INTU.L Share News (INTU)

LONDON (Alliance News) - Stock prices in London are set to pull back on Thursday from a recent winning streak, following mixed trading in Asia and as investors await signals from US-China trade talks.In early company news, over-50s insurer and travel firm Saga issued a profit warning for its recently commenced financial year and cut its dividend. Homeserve said it expects an annual outturn towards the top of market expectations, and intu Properties promoted its chief financial officer to the helm of the company. IG says futures indicate the FTSE 100 index of large-caps to open 42.78 points lower at 7,375.50 on Thursday. The FTSE 100 index closed up 27.16 points, or 0.4%, at 7,418.28 on Wednesday.This follows mixed trading in Asia overnight, noted CMC Markets analyst David Madden, as investors play "the wait and see game" as US-China talks continue.According to a White House schedule, US President Donald Trump plans to meet with Chinese Vice Premier Liu He, who is in Washington for trade talks, later in the day. In Asia on Thursday, the Japanese Nikkei 225 index ended up 0.1%. In China, the Shanghai Composite is up 0.7%, while the Hang Seng index in Hong Kong is down 0.5%.In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average ending up 0.2%, the S&P 500 up 0.2%, and the Nasdaq Composite up 0.6%.In early company news, over-50s insurer Saga said it will overhaul its strategy after facing "increasing challenges", resulting in a cut to the firm's final dividend and a profit warning for the 2020 financial year. Underlying pretax profit for the financial year ended January 31 was in line with expectations, said Saga, at GBP180.3 million. This was down from GBP190.6 million the year before. At the reported pretax level, Saga swung to a GBP134.6 million loss compared to a pretax profit of GBP180.9 million a year ago. The group sees a much sharper reduction in profitability in the year ahead, however, with the 2020 financial year expected to see an underlying profit between GBP105 million to GBP120 million. This will be as a result of lower margins in Insurance, a change in approach to renewal pricing, lower reserve releases and investment in new products."Over recent years Saga has faced increasing challenges from the commoditisation of the markets in which we operate, especially in Insurance," said Chief Executive Lance Batchelor. "This has had an impact on both customer numbers and profitability. Although underlying profit before tax for the 2018-19 financial year is in line with our expectations, the long-term challenges we face and the results demonstrate that Saga cannot grow without a clearly differentiated offering to its customers.""In response, today we are launching a fundamental change to the group's strategy to return the whole business to its heritage as an organisation that offers differentiated products and services," said Batchelor.These "essential" changes combined with pressures on the Insurance business will result in the lower profit in 2020, the company explained, as it also took the decision to reduce its full-year dividend to 4p from the 9p paid out the year before.Electrocomponents said it expects to post double-digit comparable revenue growth for its recently ended financial year.For the year to March 31, the electrical parts maker expects to post like-for-like revenue growth of 8%, matching the rate of growth seen in the fourth quarter. The group has continued to outperform underlying market growth, Electrocomponents highlighted, with all regions delivering comparable revenue growth in the fourth quarter. As a result of the strong performance in the final quarter, the FTSE 250-listed firm expects to report an annual adjusted pretax profit in line with expectations.intu Properties said it has promoted Chief Financial Officer Matthew Roberts as the firm's new chief executive. Roberts will take up the role on April 29, as incumbent David Fischel steps down on April 26.Roberts has been finance head at the retail property investor since May 2010, having prior to this been the CFO at betting firm Gala Coral and finance director of Debenhams. intu said it will now launch a search process to find a new CFO.Homeserve said it expects annual profit at the upper end of market expectations after enjoying "another very good year".For the year to March 31, the home repairs firm said it expects adjusted pretax profit "significantly" ahead of the GBP141.7 million generated the year before, and at the top end of market forecasts. Estimates for pretax profit range from GBP159.5 million to GBP161.7 million, Homeserve noted. In the Membership business, North America reached a "milestone" 4 million customers, while customers in the UK edged down to 2.0 million from 2.2 million the year before, which Homeserve said reflected "continued good retention" but no policy book acquisitions.Peppa Pig TV show maker Entertainment One said it expects to report a robust underlying performance for its recently-ended financial year.Underlying earnings before interest, tax, depreciation and amortisation growth was described as "strong" in the year ended March 31, rising by more than 25% in the Family & Brands division. Peppa Pig continued its strong performance globally, helping to drive revenue in China. Music underlying Ebitda was up by more than 20%.Entertainment One said its financial performance was in line with management expectations for the year. Elsewhere, the Financial Times reported that Italy's UniCredit is preparing to bid for German lender Commerzbank if merger talks between Commerzbank and Deutsche Bank fall apart.Meanwhile, in the UK, the pound was firm after legislation spearheaded by Labour's Yvette Cooper requiring the prime minister to seek a delay to Brexit rather than risk the UK crashing out on April 12 was passed. It was voted through, however, with a razor-thin majority of 1 - with 313 votes for and 312 votes against.As the bill to seize control of the Brexit process went through the Commons, UK Prime Minister Theresa May suffered yet another humiliating defeat as the government's attempt to prevent the legislation from limiting the powers of a minister resulted in a 180-vote defeat, with 91 Tory rebels.The legislation will now be fast-tracked through the House of Lords.Meanwhile, Chancellor of the Exchequer Philip Hammond said the UK faces a potentially lengthy delay to Brexit as he indicated the Tories could be prepared to compromise on an EU customs union.The chancellor, who also said a referendum on any Brexit deal was a "perfectly credible" proposal, said fulfilling the promise of leaving the EU was the government's central commitment and other pledges made were "somewhat secondary" to that.Hammond's comments followed the opening round of talks between May and Jeremy Corbyn aimed at finding a possible Brexit compromise which the Labour leader described as "useful but inconclusive".Sterling was quoted at USD1.3174 early Thursday, up slightly from USD1.3155 late Wednesday.The economic events calendar on Thursday has accounts from the European Central Bank's last monetary policy meeting at 1230 BST and US continuing jobless claims number at 1330 BST.