Latest news with #LukasParavicini
Yahoo
14-05-2025
- Business
- Yahoo
London stock close lower as miners hit by slumping gold price
London top index took a step back on Wednesday from a month-high, as metal stocks were dented by slumping gold prices. It came amid a weaker session from commodity firms, while a negative reception to updates from Experian and Imperial Brands also proved to be a drag. The FTSE 100 finished down by 0.21%, or 17.91 points, to close at 8,585.01. It comes ahead of key UK economic growth figures on Thursday morning, which are expected to show a 0.6% increase in GDP over the first quarter. The other major European markets also drifted further into the red during trading on Thursday. The Cac 40 ended 0.47% lower for the day and the Dax index was down 0.57%. Stateside, US equities had a mixed start to trading, with tech-focused Nasdaq starting slightly higher, as it benefited from rises for Nvidia and AMD. Chris Beauchamp, chief market analyst at IG, said: 'Investors continue to pile back into US markets, but European markets have seen some losses today. 'Having returned to record highs, the Dax looks vulnerable to some short-term selling, while the FTSE 100 seems to have a ceiling for the time being around 8600. 'Nonetheless, the tariff truce and cooling inflation should continue to underpin gains for stocks in the weeks to come.' Meanwhile, sterling was a touch lower at the close after early gains against the dollar were entirely wiped out. The pound was 0.06% lower at 1.329 US dollars and was down 0.14% at 1.187 euro when London's markets closed. In company news, Burberry shares shot higher after the luxury fashion firm unveiled plans to axe nearly a fifth of its global workforce, including UK factory workers, in a bid to slash costs and return to profit. Shareholders welcomed the proposals to cut about 1,700 jobs worldwide over the next two years in an effort to reverse recent losses. Burberry shares lifted by 17% to 967.6p at the close of trading, marking its highest level for two months. JPS and Gauloises maker Imperial Brands finished firmly lower after its boss said he will retire after five years leading the tobacco giant. The London-listed firm said Lukas Paravicini, the company's current chief financial officer, will replace Stefan Bomhard as chief executive on October 1. Shares dropped by 7.3% to 2,680p as investors digested the surprise departure of the successful chief. Pawnbroker H&T rocketed in value after it agreed to be the latest UK-listed firm to be taken private by a US buyer. H&T said on Wednesday that it had accepted an offer from Texas-based FirstCash to buy the company for £297 million. Shares rose by 40.6% to 644p. Elsewhere, the price of oil pulled back slightly from Tuesday's highs, which had benefited from progress in trade talks between the US and China. A barrel of Brent crude oil was 0.92% lower at 66.02 dollars (£49.65) as markets were closing in London. The biggest risers on the FTSE 100 were: Entain, up 26.8p to 790.8p; Airtel Africa, up 5.5p to 174.6p; Mondi, up 38p to 1,226.5p; Marks & Spencer, up 9.8p to 355.2p; and Beazley, up 18.5p to 893p. The biggest fallers on the FTSE 100 were: Imperial Brands, down 210p to 2,680p; Spirax, down 395p to 6,190p; Experian, down 114p to 3,868p; Fresnillo, down 28.5p to 981.5p; and Compass Group, down 66p to 2,540p. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
14-05-2025
- Business
- Reuters
London stocks flat as trade optimism cools
May 14 (Reuters) - Britain's main indexes were flat on Wednesday as investors took a breather after a rally on easing global trade tensions, with focus shifting to corporate earnings and the state of the economy. The blue-chip FTSE 100 (.FTSE), opens new tab was down 0.01% by 1024 GMT, while the domestically focused midcap index (.FTMC), opens new tab was up 0.06%. Despite the day's muted performance, Goldman Sachs raised its 12-month forecast for FTSE 100 to 8,800 from 8,500, following a crucial U.S.-China trade agreement that has helped dial down global recession concerns. Imperial Brands (IMB.L), opens new tab plunged 6.6% to the bottom of the blue-chip index after the cigarette maker said CEO Stefan Bomhard will retire after five years in the role, and named finance chief Lukas Paravicini as his successor. The homebuilders subindex (.FTNMX402020), opens new tab was down 1.5%, with Vistry Group (VTYV.L), opens new tab falling 3%. The chemicals subindex (.FTNMX552010), opens new tab shed 2% as polymer manufacturer Victrex (VCTX.L), opens new tab fell 2% after Morgan Stanley cut its price target on the stock. Bucking the wider trend, Burberry (BRBY.L), opens new tab jumped 11.9% to lead midcap performers following better-than-expected fourth-quarter sales and plans to cut 1,700 jobs - about a fifth of its global workforce. On the economic front, Bank of England interest rate-setter Catherine Mann said she voted to keep borrowing costs on hold last week because Britain's labour market had been more resilient than she expected. Data published on Tuesday showed signs of a cooling UK labour market but economists said the drop appeared modest. The BoE cut its benchmark Bank Rate by a quarter of a percentage point on May 8, a decision backed by five of the Monetary Policy Committee's nine members. Among other stocks, Spirax Group (SPX.L), opens new tab dropped 6% after the manufacturing firm reported a slightly lower four-month profit margin as some customers moved their order shipments to later this year.
Daily Mail
14-05-2025
- Business
- Daily Mail
Shares in Golden Virginia owner plunge as turnaround boss retires
Imperial Brands shares plunged on Wednesday after the tobacco group revealed chief executive Stefan Bomhard will retire after five years with the group. Bomhard is credited with turnings around performance at Imperial, which owns Golden Virginia, Rizla and Lambert & Butler among its stable of brands. His renewed focus on core markets and its tobacco business, while expanding in smoking alternatives like vapes, has driven a rebound in sales in recent years. FTSE 100-listed Imperial told shareholders on Wednesday Bomhard will remain on the board until the end of the year but be available until May 2026 to support the transition. The former chief executive of car distributor Inchscape will be replaced by Imperial finance chief Lukas Paravicini in October. Chief strategy and development officer Murray McGowan will replace Paravicini as CFO. Bomhard, who also previously held senior roles at Unilever and Bacardi, told media that he did not plan to take any other executive role and was retiring, describing the move as a 'very personal decision'. Panmure Liberum analyst Rae Maile said in a note: "There is no doubting the disappointment in Stefan Bomhard announcing his retirement... after an exceptional five year run.' CFO Paravicini was, however, in 'no way second best', he said, adding that his appointment ensures a continuation of Imperial's strategy. Chair of Imperial Brands Thérèse Esperdy said: 'Under Stefan's leadership, Imperial Brands has delivered consistent growth and outstanding returns for shareholders. 'One of Stefan's many great achievements was the way he comprehensively refreshed our executive leadership, making strong hires from other consumer businesses and nurturing internal talent. 'The management team's focus on consumer capabilities, agile ways of working and a performance culture has led both to a successful turn-around in our tobacco business and a strengthened platform in next generation products.' Imperial Brands shares were down 6.6 per cent to 2,699p by late morning on Wednesday. They have added around 65 per cent over five years under Bomhard's leadership. It came as Imperial revealed a 1.8 per cent rise in first-half adjusted operating profit, just shy of analyst forecasts of 2 per cent, and reaffirmed its annual forecast. Paravicini, who will be tasked with achieving the group's target of up to 5 per cent annual profit growth until 2030, said: Lukas Paravicini said: 'As we deliver on the next stage of our strategy, Imperial Brands will continue to play its distinctive role as the strong challenger business in our industry. 'By getting even closer to our consumers, staying focused and investing to be more agile, we will deliver sustainable growth in tobacco and profitable scale in next generation products.'
Times
14-05-2025
- Business
- Times
Imperial Brands boss's surprise retirement hits shares
The chief executive of Imperial Brands has quit the maker of L&B cigarettes and Blu vapes in a surprise move shortly after setting out new longer-term targets. Alongside half-year results, the FTSE 100 company said Stefan Bomhard would retire as chief executive in October and be replaced by Lukas Paravicini, Imperial's chief financial officer. He will remain on the board until the end of the year and as an adviser until May, but the unexpected exit sent shares down 6.5 per cent, or 188p, to £27.02. They remain up 66 per cent over the past five years. In a further change at the top of the Bristol-based tobacco manufacturer, one of the world's biggest, Murray McGowan, Imperial's chief strategy and development officer, has been appointed
The Independent
14-05-2025
- Business
- The Independent
Imperial Brands boss Stefan Bomhard to retire from tobacco firm
The boss of Imperial Brands is to retire after five years leading the tobacco giant. Shares in the company slumped after chief executive Stefan Bomhard announced his departure from the John Player Special and Rizla maker. The London-listed firm said Lukas Paravicini, the company's current chief financial officer, will replace Mr Bomhard on October 1. The departing chief will remain on Imperial's board until the end of the year and support Mr Paravinci's transition until next May. Meanwhile, Imperial Brands' current chief strategy and development officer will take over as chief financial officer from October. Imperial's shares have risen by around 80% over the past five years under Mr Bomhard's leadership, as he directed the company to focus on traditional cigarettes and increased shareholder returns. Imperial Brands chairwoman Therese Esperdy said: 'Under Stefan's leadership, Imperial Brands has delivered consistent growth and outstanding returns for shareholders. ' One of Stefan's many great achievements was the way he comprehensively refreshed our executive leadership, making strong hires from other consumer businesses and nurturing internal talent. 'Today's appointments follow a rigorous selection process and demonstrate our deep management bench strength.' It came as Imperial revealed that revenues dipped by 3.1% to £14.6 billion for the six months to March, compared with the same period a year earlier. The firm said net revenues across tobacco and its next-generation product business, which includes vapes and heated tobacco, were up 0.7% for the period. It said higher pricing across its tobacco division helped to offset a slump in sales volumes. Shares in the company dropped by 7.1% to 2,684p in early trading on Wednesday.
