Greggs (LON:GRG) said it expects higher profits for the year in a trading update on Tuesday, after a better-than expected opening few weeks of 2019. The bakery chain said it had enjoyed an “exceptionally strong start” to the year. In the seven weeks to 16 February, sales rose by 14.1%, compared to 6.2% in the opening months of 2018. Meanwhile, like-for-like sales in company-managed shops rose by 9.6%, a significant increase from 2.9% during the same period a year before. The firm already upped its profit guidance for the second time in two months in January, after enjoying strong trading over the festive period. Greggs attributed the strong performance to “extensive publicity” surrounding the launch of its popular Vegan sausage roll at the start of January. The company launched the roll to coincide with “Veganuary”, with veganism growing in popularity in the UK. According to the Veganuary campaign, a record 250,000 participated in eating a solely plant-based diet for the whole of January. Many consumers have shifted away from red meat consumption amid ethical concerns regarding the environment as well as concerns over their health. As a result many of the nation’s supermarkets have upped their vegan offerings in stores, as well as food chains such as Greggs have looked to capitalise on shifting consumer tastes. Greggs shares are currently trading +7.18% as of 10:16PM (GMT).    

Anglo African Oil & Gas has been partially reimbursed by the Congolese national oil company Société Nationale des Pétroles du Congo for costs relating to the Tilapia Licence. The oil and gas developer said that the Société Nationale des Pétroles du Congo owes it roughly $10 million in respect for its share of the total costs. Anglo African Oil & Gas had proposed to the Congolese national oil company that it would accept that transfer of a large portion of its 44% interest in the licence. However, the Congolese national oil company made an initial cash payment of $663,000 to Anglo African Oil & Gas. It also informed Anglo African Oil & Gas that it would propose a short-term payment plan in order to repay the remaining debt, which roughly stands at $9.5 million. David Sefton, Executive Chairman od Anglo African Oil & Gas, commented on the announcement: “We are pleased to receive this payment from SNPC although our preference remains to increase the size of our holding in the Licence, as we had recently proposed to SNPC. However, SNPC is entitled to repay the overdue debt in cash, and we have emphasised to SNPC that this needs to be done in a timely manner. We also recognise that SNPC takes a similar view to us as to the value of the field and therefore why it would prefer to meet the debt in cash.” “As previously stated, we are working towards bringing TLP-103C into production in April. The extra cash that we have now received plus the substantial further funds to come from SNPC, reinforces the cash position of the Company and therefore its ability to meet the costs associated with this work.” In January, Anglo African Oil & Gas announced that it would raise £6 million for expansion. Earlier in November, shares in Anglo African Agriculture surged following a trading update. `At 09:52 GMT Monday, shares in Namibian Resources plc (LON:AAOG) were trading at +0.9%.

Coca-Cola HBC (LON:CCH) announced on Monday that it has acquired Bambi, Serbia’s leading confectionary business. The business was acquired from Mid Europa Partners in a €260 million deal. Coca-Cola HBC is the world’s third-largest Coca-Cola bottler. The company, listed on the London Stock Exchange, has a secondary listing on the Athens Stock Exchange as it was founded in Greece in 1969. Bambi was established in 1967 in Serbia and is a leading confectionary business in the region. It manufactures a range of products such as biscuits, wafers and savoury snacks. Under its portfolio, its brands include Bambi, Plazma, Wellness, Zlatni Pek, and Josh. Among these, its main biscuit brand Plazma is ranked first in brand recognition in Serbia, Coca-Cola HBC said. Bambi’s 2018 revenue was €80 million. Over two thirds was generated in Serbia, with the rest being predominantly generated in the Western Balkans. Its EBIT margin is almost three times higher than Coca-Cola HBC. Last week, Coca-Cola HBC’s full-year results were at the top of guidance, driven by strong volume growth. Volume growth accelerated to 4.2%, with all segments experiencing a rise, particularly sparkling beverages. However, it did forecast 2019 economic growth to slow down in a variety of its markets, whilst still expecting volume to grow across all three segments.

The acquisition adds iconic brands to the Coca-Cola HBC portfolio in Serbia and in the Western Balkans.

The company has said that these two territories are among its fastest growing. Soran Bogdanovic, CEO of Coca-Cola HBC, commented on the acquisition: “This acquisition represents an excellent opportunity to create additional value for Coca‑Cola HBC, its customers and shareholders. It adds iconic, complementary consumer brands to our portfolio of leading beverage brands, as well as consumer-focused innovation capabilities. It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions, such as the start of the day, on the go and at home snacking and refreshment.” Last year, The Coca-Cola company set its eyes on the cannabis market, closely watching the cannabis-infused drinks market. Additionally, it purchased the Costa Coffee chain from Whitbread in a £3.9 billion deal, following the announcement from Whitbread earlier in the year that it wanted to spin off its Costa Coffee branch. At 09:40 GMT Monday, shares in Coca-Cola HBC AG (LON:CCH) were trading at -0.59%. Though trading is yet to begin in the US, shares in The Coca-Cola company (NYSE:KO) closed trading at -0.77% Friday evening.

Anglo American Platinum (JSE:EMS) revealed its financial results on Monday following another “strong” financial and operational performance. The company has raised its dividend following the sharp growth in annual earnings and cash last year. Dividend pay-out ratio increased from 30% to 40% of headline earnings. This is a result of the company’s “strong” balance sheet and the management’s confidence in its underlying cash-generating capability. Earnings (EBITDA) grew 21% to R14.5 billion over the financial year. Moreover, Anglo American Platinum saw a record production from Mogalakwena, Unki and Kroondal, contributing to a 4% increase in total production. Free cash flow from operations grew 60% to R5.6 billion. Net cash was reported as R2.9 billion. Looking ahead, the company has said that is is “well positioned” to deliver its next phase of value, remaining in line with a clear strategy. The company has also announced the tragic death of two colleagues. It has, however, reported a 34% improvement in its injury rates. Anglo American Platinum CEO Chris Griffith commented on the results: “The fact that two of our colleagues died at work in 2018 is deeply tragic and felt by every one of us. Notwithstanding the significant improvement in the number of fatalities and injury rates, these tragic deaths have heightened our resolve and efforts to eliminate fatalities.” “Operationally and financially, we had a very strong year. Record production performances from Mogalakwena, Unki and Kroondal saw total platinum group metal production increasing by 4%. We increased our free cash flow by 60% and reduced net debt by R4.7 billion turning to a net cash position of R2.9bn at the end of 2018. I am pleased to report that, given this performance and the improving market outlook for PGMs, Anglo American Platinum was the best-performing share on the JSE All Share Index in 2018 delivering a total shareholder return of 55%.” “Whilst the platinum price remained subdued, the price of our basket of metals increased by 13%, with our diversified PGM proposition delivering significant value for shareholders.” Earlier in January, Anglo American’s annual output increased 7%. Additionally, it reported strong production figures last July across both copper and platinum. Its shares remained strong in July despite its Glencore controversy. At 10:37 GMT+2 Monday, shares in Anglo American Platinum Ltd (JSE:AMS) were trading at +0.43%.

Reckitt Benckiser Group (LON:RB) revealed its full year results on Monday. The consumer goods company reported a 65% drop in its annual profit as a result of one-off gains from the previous year. Net income slid 65% to £2.16 billion. The company has said that 2017 saw exceptional scenarios that increased its profit. These include the sale of the company’s food business and tax credits. Revenue increased by 10% to £12.6 billion. Moreover, adjusted operating profit increased 8% to £3.36 billion. Like-for-like revenue increased 3%, coming in at the top end of the 2-3% guidance.

As for 2019, Reckitt Benckiser has said it will target a 3-4% growth in like-for-like revenue.

Rakesh Kapoor, Chief Executive Officer of Reckitt Benckiser, commented on the results: “2018 was a year of good financial progress, achieved in an environment of both significant change within the company, and challenging market conditions. We delivered the upper end of our 2018 revenue growth target, and accelerated the delivery of MJN cost synergies versus our ingoing expectations.” “2018 was also a year of significant strategic progress. RB2.0 represents a platform to transform RB for growth and outperformance. In 2018 we fully integrated MJN to create RB Health. And at the same time we created RB Hygiene Home, which has reignited growth with a more focused and agile organisation.” “As we look to the future, we are well positioned for long term, sustainable growth, from the excellent portfolio of brands within each of our more focused and agile Business Units.” “For 2019 we expect momentum to continue, and target +3-4% LFL net revenue growth. We expect to maintain the adjusted operating margin as we generate our usual RB cost and efficiency savings, and deploy them into building two even stronger businesses.” In October, the group reported a smaller-than-expected increase in underlying quarterly sales as a result of a manufacturing disruption at a European baby formula factory. However, it reported solid sales and revenue growth in the first quarter. At 08:22 GMT Monday, shares in Reckitt Benckiser Group plc (LON:RB) were trading at +1.84%.

UK retail sales picked up in January, offering some respite to ailing high street shops, according to the latest official figures. UK retail sales rose 1% in January, the Office for National Statistics (ONS) said. This proved ahead of market expectations of 0.2%. Rhian Murphy, head of retail sales at the ONS said this was the result of clothing discounts: “Retail sales returned to growth, with increases across most sectors. Clothing stores saw strong sales, luring consumers with price reductions with food sales also growing after a slight dip over Christmas.” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, commented: “January’s jump in retail sales shows that most households have maintained a happy-go-lucky mentality, despite the fraught political situation. While consumers’ confidence is down, this reflects rather fuzzy expectations that Brexit might be costly eventually.” The better-than-expected retail figures follow the most recent inflation figures. According to January’s Consumer Price Index, UK inflation fell to 1.8%, below the Bank of England’s target of 2%. This was attributed to falls in electric and gas prices, with an Ofgem imposed price cap taking effect over the period. Despite easing inflation and retail somewhat rebounding, the UK high street continues to suffer, with various well-known brands closing stores. Retailers such as New Look, HMV and restaurant chains such as Prezzo and Jamie’s Italian all announcing site closures in 2018.      

Lloyds Bank (LON:LLOY) has announced former Morgan Stanley banker William Chalmers as its new Chief Financial Officer. Chalmers is set to join the bank in June to take up his new role. Prior to his new position at Lloyds, Chalmers was co-head at Morgan Stanley’s Global Financial Institutions Group. Lloyds is set to pay around £4.4 million in deferred cash and shares which he will lose out on once he leaves his current role. His fixed pay will be around £1.3m per year, plus benefits and performance-based bonuses. António Horta-Osório, Lloyds Chief executive, commented: “William has a proven track record in financial services and will be a great addition to the executive team. We will be sad to see George go, but are pleased to have had him in the team for the past seven years and to be able to have George and William working together to ensure a smooth transition.” Incoming Chief Financial Officer Chalmers also added: “I very much look forward to joining the executive team at Lloyds Banking Group. It is a tremendous company that is going through an impressive transformation. I look forward to getting started and making a contribution.” Lloyds is set to announce its 2018 annual results next Wednesday. Shares in Lloyds are currently +1.67% as of 13:50PM (GMT).

Premier Foods (LON:PFD) announced on Friday that it is no longer putting up its Ambrosia business for sale. The company said that whilst ‘a number of parties had expressed interest’, the board concluded that ‘the present business climate the process will not result in a satisfactory financial outcome’. Its Ambrosia business produces dried milk for infants as well as custard and rice pudding. Premier Foods is a food manufacturer. Alongside Ambrosia, its brands include Mr Kipling, Ambrosia, Angel Delight, Homepride, as well as Sharwood’s and Lloyd Grossman sauces. Last month, the company reported a 2.2% fall in sales across the Christmas period. At the time of the results, Gavin Darby, Premier Foods Chief Executive commented: “We faced into two sets of challenges in the quarter – lower International sales and our logistics programme, which as expected, affected cake sales volumes early in the quarter,” “As we look to the fourth quarter, we expect to see a good performance from branded sweet treats, we have a good innovation plan lined up and our Darby departed the role as CEO at the end of January. The company confirmed that Darby would receive at least £1 million as part of the exit. Premier Foods shares are currently -3.64% as of 12:37PM (GMT).    

Royal Bank of Scotland (LON:RBS) released its annual results on the Friday for the year ended 31 December 2018. Annual profit has more than doubled, driving the bank to reveal a special dividend. RBS also warned of the economic and political Brexit-induced uncertainty that lies ahead. Pre-tax profit for the financial year was £1.62 billion, compared to the £752 million on-year figure. Operating profit increased 50% to £3.36 billion. Final ordinary dividend per share is 3.5p. Additionally, the bank has also announced a special dividend of 7.5p per share. Chief Executive, Ross McEwan, commented on the results: “2018 was a year of strong progress on our strategy – we settled our remaining major legacy issues, paid our first dividend in ten years and delivered another full year bottom line profit. However, while our financial performance is more assured, we know that a significant gap remains to achieving our ambition to be the best bank for customers. We are fully focused on closing this gap.” “Today we are reporting a pre-tax operating profit of £3.4 billion and a bottom line attributable profit of £1.6 billion for 2018. In addition, we are pleased to propose a full year ordinary dividend of 3.5 pence per share, and a special dividend of 7.5 pence per share. These are in addition to the ordinary dividend we paid at our interim results. Together, we will have returned £1.6 billion to shareholders, and around £1 billion to the UK taxpayer in dividends. We also have shareholder approval to participate in a directed buyback should the government seek to dispose of a portion of its shares.”

RBS has emphasised the uncertain economic outlook that lies ahead of the UK’s planned departure date from the European Union.

In December, RBS applied for a German banking license amid concerns surrounding Brexit. The Chief Executive has warned of the economic and political Brexit uncertainties in the past, claiming it has the potential to lead to a recession. “Our central economic forecast, which supports our corporate plan, is in line with consensus as at the end of December 2018 and shows average UK GDP growth of around 1.0-2.0% from 2019 to 2023 and continued low interest rates. Given the current uncertainties we will continue to actively monitor and react to market conditions,” the bank said. The Chief Executive continued: “The UK economy faces a heightened level of uncertainty related to the ongoing Brexit negotiations. We have continued to support our customers, providing £30.4 billion in gross new UK mortgage lending in 2018, and Commercial Banking made or renewed commitments of around £30 billion of term lending facilities to mainly UK businesses. Our Commercial and Business Banking businesses supported total lending of more than £100 billion in 2018.” Last year, RBS paid its first dividend since it was rescued from collapse ten years ago. At 09:25 GMT Friday, Royal Bank of Scotland Group plc (LON:RBS) shares were trading at +1.08%.