent progress in all three of our long-term priorities: Innovation, Performance and Trust, strengthening our pipeline, improving operational execution and reshaping the company. “In 2020, our first priority remains Innovation, to progress our pipeline and support new product launches. Recent data readouts underpin our decision to further increase investment in R&D and these new products. At the same time, we are again focused on operational execution, including delivering a successful integration in Consumer Healthcare, and we are also preparing for the future, starting a new two-year programme to get GSK ready for separation. “All of this aims to support future growth, deliver significant value creation, and set up two new leading companies in biopharma and consumer healthcare, each with the opportunity to improve the health of hundreds of millions of people.”

GlaxoSmithKline raise annual profit forecast in October

In October, the firm raised its annual profit forecast following a strong run of results. The drugmaker told the market that it expected full-year profit to be roughly flat compared to last year at constant currency, up from a previous forecast of a fall of 3% to 5%. Sales of Shingrix, launched in 2017, rose 76% to £535 million, beating analysts’ expectations of £464 million, leading vaccines unit sales to rise 15% to £2.31 billion. Additionally, turnover rose 11% to £9.39 billion in the three months ended Sept. 30 from a year earlier.

Developments in the US

A few weeks on, GlaxoSmithKline said that iViiV Healthcare has completed submission of a new drug application to the US Food & Drug Administration, seeking approval of fostemsavir. ViiV Healthcare is majority owned by GSK, with rival firms Pfizer Inc and Shionogi Ltd (TYO:4507) as a minority shareholders. “Fostemsavir may provide an important treatment option for the group of people living with HIV who, for a variety of reasons, are not able to suppress their virus with other medicines and could be left with few or no treatments available to them,” said ViiV Healthcare Chief Executive Deborah Waterhouse.

Positive Benlysta Phase 3 Tests

In the January update, the firm said that the results for the phase 3 study of Benlysta were “positive”, with regulatory submission scheduled for next year. GSK said that Benlysta is on track for regulators submission to be completed in the first half of 2020, as progress is made swiftly. The drug also demonstrated “statistical significance” compared to placebo across its four major secondary endpoints. The update from GSK today reinforces their status in the pharmaceutical market. Following a strong run of updates and results, both the firm and shareholders should be impressed with trading in the fourth quarter and across 2019. Shares in GlaxoSmithKline trade at 1,778p (-2.01%). 5/2/20 13:56BST.

Lookers set to meet expectations despite “challenging” financial 2019

Ishen Patel
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0
Lookers set to meet expectations despite “challenging” financial 2019

Lookers PLC (LON:LOOK) have told the market that they expect their profit results to meet company expectations.

Shares in Lookers trade at 56p (+3.53%). 5/2/20 13:02BST.

The firm alluded to a challenging trading environment in the fourth quarter of 2019, however it seems that the firm has managed to overcome these to deliver strong results.

For the three months to the end of December, Lookers said like-for-like sales of new vehicles declined by 6.6%, compared to a 3.2% fall in the third quarter, due to a contracting UK new car market, and a reduction in lower margin fleet volume.

Like for like sales increased by 3.8%, which saw growth compared to the 2.6% figure reported in the third quarter.

Lookers also alluded to a forecast predicting a further decline in the UK new car market in 2020, and Lookers joined a number of firms who have cited political tensions as a dampener on business.

Mark Raban, Chief Executive Officer said:

“2019 was a challenging year for Lookers. The declining new car market, political and economic uncertainty and increased operating costs were all factors in the Group’s decline in profitability. Over recent weeks the Board has instigated a number of clear and decisive actions to stabilise and improve operational and financial performance.

The Board remains confident about the long-term prospects for the Group, benefitting from excellent OEM relationships, strategic trading locations and a strong freehold property portfolio.”

The UK car market is still trying to bounce back from external shocks which have affected consumer confidence and have caused lower output from automobile manufacturers.

Lookers also announced a change in their senior management board this morning. Chief Financial Officer Mark Raban will become chief executive officer with immediate effect, alongside the promotion of Franchise Director Cameron Wade to be chief operating officer.

Raban and Wade will be replacing former CEO Andy Bruce and COO Nigel McMinn, both of whom stepped down in November after Lookers saw a tough few months of trading, which led to the issuance of a profit warning.

Griffin Mining suspend Chinese operations following coronavirus warning

Ishen Patel
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0
Griffin Mining suspend Chinese operations following coronavirus warning

Griffin Mining Ltd (LON:GFM) have suspended their operations in China following fears that the coronavirus could disrupt operations and supply chains.

Griffin said that work at its Caijiaying mine has been held following an announcement from the Chinese Government telling businesses to suspend “non-essential business”.

The mine, which provides gold, zinc, silver and lead has been stopped temporarily following the turn of the Chinese new year.

The firm said:

“Further to the announcement made by Griffin Mining Limited on 29th January 2020 concerning operations at the Caijiaying Mine, Chinese Government decrees have now restricted all non-essential businesses activities until 9th February 2020 as efforts are made to contain the Coronavirus outbreak in China.

As advised in the previous announcement, pursuant to past normal operational practices, mining operations were suspended at the Caijiaying Mine during the lunar Chinese New Year festivities with effect from 22nd January 2020, whilst milling operations continued until the 30th January 2020.

Underground workings at Caijiaying are being maintained on a care and maintenance basis with essential services, including pumping and ventilation, ongoing. As planned, the opportunity has been taken to undertake maintenance work at the mill, which has now been completed and the mill placed in care and maintenance. Whilst all essential and senior Chinese staff remain at Caijiaying, all non-essential local staff have been sent home and placed on standby with the expectation of operations recommencing on 9th February 2020 as mandated by the Chinese authorities.”

There have been thousands of people now affected by the coronavirus, and it was reported that the virus had spread into Hong Kong.

Yesterday, Hong Kong reported that they had seen their first death following a diagnosis of coronavirus, and certainly this is not an issue that global governments will want to stretch out.

Beside the fact that the coronavirus has become a global health disaster, the global economy is now suffering major setbacks over the potency of the lethal disease.

Not just for the sake of Griffin, but for the global economy and the health of the world population, the coronavirus will have to be addressed before lives are lost and global trading stumbles.

Shares in Griffin Mining trade at 63p (-2.69%). 5/2/20 12:43BST.

Oil prices spike as hopes of a coronavirus fix reach global news

Ishen Patel
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3
Oil prices spike as hopes of a coronavirus fix reach global news

Oil prices have remained volatile across the last few months, as both political and economic factors have been influencing oil indices. Prices have spiked this morning following hopes of a coronavirus cure which has left the globe in a state of shock.

On Wednesday, Oil prices jumped over 3% as news broke through on a potential short term solution for the ongoing coronavirus crisis, which is continuing to take its toll on Chinese business.

The coronavirus has had disastrous effects not just for Chinese businesses and stocks but also massive health implications, as fears surge following the vast spread and potency of the lethal illness.

Both Brent Crude and US West Texas Intermediate jumped more than 3% on Wednesday morning, as investors remained optimistic from the medical breakthrough’s that had been reported to battle the coronavirus.

The price of Brent Crude currently is $55.25, and has seen day lows of $54.05 and highs of $55.85.

Looking at West Texas Intermediate, the current price is $50.71 which has seen a jump of 2.55%. Once again, West Texas Intermediate has been up and down today seeing highs of $51.19 and lows of $49.47.

A Chinese newspaper, which covers news from the City of Wuhan told global media outlets that a team of researchers had concluded that that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments.

Yesterday, the World Health organization said that this would be a real window of opportunity for the global community to come together and fight, and that measures will be made to tackle the ongoing crisis.

Global media has criticized both the Chinese Government and the Chinese Health departments for not handling the initial outbreak of coronavirus with adequate response, and yesterday it was reported that almost 4,000 new cases were confirmed in China.

Certainly the price of Oil does remain up and down over the renewed hope that there will be a short term fix to the coronavirus, however it will take much more than a short term fix to stop the outbreak and ensure safety of the global population.

PrettyLittleThing “overly sexualised” ad banned

Dina Caruso
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0
PrettyLittleThing “overly sexualised” ad banned
A Youtube advert for PrettyLittleThing (LON:BOO) was banned on Wednesday as a result of its “overly sexualised” nature. PrettyLittleThing is owned by Boohoo Group alongside boohoo, boohooMAN, Nasty Gal, MissPap, Karen Millen and Coast. The brands have signed several Love Island stars recently to boost sales and drive social media activity. However, the Advertising Standards Authority said on Wednesday that the advert for PrettyLittleThing “must not appear again” because it is likely to cause “serious offence”. The Youtube advert, seen in October of last year, opened with a woman wearing black vinyl, high waisted chaps-style knickers and a cut-out orange bra, dragging a neon bar and looking over her shoulder. The advert continued to illustrate women posing seductively in various lingerie style clothing. PrettyLittleThing’s advert received a complaint questioning whether it was offensive and irresponsible because it objectified and sexualised women. The Advertising Standards Authority banned the advert, and told the online fashion brand “not to use advertising that was likely to cause serious offence by objectifying women”. “We considered that the cumulative effect of the scenes meant that overall, the products had been presented in an overly-sexualised way that invited viewers to view the women as sexual objects,” the Advertising Standards Authority said. “We therefore concluded that the ad was likely to cause serious offence and was irresponsible.” Boohoo recently posted an impressive set of results in January, and it raised its annual guidance following strong revenue growth. Shares in Boohoo Group plc (LON:BOO) were up on Wednesday, trading at +1.31% as of 11:52 GMT.
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