The Met Police Service were alerted to the incident which took place at ten past three on Thursday afternoon. Following the attack, a Met spokesperson commented, “Officers attended along with paramedics from the London ambulance service. A man was found with stab injuries. “He was treated by paramedics before being taken to hospital … A man was arrested at the scene on suspicion of attempted murder. A crime scene has been put in place. Inquiries continue.” Following up on the victim’s condition, the Ambulance Service stated, “We sent an ambulance crew, a paramedic in a car and an advanced paramedic practitioner to this incident in Regent’s Park. “We treated a man at the scene and took him to a major trauma centre.” The Muslim Council expressed their concern following the incident, fearing that the UK’s Muslim community will be even more on-edge after other recent attacks.” The motive behind the stabbing has not yet been made clear, nor have the identities or possible associations between the attacker and victim been publicised. The assumption of many at this point, will likely be that the attack was politically-motivated. Two things we can be certain of, are that it was a hateful act carried out by a terrorist, and that the perpetrator should be handled with the contempt befitting that title. Many have – and continue – to work tirelessly to protect the rights and safety we often take for granted in our society. The best we can do is work together to preserve that vision, and condemn today’s events.BREAKING NEWS: We are hearing unconfirmed reports that a muadhin has been stabbed at London Central Mosque. More details to follow. pic.twitter.com/YQhU50hrBM
— 5Pillars (@5Pillarsuk) February 20, 2020
Terrorist arrested following London Mosque stabbing
Scotland Yard announced they had launched an investigation into the attempted murder of the muezzin of the London Central Mosque.
The victim, who is in his seventies, was taken to a major trauma centre, but thankfully his injuries have since been deemed non-life-threatening.
A witness at the scene, Abi Watik, said the victim was a regular at the Mosque, and that the attacker, “[…] was praying behind him and then he stabbed him”. Watik added that the attacker, “was silent the whole time”.
The attack was carried out by a white male, who was wearing a red hoodie, barefoot and brandishing a knife. His appearance was revealed in footage posted on Twitter, after he was handcuffed by police.
The FTSE was once again the front-runner in a forgetful session
Awaiting an eventful Friday, Thursday was almost an entirely stagnant session across global equities, with FTSE retaining its place at the top of the pile.
The Dow Jones sat shy of its all-time high mark and both the CAC and DAX didn’t move far off of their respective opening positions.
For the third day in a row, the FTSE saw the biggest gains, today lead by the continued slide of Sterling, and positive data posted by some of its largest-cap members.
Retail data was surprisingly positive, but investors wait with bated breath for Friday’s manufacturing results.
Speaking on the lack of market movements during the Thursday session, Spreadex Financial Analyst Connor Campbell commented:
“It was a forgettable session, the markets lacking direction as they wait for Friday’s manufacturing data.”
“Matching the inertia of its Eurozone peers, the Dow Jones did nothing after the bell. Opening flat, it sits at 29340 – one good session away from reclaiming its 29500-tickling all-time highs.”
“As mentioned, the Eurozone was devoid of drama this Thursday. The DAX shed a handful of points as it continued to lurk just under 13800, while the CAC was flat a bit above 6100.”
“The FTSE was the sole major index to push higher; then again, unlike the DAX and Dow, it is nowhere near its own record peak.”
“Adding 0.3%, the UK index touched 7480, boosted by the likes of Lloyds (LON:LLOY) and Smith & Nephew (LON:SN).”
The FTSE was also boosted by BAE Systems plc (LON:BA), which bounced over 3% on an 8.9% rise in year-on-year revenues.“The real difference maker, however, was sterling’s latest slide. Despite a broadly positive week for data – Thursday saw a better than forecast swing in retail sales, from -0.5% to 0.9% month-on-month – the pound is having a bit of a nightmare.”
“Cable’s 0.3% drop pushed it to a near-3 month nadir of $1.2878, while a 0.5% fall against the euro took sterling to an 8-day low of €1.19045. The currency is afflicted by a variety of issues, from the upbeat tone of the ECB’s latest meeting minutes, to the dollar’s safe-haven appeal, to the pre-trade negotiations slanging match between the UK and EU.”
Spectris shares bounce following special dividend payment
Shares in Spectris plc (LON:SXS) have jumped following a strong set of 2019 full year results.
Following these strong results, the firm has decided to pay a special dividend which has been driven by its strong performance and its restructuring program.
The Chief Executive said: “We have announced a special dividend of £175 million, in line with our capital allocation policy. 2019 has been a year of delivery upon which to build in 2020. We are intent on further improving our operating margin, to at least previous highs, and enhancing capital returns, as we continue to work on asset optimisation and managing the portfolio.”
The firm reported pretax profit of £259.3 million in 2019 – this represented a 19% growth from the £218 million figure just one year ago.
Notably, revenues also jumped by 1.7% to £1.63 billion from £1.6 billion.
On an organic, constant currency like-for-like basis, revenue increased by 0.4%, Spectris said. The sales contribution from acquisitions were broadly offset by disposals, and there was a 1.5% positive impact from foreign currency exchange movements.
The firm added that its profit improvement program lead to annualized benefits of £25.5 million, as restructuring costs incurred totaled £52.2 million.
The firm declared an annual dividend payment of 65.1 pence, which shows a 6.7% rise from 61p paid for 2018.
Spectris notably proposed a £175 million special dividend and share consolidation. The special dividend of 150p has been noted, and the firm said that in order to maintain the comparability of the company’s share price a supporting share consolidation will take place – subject to shareholder approval.
Andrew Heath, Chief Executive, said:
“2019 saw demonstrable progress in executing our Strategy for Profitable Growth. The successful delivery of our profit improvement programme, combined with an increased emphasis on deploying the Spectris Business System, enabled us to deliver increased profit and operating margin expansion, against a weakening macroeconomic backdrop …
Absent a material impact from coronavirus, for 2020, we anticipate that markets will remain challenging in the first half with a recovery only currently forecasted to emerge later in the year. We expect limited top-line growth and will, therefore, continue to concentrate on self-help initiatives to drive further cost-efficiency and ensure a more resilient and profitable business.
The combination of focusing on our customers, driving operating leverage and the repositioning and simplification of our portfolio, alongside a refreshed capital allocation framework, form the basis for delivering a significant and sustainable increase in shareholder value.”
Shares in Spectris trade at 2,874p (+5.04%). 20/2/20 13:36BST.
TBC Bank shares spike over 6% as annual profits surge 15%
TBC Bank Group PLC (LON:TBCG) have seen their shares spike following a strong set of annual results, published on Thursday.
The Georgian bank said that it had seen a double digit rise in annual profit which was the headline statistic in the annual update.
The firm praised the strong performance in its corporate lending department, as this sector drove the firm’s strong loan book performance.
Across 2019, TBC Bank recorded GEL585.5 million in pretax profit, which is a 15% climb compared to GEL510.2 million in 2018.
The firm also said that its’ net interest income rose 3% in 2019 from GEL778 a year ago to GEL801.5 million.
The bank also told the market that operating expenses rose 9.7% in 2019 to GEL450.7 million from GEL411.0 million in 2018, and, as a result, its cost-to-income ratio worsened to 39.9% from 37.8% – which was one of the dampened takes from the update.
TBC finished 2019 with a gross loan book of GEL12.66 billion, again showing a 22% rise from the GEL10.37 billion figure seen at the end of 2018. Notably, net interest margin fell from 6.9% to 5.6%.
Looking at their customer deposits, these amounted to GEL10.05 billion, up 7.5% from the year before at GEL9.35 billion.
A notable rise came from TBC’s retail loan book, where this was up 7.5% year on year. Corporate Loans grew 47% while its Micro, Small, & Medium Enterprises loan book rose 18%.
Going forward, the firm said that it had laid solid foundations for further customer initiatives and that there are ambition plans in place.
The CEO of TBC Bank commented:
“In 2019, we recorded strong financial results and made significant progress against our strategic priorities, including the development of customer focused ecosystems and international expansion in Uzbekistan. This lays a solid foundation for further development of these initiatives and I am very excited about our ambitious plans for 2020. Our leading digital capabilities, outstanding customer experience and advanced data analytical capabilities, coupled with our strong team spirit, make me confident that we are well positioned to achieve sustainable growth and to deliver superior results to our shareholders. Therefore, I would like to reiterate our medium-term targets: ROE of above 20%, cost to income ratio below 35%, dividend pay-out ratio of 25-35% and loan book growth of around 10-15%.”
TBC’s strong quarterly update
The results today show a clear plan to build, and in November the firm gave another steady update. The FTSE 250 listed bank said its net profit for the three months to September 30 increased 18% to GEL126.8 million from GEL107.4 million in the same period a year ago. Additionally, pretax profit rose 13% to GEL142.3 million. Third quarter net interest income fell 6.7% to GEL186.2 million, while fee & commission income rallied 20% to GEL47.1 million. Other operating non-interest income increased 19% to GEL46.4 million. Net interest margin for the third quarter fell to 5.0% from 6.9%. Year-to-date margin fell 1.5 percentage point to 5.5%. TBC has backed their medium-term target of return on equity of above 20%, cost to income ratio below 35%, dividend payout ratio of 25% to 35% and loan book growth of 10% to 15%. In the third quarter, the company’s return on equity fell to 20.4% from 21.2% and cost to income ratio increased to 39.9% from 37.4%. TBC Bank have clearly made an emphasis to build and grow as a firm – something which has to be admired. Shares in TBC Bank trade at 1,392p (+6.26%). 20/2/20 13:07BST.Morgan Sindall report strong 2019 as revenues climb 3%
Morgan Sindall Group PLC (LON:MGNS) have given shareholders an impressive annual update on Thursday afternoon.
The construction firm told the market that annual revenues and profits had risen across 2019 and that ‘strong results’ had reflected the quality of its work.
Shares in Morgan Sindall Group PLC trade at 1,936p (-0.10%). 20/2/20 12:36BST.
Morgan Sindall said that revenue rose 3% to £3.1 billion in 2019, compared to £2.9 billion in 2018, while pretax profit rose to £88.6 million compared to £80.6 million.
On an even better note, the firm said that secured workload in 2019 rose 14% from £6.7 billion to £7.6 billion.
Morgan Sindall noted that they had changed their strategy to improve business operations.
The change and focus to contract selectivity, operational delivery and on generally improving the overall quality of business won and delivered – and this has paid off following the strong results posted today.
The Construction and Infrastructure divisional revenue rose to £1.5 billion from £1.3 billion in 2018, while Fit Out delivered revenue of £839.0 million compared to £831.0 million a year ago.
On the back of these strong results, Morgan Sindall have increased their total dividend by 11% to 59p from 53p paid in 2018.
Commenting on today’s results, Chief Executive, John Morgan said:
“These strong results reflect the high quality of our operations and are testament to the work and commitment of all our people. Our strategic focus on construction and regeneration underpins the positive momentum across the Group and provides the platform for future progress.
Our balance sheet remains a significant differentiator allowing us to make the right long-term decisions for the business. With our average daily net cash position further increasing in the year, we have the flexibility to continue being highly selective with our bidding while also investing in our regeneration activities.
Both the volume and the quality of our secured workload have increased in the year leaving us well-positioned for the future. We are confident of another good year of progress in 2020 and the Group is in a strong position to deliver on its expectations.”
Morgan Sindall grow from strength to strength
Following the results that have been posted today, it is clear to see that the firm has been growing from strength to strength. While revenue was flat between H1 2018 and 2019, adjusted operating profit grew 18% to £37.5 million and adjusted profit before tax jumped 20% to £36.3 million. Notable divisional performances came from Partnership Housing and Urban Regeneration, up 39% and 36% respectively. Certainly this is an impressive update from Morgan Sindall – the firm should be confident to keep growing and exceed expectations.Laura Ashley unveil their interim results after hectic few days
Laura Ashley (LON:ALY) have posted their interim results on Thursday, following a busy week for the firm.
The British firm said that its performance slipped in the first half of its financial year – but has remained confident in its ability to meet expectations.
The firm said: “There have been market challenges for our business which have impacted these results during the current financial year. The decline in total revenue was due to the market headwinds and weaker consumer spending during the period, which led to a decline in sales of bigger ticket items. Whilst these results are disappointing, we believe that with the right focus and support, Laura Ashley has a strong future and can be successful again.”
The textile and clothing company reported that they had seen a pretax loss of £4 million in the six month period to December 31 2019.
The loss recorded increased from £1.5 million reported a year ago. Additionally, revenue slipped 11% to £109.6 million from £122.9 million.
On a like for like basis, retail sales also dropped by 10% – which reflects a tough British retail industry combined with a cut throat high street which has seen the collapse of a few firms over the last few months.
The firm said that margins during the first half were hurt by a weak pound against the dollar as well as an increase in UK domestic costs.
Andrew Khoo, Chairman commented:
“Over the past year there have been well documented market challenges facing the retail sector. Similarly at Laura Ashley, we have seen a combination of factors impact our results, ranging from higher costs largely driven by the Brexit uncertainty, minimum wages and business rates increases.
In the Autumn of 2019, we carried out a Strategic Review of the business to set the future direction of the company and return Laura Ashley to the great British brand that is known and cherished around the world. This review identified six areas of focus: improving our brand and customer strategy, accelerating digital, increasing store productivity, improving products and trading, growth opportunities, and focusing on our organization and culture.
We are focused on developing Laura Ashley as a true lifestyle brand that embraces and reconnects with our traditional values and our strong British heritage.”
Laura Ashley announce directorate change
In another update today, the firm also announced that Katharine Poulter, current Chief Operating Officer of the Company, will be appointed as Executive Director and Chief Executive Officer with immediate effect. Poulter will succeed Kwan Cheong Ng, who will retire as Chief Executive Officer of the Company. Mr. Ng will remain as Executive Director until 30 April 2020, after which time he will become a Non-Executive Director of the Board. The firm added: “The Board would like to take this opportunity to thank Mr. Ng for his contribution as Executive Director and Chief Executive Officer during his tenure with the Company and to wish him the very best in his retirement.”Laura Ashley’s busy week
At the start of the week, Laura Ashley saw their shares crash following intense media speculation. The announcement was made on Monday in response to “speculation regarding its financial position.” Laura Ashley said that in the 26 weeks up to 31st December 2018, total group sales were £109.6 million, which saw a 10.8% drop from £122.9 million in 2018. Notably, the firm said that the decline in total revenue was due to market headwinds and decreased consumer spending. Yesterday, the firm told the market that it had secured approval to utilize funds from its working capital facility with Wells Fago. The funds that had been approved met its immediate funding requirements, following the statement issued on Monday. Laura Ashley further reenforced their position that this did not constitute a cash injection by MUI Asia into the company. The results today have followed a week of intense speculation over the survival prospects of the firm. Shares in Laura Ashley trade at 2p (+9.47%). 20/2/20 12:26BST.Oil prices receive boost as tensions in Libya heat up
Oil prices have jumped across Thursday trading, which has extended gains from the previous session.
The price of oil derivatives has been volatile, following both demand and supply issues which have weighed down on global commodities.
The coronavirus has been the main demand side factor which has pulled oil prices down – the outbreak reported a few weeks back has hindered trading in China and has also been spreading across the globe.
Business in China has slumped, which has caused demand for commodities to slow down dampening prices. Additionally, Japan recorded an economic contraction on Tuesday – Japan is the fourth biggest consumer of oil in the globe, and this also led to oil prices flattening.
Thursday has given some rejoice for oil prices however, oil derivatives have seen a boost. This however may not have spawned from demand side, but rather supply issues.
Ongoing political tensions in Libya have led to blockades of their industrial ports and oilfields, as no signs of a resolution have yet been shown.
US Sanctions remain on Rosneft (MCX:ROSN) which could cause further supply shortages in the market.
Libya’s leader Fayez al-Serraj has not reached a middle ground in negotiations following internal action from the Libyan National Army blocking ports. Analysts have said that they estimate that these tensions could cause oil exports to decrease by one million barrels per day.
US data yesterday showed that US Crude Stocks rose by 4.16 million barrels in the week to Feb. 14, compared with analyst expectations for a build of 2.5 million barrels – which is a positive take for commodity traders.
The price of Brent Crude is currently $58.78, rising by 0.1%. Whilst WTI Crude trades at $53.61 (+0.43%).
Oil prices are still seeing their fluctuations, the constant supply cuts made by OPEC+ in an attempt to control prices are working to an extent – however the issues in the Middle East continue to weight down on the supply side.
Rathbone Brothers see rise in funds under management across 2019
Rathbone Brothers plc (LON:RAT) have reported a rise in funds under management in their annual results today.
The firm praised the strong growth of both their businesses, which has led to a successful 2019.
Shares in Rathbone Brother trade at 1,990p (+1.63%). 20/2/20 11:37BST.
The wealth management firm said that total funds under management & administration was £50.4 billion, which shows a 14% appreciation from the £44.1 billion seen at the end of 2018.
Rathbone noted that in 2019, the FTSE 100 Index rose 12.1% and the MSCI PIMFA Private Investor Balanced Index increased 13.1%.
On the back of these strong results, the firm increased its final dividend by 7.1% to 45 pence, which means its total dividend for 2019 amounts to 70p – notably this shows a 6.1% climb from the 66 pence dividend awarded in 2018.
Rathbone’s total funds in its Investment Management unit grew 12% over 2019 to £43.0 billion, whilst its Unit Trusts unit recorded 32% growth in funds to £7.4 billion.
Their Investment Management unit also saw net outflows of £400 million, but Rathbone said that this was offset by market performance which added £4.9 billion.
Within Unit Trusts, the rise in funds was driven by its Global Opportunities Fund growing 38% over 2019 to £1.86 billion.
Additionally, the The Unit Trusts business recorded £900 million in net inflows, which Rathbone praised and said was an outstanding performance in a tough operating market.
Across 2019, Rathbone noted that their pretax profit fell 35% to £39.7 million from £61.3 million. Operating income, however, rose 12% to £348.1 million from £312.0 million.
Mark Nicholls, Chairman commented:
“2019 may well be remembered for political reasons more than any other, but investment markets finished the end of the year strongly. Our own funds under management and administration increased 14.3% to £50.4 billion, up from £44.1 billion on 31 December 2018, as we continued to focus on providing a quality service to our clients and worked hard to bring Speirs & Jeffrey fully into Rathbones.
Following the appointment of Paul Stockton as chief executive in May, we took the opportunity to refocus our strategic direction. Our updated strategy both recognises a need to invest in our business in the shorter term and also builds upon our strengths as we look to grow and develop over the coming years.
Reflecting our confidence in the future, strong capital position and in line with our dividend policy, the board is recommending a final dividend of 45p per share. This brings the total dividend for the year to 70p per share, an increase of 6.1% over last year. The record date for the dividend is 24 April 2020, with the payment date on 12 May 2020.”
Rathbone beat January blues
In January, Rathbone reported a rise in annual funds under management, however inflows declined. In 2019, Rathbone said that they had funds under management and administration of £50.4 million, which showed a 14% growth compared to a year ago. The Investment Management unit increased FUMA by 12% to £43.0 billion, with the Unit Trusts business’s FUMA rising 32% to £7.4 billion. The firm saw net inflows during 2019 total at £600 million, which was miles lower than the £8.5 billion recorded in 2018. However, it is important to remember that the £8.5 billion figure in 2018 of FUMA accounted for the acquisition of of Speirs and Jeffrey Ltd, meaning it was £1.7 billion excluding this benefit. Outflows rose by 44% to £3.9 billion, and in the last quarter Rathbone quit some lower margin business after the deal with Speirs & Jeffrey. Notably, Organic inflows in Investment Management dell 13% form a year ago to £3.3 billion, however Rathbone said that 2019 inflows came despite weak investor confidence. Net inflows in Unit Trusts for 2019 were £943 million, nearly double the year before, a performance Rathbone said was “particularly strong”. The update from Rathbone is certainly a pleasing one – and the firm has operated well in a tough market. Shares in Rathbone Brothers trade at 1,990p (+1.63%). 20/2/20 11:49BST.US Election: Democrat candidates go head to head
The US Election is transitioning very quickly – new stories, developments and pledges are changing everyday as candidates look to rally up support.
The Democratic Party – who are challengers for the 2020 election to Donald Trump’s establishment are in a tough spot at the moment.
Partisan divisions continue to surface around the blue party, with factions such as the Blue Dog’s wanting to advocate a right wing natured hybrid version of liberalism.
Last night, Democratic Party candidates took their next step in the US Election cycle as internal candidates battled to drum up support from the American people.
Billionaire Michael Bloomberg took to the stage for the first time – as an American business man, in similar fashion to Donald Trump looking to win the White House.
The caucuses in Nevada, and Super Tuesday is fast approaching. This is when another 14 states will be able to vote for the candidate which they align with most – however the fragmented nature of last nights debate will pose a quick question for voters.
Attacks were recorded on underdog Bloomberg for his previous comments on race, sex and ethnicity.
Bloomberg, the multi billionaire was quick to defend his stance and reason for running against Donald Trump this election. He said that he had the best chance of winning the White House on November 3rd, as his public speaking, soundbites and confidence were all put to the test.
The Democratic party are in a unique position – with such a breadth of different candidates, it seems that voters will have an interesting selection to pick from.
However – this could be a problem. If no one candidate does win total support across all Democratic voters, then there could be speculation that Donald Trump will get another four years in office.
The election is in quite an unpredictable position, before candidates would be considered favorites based on the amount of money that they had raised, through PAC’s and Super PAC’s.
However, there seems to be a shift in the type of candidates that are winning the support of voters, which makes the US Election an interesting one.
Moneysupermarket bounce back with impressive update, shares spike 12%
Moneysupermarket.com Group PLC (LON:MONY) have seen their shares spike on Thursday on the back of an impressive update.
Shares in the firm trade at 348p (+12.33%). 20/2/20 11:02BST.
The FTSE 250 listed firm reported profit growth and as a result lifted its dividend.
Moneysupermarket said that it had seen a ‘standout’ year for its MoneySavingExpert energy UK price site.
Across 2019, the firm saw its revenue surge 9.2% from £355.6 millions to £388.4 million. Notably, pretax profit also jumped 8.5% to £116 million from £106.9 million.
Estimated customer savings, fell 4.8% to £2.0 billion from £2.1 billion in 2018.
Notably, active users, which rose 1.6% to 13.1 million from 12.9 million. This measure is one of the key performance indicators for the firm.
Mark Lewis, Chief Executive Officer of Moneysupermarket Group, said:
“It’s good to report the Group returned to profit growth and once again helped UK households save over £2bn on their bills.
“Innovation will continue in 2020 as MoneySavingExpert, the most trusted brand for finding energy deals, launches a new energy autoswitching service.”
Going forward, the firm has reinstated its confidence to deliver results in 2020.
The company said – “Overall trading dynamics have improved in the first six weeks of 2020. Home Services has traded in line with the prior year, despite the strong comparative. The Board is confident of delivering market expectations for the year.”
The firm also announced a change to their board of directors on Thursday.
Supriya Uchil will be appointed as Non-Executive Director with effect from 1 March 2020 and James Bilefield as Non-Executive Director with effect from 1 May 2020.
They will also be appointed as members of the Audit, Nomination, Risk and Remuneration Committees of the Board with effect from the same dates.
Announcing the appointments, Robin Freestone, Chair of the Company, said:
“I am very pleased that Supriya and James have agreed to join our Board as Non-Executive Directors. With Supriya and James’ product and digital experience, they will be valuable additions and complement the diverse backgrounds and experience of our Board.”