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BUZZ-UK support services: downgrades still missing despite minimum wage hit
** Interserve target price cut at Liberum after thefirm warns of a £10-15 mln hit from new UK minimum wage, withthe broker questioning why similar downgrades have not been seenat rival firms
** Stock fell 4.2 pct on August 12 after warning over impactof new hourly living wage set to reach £9 by 2020
** Liberum cuts TP to 625p from 655p, says new minimum wagewill hit 2016 EPS by 7 pct
** Adds the co may end up being the first of severaloutsourcers to warn of the impact to earnings, with Serco and Mitie both cited
** Serco said in its H1 results cost savings would be offsetby inflationary labour costs, but did not update its earningsforecasts. Link: http://bit.ly/1Kru2Rp
** Mitie to provide trading statement on Tuesday
** All three cos part of the Stocks Buzz Minimum WageBasket, expected to lag the FTSE 350 on a longer-term view
** Other constituents reporting in August: Rank Group (FY Aug 20), Restaurant Group (H1 Aug 28)
** Stocks Buzz Minimum Wage Basket - Constituents: http://link.reuters.com/nyc35w Performance: http://link.reuters.com/kyc35w
(RM: alasdair.pal.thomsonreuters.com@reuters.net)
Latest RTN News
- UK Chancellor Hunt meets top UK bank heads over plans to boost City
23 Jan 2024 - IN BRIEF: Restaurant Group takeover by Apollo funds now complete
21 Dec 2023 - IN BRIEF: Restaurant Group takeover by Apollo to complete on Thursday
20 Dec 2023 - TRADING UPDATES: Live Co to cut jobs; SDX Energy in strategy shift
27 Nov 2023 - IN BRIEF: Pizza Express owner ditches Restaurant Group offer plans
7 Nov 2023 - Pizza Express owner not planning to make offer for Restaurant Group
7 Nov 2023 - LONDON MARKET CLOSE: Stocks firmly in red on ECB's Lagarde comments
26 Oct 2023 - Restaurant Group potential merger with Pizza Express "has logic to it"
26 Oct 2023
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(Alliance News) - Stock market investors on Thursday were savouring a potential takeover battle for Restaurant Group PLC, as Pizza Express-owner Wheel...
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