Latest news with #IanHolloway
CNBC
2 days ago
- Business
- CNBC
CNBC's UK Exchange newsletter: Strong Footsie, strong UK? Not necessarily
Ian Holloway, one of the most eccentric managers in British football, is famous for his idioms and sayings. One of his most celebrated came when, in May 2004, his Queens Park Rangers team had secured promotion to England's second tier: "They say every dog has his day — and today is Woof Day. Today I just want to bark." Lately, the FTSE-100, long a dog among equity indices, has been enjoying its very own Woof Day. Britain's premier stock index is up 11% so far this year and has this month achieved a couple of notable benchmarks. The index, launched on Jan. 3, 1984, with a value of 1,000, hit the 9,000 milestone for the first time on July 15 and followed that up on Thursday last week by hitting the latest in a string of all-time closing highs of 9,138.37. It has taken just two years to go from 8,000 to 9,000 compared with the seven painstaking years it took to rise from 7,000 to 8,000. The Footsie's year-to-date performance is one of the best in global stock markets. It has outperformed other well-known benchmarks such as the S&P 500, the Nikkei 225 and the CAC-40, with the DAX-40 in Germany one of the few peers to have eclipsed it. This outperformance of the S&P 500, should it be sustained, is pretty rare. The Footsie has only outdone the U.S. benchmark twice over the course of a year — in 2016 and 2022 — since the eruption of the global financial crisis 18 years ago. That reflects not only the dynamism and growth potential of the S&P's constituents, chiefly the tech sector, but also the Footsie's over-weighting in what are perceived by many investors as stodgier, defensive sectors, such as financials and consumer staples, and highly cyclical sectors such as energy and mining. Accordingly, even after the recent performance, it is still sitting on a price/earnings multiple only just above its long-term average of 15 whereas the S&P — which, we should not forget, also hit a record last week — still trades on a multiple of almost 30. Those ratings reflect the very different factors that have driven returns. While capital appreciation has driven just over two-thirds of the S&P's total return over the years, roughly half of the Footsie's total return has come from dividends. The attachment of U.K. investors to dividends, something regularly disparaged as 'coupon clipping' down the years, is pronounced. The Footsie's solid showing last week was for similar reasons to the rallies elsewhere: relief at the U.S. achieving a deal with Japan over tariffs and optimism that something similar can be achieved with the European Union, although the latter has proved disappointing, at least so far as European equity markets have been concerned. But there have been other, broader factors also at play during 2025. The Footsie's heavy gearing toward defensive stocks has played well this year as investors seek a shelter from Trump-induced volatility. There is also a lot of anecdotal evidence that it has benefited from some investors taking their money outside the U.S. — something that was particularly evident in the first four months of the year and summed up in the expression, which first appeared in the Wall Street Journal on May 19, the 'ABUSA (Anywhere But USA) trade'. And there have been important boosts for individual sectors, most notably defense, following commitments from a number of Western governments to raise defense spending. Rolls-Royce, the aircraft engine manufacturer which also has a substantial defense business, has seen its shares rise by 75% so far this year. BAE Systems, the U.K.'s biggest defense contractor, is up 59% since the beginning of the year. The pair are now respectively the sixth and 11th biggest companies in the index. Specific elements on the day the Footsie hit its most recent record last week included strong earnings updates from a host of constituents, most notably Reckitt, the household products group; Howden Joinery, the kitchen and joinery supplier and Lloyds Banking Group. Even BT, a serial disappointment, rose sharply after quarterly results proved no worse than expected. That day also saw a decline in the pound — a factor that often benefits the index because Footsie constituents derive four-fifths of their earnings overseas, mainly in U.S. dollars and euros. This was a point not greatly appreciated by some investors until the U.K. voted to leave the EU on June 23, 2016, and the pound fell by 10% against the greenback in a matter of hours. Initially, the Footsie fell sharply, in line with other U.K. assets. However, as realization dawned that a weaker pound translates into higher earnings from overseas revenues, the index rallied and, a week later, it was some 2.6% higher than it had been before the referendum. And this, in turn, leads to probably the most significant fact lost on many ordinary British investors. The Footsie is commonly perceived to be a barometer of U.K. economic — and, certainly, corporate — health. The truth is that it is not in the slightest bit reflective of the U.K. economy. Yes, there are some companies — BT and Lloyds being good examples — that derive the majority of their earnings in the U.K. However, the Footsie is also packed with companies that do little or no business in the U.K., such as Antofagasta, a Chilean copper miner; Fresnillo, a Mexican silver miner; Mondi, a global leader in paper and packaging with 100 production sites around the world but none in Britain; and Ashtead Group, a plant and tool hire company that derives more than 90% of its earnings from the U.S., where it trades under the name Sunbelt Rentals — the name it will take when it moves its primary stock listing early in 2026. Even a number of businesses traditionally seen as quintessentially British to the extent that they have (or have had) the word in their company moniker, such as BP, BAE Systems and British American Tobacco, derive the majority of their earnings outside the U.K. Of the 20 biggest companies in the Footsie, only Lloyds Banking Group and NatWest Group, another lender, make the majority of their earnings in the U.K. It did not always used to be this way. At its launch, 41 years ago, the Footsie was full of companies that made the majority, if not all, of their sales and profits in the U.K., including a clutch of domestically oriented brewing, pub and hotel operators in Scottish & Newcastle, Bass, Whitbread, Grand Metropolitan and Allied Lyons; two flat pack furniture and joinery companies in Magnet & Southerns and MFI; and a whole host of then U.K.-focused retailers, including Burton Group, House of Fraser, Sears (no relation to the U.S. retailer of the same name), British Home Stores, Marks & Spencer and Great Universal Stores. With globalization yet to take off — this was, of course, before the fall of the Berlin Wall — even those financial services companies in the Footsie were largely domestically focused, including the insurers Commercial Union and General Accident (now both part of Aviva Group), Prudential and Sun Life and lenders such as Royal Bank of Scotland, Midland Bank (now part of HSBC) and Barclays, which was yet to embark on its push into the wholesale and investment banking activities with which it is most closely associated these days. At its birth, the Footsie contained only a handful of companies that could be regarded as genuinely international in scope, including a couple which dated back to the old British Empire: Consolidated Gold Fields, founded in South Africa in 1887 by the imperialist Cecil Rhodes and Harrisons & Crosfield, now the specialty chemicals company Elementis but then best known for owning Malaysian rubber plantations. Then came globalization and, with it down the years, a string of IPOs of foreign companies, particularly from South Africa, wishing to tap into London's more liquid capital markets. In being so internationally focused, the Footsie is no different from the DAX-40, whose members derive around four-fifths of their earnings from outside Germany or the CAC-40, whose constituents make around three-quarters of their earnings from outside France. But it certainly should not be taken as a barometer of corporate Britain's health — however good it makes some of us feel on days when it hits new Chief Financial Officer Katie Murray discusses the British bank's earnings, its share buyback and the current U.K. economic picture. CNBC's Silvia Amaro reports on European leaders voicing their frustrations with the terms of the U.S.-EU trade deal and the pressure it will put on the bloc's economy. Storm Uru, fund manager at Liontrust Asset Management, discusses recent tech earnings and explains some of the company's contrarian calls on the Magnificent EU-U.S. trade deal could have one unexpected winner: The UK. The European Union is facing a higher U.S. tariff rate than the U.K., which could put the country at an advantage compared to the bloc. Barclays second-quarter profit beats estimates as investment banking revenues swell. The British lender also announced a £1 billion ($1.33 billion) share buyback, while market volatility boosted investment banking revenues. UK pushes Apple and Google for mobile changes to curb market power. The U.K.'s Competition and Markets authority proposed designating the two companies as having "strategic market status."U.K. stocks have largely maintained their upward momentum, with the FTSE 100 remaining above the 9,000 point threshold it surpassed for the first time last week. Gains over the last week totaled around 0.6% as of Tuesday, though this lagged the broader Stoxx 600 index up 1.4%. The British pound on Monday logged its biggest session gain against the euro since April, climbing 0.66%, as investors assessed the EU-U.S. trade deal. ING analysts said that while some would attribute the move to the U.K.'s relatively better deal with the White House, there also appeared to be some short-term unwinding of the long euro-sterling trade that has been popular this summer.
Yahoo
4 days ago
- Sport
- Yahoo
League Two club enter race to sign ex-Swindon loan striker
Last season's Swindon Town loanee Joe Westley is now a target for their League Two rivals Accrington Stanley, according to reports. Following a six-month spell with Swindon last season in which Westley netted three times despite largely being a finisher under Ian Holloway, the Burnley striker has been the subject of plenty of interest. The Lower Tiers have previously said that Wigan Athletic, Walsall, and Fleetwood Town were looking at him, along with Swindon, but Alan Nixon has now written that Accrington are interested in bringing him to the Wham Stadium. Nixon also said that Town had been in discussions with him earlier this summer, although a deal broke down after there was uncertainty over his game time. Westley started only three of his 17 appearances in the second half of last season. The Adver is aware that Swindon did have interest in Westley earlier this summer, but a real approach did not materialise as they were pursuing other opportunities. Westley was a player that Holloway liked greatly, especially the attitude that he had and would have been pleased to have him back, especially as he does not want a like-for-like back-up for Harry Smith. Read more: Loan move in progress for young Swindon defender Whose hype train is building and who must start? Swindon players rated Holloway looking to make clear to Town squad standards expected Speaking on Saturday, he said: 'I like to stack and rack my forwards, I always have and I always will. 'What I won't do is stack and rack someone like Harry, because if I try to bring another one like Harry in, then he knows he is going to be sub. Who the hell am I going to get to do that?' Having been predominantly an impact sub for Swindon last season, Westley appears to be angling for a more obvious starting place in his new team. He has spent pre-season with Burnley, scoring against Huddersfield at the weekend, but wants a chance for regular football this campaign. Speaking to Burnley club media in June, Westley said: 'In League Two, the players are just better. They're a bit stronger, with more defensive nous than players in the under-21s and a bit more physical, so you've got to learn to grow up quite quickly in that type of football. 'I went there to prove to myself that I could score goals at that level, and I did do that, so going into next year, I'll make sure I rest but also come back firing. 'I'll come back into pre-season as fit and as sharp as I can be and will see what happens from there.'
BBC News
23-07-2025
- Sport
- BBC News
'Pull of Swindon' brought Bodin back to club
New signing Billy Bodin said the "pull of the club" was why he returned to Swindon Town, 13 years after leaving. The 33-year-old forward began his career in Swindon's academy but left in 2012, when the club were managed by Paolo di Canio, for Torquay whose father Paul also played for Swindon and had a spell as caretaker manager, signed on a one-year deal after his exit from Burton Albion."I never really wanted to leave and I always felt like I had a little bit more to show to the fans and the manager at the time, but didn't quite get the opportunities maybe I thought I should have got," Bodin told BBC Radio Wiltshire."The pull of the club and everything around it was perfect timing for me and, hopefully, it can be a good season." Bodin has made more than 400 appearances across English football since leaving the County said the "attacking" tactical approach of Robins manager Ian Holloway was another key factor in his signing."[The way] the manager wants to play with the wingers coming inside and the full-backs bombing on is perfect to how I play," Bodin said."He's said [I can play] anywhere across the front line, whether its starting on the right, coming inside to little pockets."Bodin added he was also looking forward to linking up with striker Harry Smith, who scored 17 goals last season as the club's top scorer."The last time I played with a forward like that was probably Paul Benson [at Swindon], so a good few years ago."For a good numbers of years there weren't many teams that played with that focal point and that target man. That's perfect for me."As long as he can get hold of it, I'll be in and around him trying to get the knock down. Hopefully, it'll be a great partnership or front three and lots of goals and some exciting football."
Yahoo
18-07-2025
- Sport
- Yahoo
Swindon 'considering' further appointments following staff departures
Swindon Town are considering further appointments within their staff following a year of multiple departures from the club. The 12 months have seen many key behind-the-scenes figures leave Swindon, with Jamie Russell and Danny Rose moving to Salford City, Alex Pike to Brentford, Jamie White to Eastleigh, Baillie Coupland to Burton Albion, and Sean Wood to Reading. Some of these people have been replaced: Mark Moss came in as Academy Manager, Kirk McGinn was promoted to Under-18s manager, and Alisha Henry has arrived as Club Secretary. Whilst there has been an internal restructuring, including Ian Holloway taking on many of the responsibilities that Russell had undertaken as Head of Football, it has left many fans concerned that there are holes remaining in the club. During the meeting of the Advisory Board, a monthly meeting between the club hierarchy and stakeholder groups, the topic was broached during the fan question-and-answer portion. As part of this, a fan asked whether there was a plan to recruit more administrative staff to replace those who have departed, as their roles were now being performed by fewer people. Read more: Swindon 'no intention' of letting Smith leave as League Two rival bid rejected Town target two more players this summer to complete squad Munroe creates intriguing battle in Swindon's 'most important area' The minutes said: 'The club acknowledges the recent changes within its football administration structure over the past nine months. While it is true that several key personnel have departed, the club has acted swiftly to ensure continuity and stability by appointing highly capable replacements in key roles. 'We have recently welcomed a very experienced Club Secretary, Alisha Henry, who brings a wealth of knowledge and expertise to the position. She will work closely with senior figures within the football department, ensuring smooth coordination across all areas of football operations. "Additionally, the appointment of a new Academy Manager—who is a like-for-like replacement—ensures that the development pathway for our young players remains a core focus and is in safe hands. 'While the backroom team has experienced change, it is by no means diminished. "Under the leadership of Ian Holloway, who continues to play an integral role in shaping the club's footballing direction, we are constantly reviewing our staffing structure to ensure it remains fit for purpose. "As part of this ongoing review, the club is actively considering whether further recruitment in football administration is necessary to strengthen support across all departments. 'We remain fully committed to ensuring the club is properly resourced, both on and off the pitch, to meet the demands of a professional football environment.'
Yahoo
17-07-2025
- Sport
- Yahoo
Pitch improvements underway at the Nigel Eady County Ground
Preparations are underway at the Nigel Eady County Ground to get the pitch ready for the start of Swindon Town's season. In April, it was confirmed that Swindon would be going ahead with Head Groundsman Matt Povey's proposal to stitch the pitch this summer, to create a more durable and quicker surface, preventing the difficulties of the past few seasons with the field struggling to cope with the number of games and poor weather. The work is costing an additional £160,000 on top of regular maintenance costs, but it is seen by Ian Holloway and Povey as a necessary price to pay for helping the players. Read more: Holloway's 'brutally honest' assessment of where Town are with learning style 'Someone always comes out of the pack' - Two players surprising Holloway Ripley's absence from Melksham friendly explained The Adver was allowed access this week to see the pitch stitching in progress to get an idea of how the work was going. SIS Pitches are undertaking the work, which was delayed from the initially expected start date of July 1 due to their renovations of multiple pitches at Chelsea's Cobham training ground, a delay which meant Povey has been forced to postpone his honeymoon. After their work at Swindon is completed, which is anticipated by the end of the week, they will move on to Wycombe Wanderers, Millwall, and Wrexham before the start of the season, and they also have projects on in Mexico and Czechia, before heading to the United States ahead of next summer's World Cup. The stitching is now underway with four specialist machines, two of which have 40 pins and two larger ones having almost double that, taking to the pitch at the County Ground to apply the plastic fibres. The process works by the machines using the sharp pins to insert the plastic fibres into the ground, allowing the grass to grow around them, leaving a consistent layer underneath the grass to reduce the degradation. Each machine goes up and down the field, with it taking between two and three hours to go from one end to the other. The team operating the machines will work in shifts, 24 hours a day, to get it all completed in time. Once the pitch is stitched this summer, it will keep the turf in excellent condition for at least five years before the process would need to be done again. The work began Tuesday afternoon, and it is expected to be completed by the end of the week, before it takes around a week to two weeks to properly bed in, leaving it to be in perfect condition by the time Swindon host Cambridge United on August 9.
