Following criticism from its former co-founder, shares in Superdry have fallen 7% on Tuesday. In a note to Liberum, Julian Dunkerton criticised the retailer’s business model. “The interaction between stores and the internet is going to be so fundamental to the future of retail. Consumers have adopted the internet and, by doing so, have moved away from the limitations of the high street and towards a world of unlimited choice. The premise here is if one does not participate in this world you will get left behind,” he said in a stockbroker note. Shares in the group have fallen over 60% this year and the value could continue to fall after tomorrow’s trading update. In October, Superdry issued a £23 million profit warning after which Dunkerton told the BBC that he wanted to come back to the group to “turn it around”. Fall in sales was blamed on the hot weather and foreign exchange problems. To end its reliance on warm outerwear, Superdry is expanding dresses, skirts and women’s tops. The group also plans to invest more in digitisation to “adapt stores for a digital world”. Michael Hewson, a CMC Markets analyst, said: “The misery on the high street looks set to continue with Superdry shares plunging this morning ahead of their first-half numbers, which are due out tomorrow.” “Shares were already down 60% this year even before today’s declines, and tomorrow’s numbers could put management under further pressure.” Shares in Superdry (LON: SDRY) are currently trading down 6.23% at 579,94 (1340GMT). The retailer will release a trading update on Wednesday.

Justin King, the former Sainsbury’s boss will be joining the Marks & Spencer board as a non-executive director. The retail chief will join M&S at the beginning of January in order to “navigate the challenges ahead” for the retailer. King has worked for over a decade at Sainsbury’s. Before this, he was part of the turnaround strategy at Asda whilst also previously working for the M&S food division. King will work with M&S boss Steve Rowe and has said that he looks forward to “supporting Steve in the turnaround that he is leading”. “Having worked there 15 years ago, M&S has a very special place in my affections. I look forward to joining the Board and supporting Steve in the turnaround that he is leading,” he said. Rowe said: “As we navigate the challenges ahead it will be enormously helpful to have his experience, wisdom and insight on the board. Many colleagues remember his time at M&S and will warmly welcome him back.” M&S chairman, Archie Norman added: “Justin’s appointment completes a very significant reorientation of the board in the last year. He will be a great addition to a strong team.” M&S has reported a fall in sales this year amid tough trading and Brexit uncertainty. Pre-tax profits at the retail giant slumped 62% to £66.8 million in May after a restructuring plan cost £514.1 million that included £321 million to pay for the first phase of its store closure plan. Lee Wild, who is the head of equity strategy at Interactive Investor, said: “The Marks & Spencer PR machine is in full swing and Steve Rowe is telling investors exactly what they want to hear.” “The company has been in desperate need of a major overhaul for years and, under a new and more dynamic leadership team, is getting just that.” “M&S is admitting its shortcomings and promising to deliver what investors have been screaming at it to do for years.” Shares in M&S (LON: MKS) are trading +0.47% at 277,10 (1231GMT).      

Oxford BioDynamics plc reported an annual loss on Tuesday morning. This is as a result of its increased spending on R&D and staff. Pre-tax loss for the financial year to September was reported at £2.4 million. Additionally, revenue remained flat at roughly £1.2 million. The company also announced its “strategic” partnership in China with GL Capital Group. The leading Chinese Healthcare Investment group invested £9.75 million for a 5% stake in the company. Moreover, it announced that it successfully completed the UK grant-funded ALS project.

Oxford BioDynamics is a biotechnology company focused on the discovery and development of epigenetic biomarkers based on regulatory genome architecture.

These are designed to be used within the pharmaceutical and biotechnology industry. In November, Oxford BioDynamics signed a deal to develop ASD biomarkers. Chief Executive Officer of Oxford BioDynamics, Christian Hoyer Millar, commented on the results: “In 2018 we have continued to build on the strong foundations established in 2017 following our successful IPO. Investment in our commercial infrastructure has allowed us to further our customer and geographical reach, with our EpiSwitch™ technology increasingly becoming the leading industry standard for identifying epigenetic biomarkers. We have signed multiple commercial development partnerships, in Europe, the US and China in new and challenging clinical indications. Our EpiSwitch™ platform is fast becoming internationally recognised as an effective and novel platform to improve therapeutic options.” “We were delighted to sign a strategic partnership with GL earlier this year, not only strengthening our cash position but also further establishing our position in the rapidly growing Chinese market. We look forward to reporting progress on the multiple projects currently underway.” Other biotechnology sector news includes Biome Technologies being awarded additional grant funding to develop the production of a novel bioplastic building block. Elsewhere on Tuesday, Jadestone Energy announced its Montara Facility will resume production. At 13:28 GMT yesterday, shares in Oxford Biodynamics plc (LON:OBD) were trading at +1.45%.

Jadestone Energy has reported progress on the Montara Shutdown Work on Tuesday. The decision to shut the Montara asset was made in November. As a result of work progressing on target, the company expected production to resume later this month.

Jadestone Energy closed the Montara asset in November in order to correct an extensive backlog of inspection and maintenance routines.

All activities associated with the oil system is now fully complete and the facility is now ready to resume production. Additionally, the company has said that the Montara facility will now be able to operate reliably without any planned major maintenance shutdown until 2020 at the very least. President and CEO of Jadestone Energy, Paul Blakeley, commented on the announcement: “Whilst we were aware, through the due diligence process, of the opportunity to improve operating performance at the Montara asset, and had factored this into our analysis, integrity flaws in the incumbent operator’s MMS made it impossible to identify the full extent of the inspection backlog, and couldn’t provide clear information on inspection status, or the ability to plan future maintenance tasks.” “In the course of working with the operator during the transition phase, since closing the acquisition at the end of September, this became more fully apparent, and led to the identification of a number of incidents of non-compliance with the approved safety case. Having opted to shut down the facility and remedy the broad maintenance and inspection backlog, we have also corrected the MMS itself. While this work scope has resulted in a protracted shutdown timeline, it was a prudent operational decision and one that will significantly reduce ongoing work effort, uncertainty and inefficiency. The asset is now up to date with regards to inspection and major maintenance.” “The extensive scope of inspection work we have undertaken has confirmed our view that the Montara facility is in excellent condition. After having completed over 800 assurance tasks, we see nothing that changes our view of the exceptional value we have attributed to the Montara asset.” “This shutdown will more rapidly embed Jadestone’s proven operating philosophy and safety culture, and when Jadestone assumes operatorship, we will now inherit a high reliability facility that we can operate safely and with confidence. Whilst unplanned outages can always occur, the work undertaken in this shutdown is expected to materially improve uptime performance in the years ahead.” Elsewhere in oil and energy news, the UK’s energy price cap is expected to begin next month, as announced in November. Indeed, the price cap on default energy tariffs are set to begin soon as households have been overpaying for energy. Equally, oil prices fell in November on the back of OPEC’s output cut uncertainty. At 16:00 GMT -5 yesterday, shares in Jadestone Energy Inc (CVE:JSE) were trading at +1.72%.

New figures from the Office for National Statistics (ONS) has revealed annual wage growth to reach ten-year high. The average weekly earnings in the UK increased at an annual rate of 3.3% in the three months to October, the best rate since the 3.2% growth in 2008. The number of people unemployed also grew to 1.38 million. People in employment also grew by 79,000 to a record high of 32.48 million. Many of the jobs that were created were in IT, healthcare and social work. Positive news amid the Brexit uncertainty. ONS senior statistician Matt Hughes said: “The employment rate has continued to rise in the most recent three months, returning to a joint record high, boosted by an increase in full-time workers.” “There was a corresponding fall in the inactivity rate, while the unemployment rate was virtually unchanged. Real earnings are now growing faster than at any time since around the end of 2016.” Geraint Johnes, Professor of Economics at Lancaster University Management School, said: “The latest labour force statistics indicate a rise in unemployment of 20000 over the quarter to August-October this year, the unemployment rate now standing at 4.1%.” “Employment, however, has continued to rise at a healthy pace, with an increase in the numbers of full-time employees of some 100000. Moreover, the gradual shift from part-time to full-time employment has continued, as has the shift of activity from self-employment to employee status. Particularly notable is a decline of 40000 in the numbers of part-time self-employed workers. These trends all align with a narrative of continued adjustment to normality following the severe labour market disruption of the recession and slow recovery.” “The data on pay continue to be encouraging. On the preferred three month measure, total pay rose at an annual rate of 3.3% in October, up from 3.1% the previous month. The less reliable single month estimate indicates growth of 3.9% – though this should be treated with caution because the base figure in October 2017 appears low,” he added. The UK wage news in the UK has helped support gains in the pound, which were down on Monday following Theresa May’s decision to pull the vote on her Brexit deal.

The minister of state for employment, Alok Sharma, said about the figures released on Tuesday: “Today’s statistics show the enduring strength of our jobs market, with wages outpacing inflation for the ninth month in a row and employment at a record high.”

“This is benefitting people across the country, with almost 400,000 more people in work in the last year. Putting more money in the pockets of working families, and showing the UK remains a great place to invest and do business.”