The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Think I will be moving my car insurance on renewal next month
https://www.proactiveinvestors.com/companies/news/988989/direct-line-passes-the-buck-to-customers-with-a-15-premium-hike-988989.html
Sharecast News) - British sportswear retailer JD Sports Fashion has confirmed the appointment of former B&Q executive Regis Schultz as chief executive after the controversial departure of Peter Cowgill in June.
Schultz joins from Dubai-based Al-Futtaim Group, which operates a retail business in the Middle East and Asia. He held posts at B&Q, part of FTSE-100 retailer Kingfisher, and also ran the French supermarket chain Monoprix.
Cowgill stepped down after a row over his succession and corporate governance.
Reporting by Frank Prenesti at Sharecast.com
£1 billion payout from Nat West Bank to Government https://www.theguardian.com/business/2022/jul/29/uk-government-payout-natwest-group-profits
Sharecast News) - Barclays reported a fall in pre-tax profits due to a £1.9bn charge to cover the cost of buying back securities it sold in error and a £300m impairment provision for bad debts amid the cost of living crisis.
The bank on Thursday said pre-tax profits fell 24% to £3.7bn. Group income was £13.2bn, up 17% year-on-year, including £800m from hedging arrangements related to the over-issuance of securities.
Credit impairment charges were £300m compared with a £700m release of cash last year that had been set aside for debts expected during the Covid pandemic.
Barclays revealed this week it had been forced to buy back $17.6bn of securities that it sold by mistake after discovering that an error at its structured products business was bigger than bosses had thought.
On Thursday it said it had set aside £600m for the impact comprised of £400m in post-tax expected net impact of the rescission offer losses, driven by £1.3bn of costs as a result of market movements and interest.
There was also £200m in of costs relating to an estimated monetary penalty from the US Securities and Exchange Commission.
Barclays' chief executive, CS Venkatakrishnan, said on Thursday he had commissioned an external review of the trading blunder that would be handed to the board shortly.
"We will consider all these findings carefully and take appropriate action in response," he said, adding that the bank "continued to engage positively" with the SEC.
Barclays said it expected impairment charges linked to potential defaults to remain below pre-pandemic levels, in part due to high repayment rates on credit cards, more prudent spending by customers and savings built up during the pandemic.
Reporting by Frank Prenesti at Sharecast.com
Their main market is under 25’s who I imagine are living at home so still have cash to spend.
The core target market of JD Sports is under-25s, although its fashion-oriented sportswear offer is attractive to a broad demographic. As well, its offering via the Footpatrol fascia allows it to tap into the growing streetwear fashion trend popular amongst under-30s.
.st
REWARDS
Trading at 68.9% below our estimate of its fair value
Earnings are forecast to grow 20.34% per year
Earnings grew by 65% over the past year
RISK ANALYSIS
Large one-off items impacting financial results