The FTSE 100 continues to establish fresh highs following a positive close from US indices. The gains come after the UK inflation report on Wednesday which saw inflation dip to 10.1%, better than expected.
In todays news, Boohoo announced the intention to adopt a new growth plan, Moneysupermarket reported its preliminary results, and Centrica announced a surge in profits.
The remuneration committee of Boohoo have announced the intention to adopt a new growth plan following years of unprecedented macro-economic and market headwinds causing its market capitalisation to decrease significantly.
- As a result, Boohoo stated there is little to no value in its existing growth share plan brought in for the CEO in 2019.
- The introduction of the growth plan will drive long-term sustainable growth and rebuild shareholder value.
- They hope to boost its market cap to £5bn over the next five years with awards divided into five tranches of 90 day average share price hurdles subject to performance conditions.
Moneysupermarket.com announced its preliminary results on Thursday for the period ended 31 December 2022. The comparison site will hope to benefit from the challenging economic conditions as more consumers look to switch to cheaper insurance plans.
- Moneysupermarket reported revenue grew 22% to £387.6m with strong performance in money and travel channels.
- Adjusted EBITDA jumped 15% to £115.5m and profit after tax gained a significant 33% to £69.3m.
- The group maintained its full year dividend at 11.71p per share, but its shares are down 5.35% this morning.
Centrica reported its preliminary results for the year ended 31 December 2022. Chris O’Shea, Group Chief Executive stated “Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet. The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support.”
- The energy and services firm reported adjusted EBITDA surged 115% to £4.0bn and operating profit came in at £3.3bn.
- EPS of 34.9p was a significant jump from just 4.1p in the prior year.
- Centrica shares are up 5.37% at the time of writing.