Unilever, musicMagpie, Sainsbury’s, Moneysupermarket.com, Frasers: Morning Roundup

European equities are trading slightly higher on Monday, with the FTSE 100 up 0.05%. The pound plummeted in early trading, hitting a low of 1.0356.

Monday’s morning roundup brings the latest news from Unilever, Sainsbury’s, and Frasers.

Unilever

  • Unilever announced on Monday that CEO Alan Jope has informed the board of his intention to retire from the company at the end of 2023.
  • The board will not proceed with a formal search for a successor and will consider internal and external candidates.
  • Unilever CEO Alan Jope said: “As I approach my fifth year as CEO, and after more than 35 years in Unilever, I believe now is the right time for the Board to begin the formal search for my successor.

musicMagpie

  • musicMagpie announced its trading update and outlook on Monday.
  • The company noted despite the challenging microenvironment, it expected an improved trading performance for the second half of the year.
  • The group expects second-half profitability to show substantial improvements but its Consumer Technology department has been weaker than expected.
  • Cautious consumer behavior in August and September has seen slower outright sales on the musicMagpie store.
  • musicMagpie shares tumbled 50% this morning.

Sainsbury’s

  • Sainsbury’s announced given the current stock market volatility, LXi REIT is not proceeding with the purchase of 18 supermarket stores.
  • The funds received from this transaction would have been used to part-fund the purchase of 21 freehold Sainbury’s supermarkets from the Highbury and Dragon portfolios.
  • Sainsbury’s announced it will have no bearing on its financial guidance.

Moneysupermarket.com

  • Moneysupermarket.com announced directorate changes on Monday morning.
  • The company announced the appointment of Niall McBride to the Board as Chief Financial Officer.
  • Niall is currently Chief Financial Officer at Ocado, having joined in 2020.
  • Niall’s start date will be confirmed in due course but will be no later than 3 April 2023.

Frasers Group

  • Frasers Group reported a mandatory cash-off for MySale Group.
  • Frasers has now received an “irrevocable commitment” from Jackson Family Capital to sell 103,745,000 shares to the retail group.
  • The agreement means Frasers’ interest in the company now stands at 48.5%, enough to enable a mandatory offer for the Australian firm.

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