Latest news with #StefanBomhard
Business Recorder
14-05-2025
- Business
- Business Recorder
London stocks end mixed as investors assess corporate earnings
Britain's blue-chip index closed lower on Wednesday, while mid-caps clocked gains as investors assessed a mixed bag of corporate earnings, with the focus shifting to the state of the country's economy. The benchmark FTSE 100 was down 0.2%, while the domestically focused FTSE 250 was up 0.3%. Despite the day's muted performance, Goldman Sachs raised its 12-month forecast for the FTSE 100 to 8,800 from 8,500, following a crucial U.S.-China trade agreement that has helped dial down global recession concerns. Shares of Imperial Brands fell 7.3% to the bottom of the blue-chip index after the cigarette maker said CEO Stefan Bomhard will retire after five years in the role. Compass Group's stock fell 2.5% after the catering firm released unchanged annual profit and revenue forecasts. Shares of Spirax Group dropped nearly 6% after the manufacturing firm reported a slightly lower four-month profit margin. Precious metal miners led the sectoral decline with a 2.5% drop, as gold prices fell more than 2% to a one-month low. Keeping losses in check, Burberry's stock jumped 17% to lead mid-cap performers after the British luxury brand announced plans to shed 1,700 jobs - about a fifth of its global workforce. ASOS shares gained 3.2% after parcel locker company InPost partnered with the British online fashion retailer to introduce a next-day out-of-home delivery service. On the economic front, Bank of England Monetary Policy Committee member 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 MPC's nine members. Meanwhile, Britain's finance ministry has hired Bank of America executive Jim O'Neil for a senior position as it tries to boost the country's weak economic growth, the government said.
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.
