Major International Business Headlines Brief::: 11 July 2019

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Major International Business Headlines Brief::: 11 July 2019

 


 

 


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*  South Africa central bank governor re-appointed for another 5 years

*  Airtel Africa drops 10% in early trade after Lagos listing

*  South Africa's rand firms on Powell's remarks, Kganyago reappointment

*  Morocco revises 2019 growth forecast down to 2.7%

*  Egypt annual headline inflation slows to 9.4% in June - stats agency

*  Morocco prepares to launch tender for 230 MW plant in Atlas mountains

*  Egyptian digital payments company Fawry preparing for IPO

*  South Africa's rand slips in cautious trade as investors await Fed clues

*  Acacia says valuation higher than Barrick buyout offer, extends bid
deadline

*  US 'concern' over French plan to tax tech giants

*  Defiant Fed boss says Trump won't make him quit

*  UK economy returns to growth but slowdown fears persist

*  Brazil's Vale ordered to pay compensation for dam disaster

*  Gatwick Airport: Delays after flights suspended

*  Superdry founder promises revival after £85m loss

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa central bank governor re-appointed for another 5 years

JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa has
re-appointed central bank governor Lesetja Kganyago for another five-year
term when his current term expires in November, the finance ministry said on
Wednesday.

 

Ramaphosa also appointed Fundi Tshazibana and Rashad Cassim as deputy
central bank governors for five years each, effective August 1.

 

Finance Minister Tito Mboweni appointed an interim board of directors at
state asset manager the Public Investment Corporation, with the appointment
effective July 12, the finance ministry added.

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Airtel Africa drops 10% in early trade after Lagos listing

LAGOS (Reuters) - Airtel Africa shares fell sharply on Wednesday, a day
after its debut $4.4 billion flotation in Lagos, mirroring a similar decline
on the London stock market where the telecoms firm has its primary listing.

 

Airtel dropped 10% in early trade on Wednesday, hitting a low of 359.40
naira against an initial public offering price of 363 naira.

 

The telecoms company, owned by India’s Bharti Airtel, listed in Lagos on
Tuesday in an offering that made it the third-largest company on the
exchange by market value behind main rival MTN Nigeria and Dangote Cement.

 

A total of 373,238 orders had been placed for the stock by 10:46 GMT against
thin demand. The shares, which listed at 363 naira, closed 10% higher at
399.30 naira on Tuesday after 100,000 shares traded.

 

Analysts at Meristem Securities said Airtel stock could be mirroring its
performance on the London stock market where it dropped as much as 15% the
day after it listed in London on June 28.

 

India’s Bharti Airtel offered shares in its African unit via an IPO two
weeks ago with a flotation in London and a secondary listing in Nigeria, its
biggest market in Africa.

 

The listing comes after its rival, South Africa’s MTN, floated its Nigerian
unit in Lagos in May in a $6.5 billion listing that made it the
second-largest stock on the bourse by market value.

 

Meristem analysts said MTN Nigeria had been trading over-the-counter before
its listing in May unlike Airtel but added that a tax dispute with the
Nigerian government may have dented MTN’s valuation.

 

MTN has said it would sell more shares once the tax issue is resolved and
that Airtel’s listing valuation provides a comparable for MTN Nigeria which
has a return on equity of 93% as against Airtel Africa’s 50%.

 

Nigerian equities dropped to a seven-week low on Tuesday just before the
Airtel listing which helped the stock market recoup losses. The main index,
however, continued its downward trend on Wednesday to fall 0.86% by 10:46
GMT.

 

Stocks have been held back by low growth in Africa’s biggest economy as well
as the president’s failure to appoint a cabinet months after winning a
second term. Local stocks have fallen 6.7% this year and 17.8% last year.

 

 

 

South Africa's rand firms on Powell's remarks, Kganyago reappointment

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Wednesday as the
dollar weakened after U.S. Federal Reserve Chairman Jerome Powell
highlighted risks to the U.S. economy in remarks that could bolster
expectations of an interest rate cut later this month.

 

The rand was also boosted by news that President Cyril Ramaphosa has
re-appointed South African Reserve Bank Governor Lesetja Kganyago for
another five-year term.

 

At 1530 GMT the rand was 0.95% firmer at 14.0525 per dollar.

 

In prepared remarks to a congressional committee, Powell said concerns about
trade policy and a weak global economy “continue to weigh on the U.S.
economic outlook” and the Fed stood ready to “act as appropriate” to sustain
a decade-long expansion.

 

“Federal Reserve Chairman Jerome Powell’s testimony to the US Congress is
surprisingly more dovish than markets were expecting, given the US jobs
data,” Bianca Botes, Treasury partner at Peregrine Treasury Solutions, said
in a note.

 

“The local unit is now likely to retest the R14.00 mark as the dollar comes
under renewed pressure.”

 

Emerging markets have enjoyed capital inflows this year on signs major
central banks will embrace a looser monetary policy as a result of trade
disputes and growth concerns.

 

However, strong U.S. jobs data on Friday all but ended expectations of a
bold interest rate cut from the Fed at its meeting this month, leaving
investors in search of hints on where rates are headed.

 

On the bourse, the benchmark Johannesburg Stock Exchange Top-40 Index was up
1.15% to 51,491.95 points while the broader All-Share Index closed 1.11%
higher at 57,597.87 points.

 

“We have seen in the last while, in the local stocks in particular banks,
retailers, and some selected industrials under pressure and so we are seeing
a bit of recovery now on the back of [Fed rate cut commentary],” said Ferdi
Heyneke, Afrifocus Securities portfolio manager.

 

Mining company Goldfields was at the top of the blue-chip index, rising by
5.06% to 77.05 rand, while pharmaceuticals Aspen closed 3.50% higher at 105
rand. Retailer Clicks was up 2.76% to 209.24 rand.

 

Dragging down further gains was steel producer Arcelormittal, which fell
nearly 16% to 2.91 rand after plunging to a first-half loss due to rising
costs and a flagging economy that could see some 2,000 jobs lost.

 

In fixed income, the yield on the benchmark 2026 government issue fell by
0.5 basis points to 8.11%.

 

 

 

Morocco revises 2019 growth forecast down to 2.7%

CASABLANCA (Reuters) - Morocco’s planning agency on Tuesday lowered the
North African country’s economic growth forecasts for 2019 to 2.7% from
2.9%, citing a dip in agricultural production.

 

The agency said it expected the Moroccan economy to grow 3.4% in 2020, with
an improvement in foreign demand and prospects for a better harvest. Growth
was 3% in 2018.

 

“Morocco’s economic growth remains vulnerable to rainfall and the
performance of the agricultural sector,” said Ayach Khellaf, secretary
general of the planning agency (HCP).

 

The 2020 growth forecast was also based on estimates of oil prices of $66 a
barrel, as Morocco imports the bulk of its energy needs. Brent crude is
currently priced at $64.32 a barrel.

 

Inflation will drop to 0.8% in 2019 from 1.1% in 2018, before picking up to
1% in 2020, HCP said.

 

The budget deficit was expected to ease to 3.5% in 2020 from the 3.6%
forecast for this year.

 

Treasury debt was seen narrowing to 64.8% of gross domestic product in 2020
from 65.3% in 2019, triggering a drop in total debt to 80.7% of GDP in 2020
compared with 81.3% in 2019.

 

The current account deficit is expected to stand at 4.9% in 2020, down from
5.3% in 2019 as imports continue to outweigh exports.

 

 

 

Egypt annual headline inflation slows to 9.4% in June - stats agency

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation eased to
9.4% in June from 14.1% in May, official statistics agency CAPMAS said on
Wednesday, a sharper decline than many analysts had expected after last
week’s fuel price hikes.

 

“That’s a bigger than expected drop,” said Allen Sandeep, head of research
at Naeem Brokerage. “Good news for the markets, as this could raise hopes
for a rate cut tomorrow.”

 

The Central Bank of Egypt’s monetary policy committee will meet on Thursday
to decide whether to move its key interest rates. It held them steady at its
last two meeting, in May and March, after a surprise cut in February.

 

Of 15 contributors to a Reuters poll, Naeem was the only one to predict a
cut on Thursday.

 

Egypt raised fuel prices last week by between 16% and 30% as part of an
IMF-backed economic reform programme that saw inflation rise to a high of
33% in 2017.

 

 

 

Morocco prepares to launch tender for 230 MW plant in Atlas mountains

RABAT (Reuters) - The Moroccan agency for sustainable energy (Masen) said it
opened on Tuesday the first stage in a tender process to build, operate and
maintain a 230 megawatt solar plant near the town of Midelt in the Atlas
mountains.

 

Applications for the pre-qualification round of the Noor Midelt II project
are open until September 16, the agency said in a statement on its website.

 

Last May, MASEN awarded Noor Midelt I, a 800 MW plant worth 7.57 billion
dirham ($781.5 million), to a consortium of France’s EDF Renewables, UAE’s
Masdar and Morocco’s Green Energy of Africa.

 

Morocco plans to exceed 52 percent of renewable energy in the national
energy mix by 2030.

 

Both plants will use concentrated solar plant (CSP) and photovoltaic (PV)
technologies, MASEN said.

 

The two plants will have a combined capacity exceeding that of the already
operational 580 MW Noor Ouarzazate CSP plant in southeastern Morocco, one of
the largest in the world.

 

By the end of 2018, Morocco had installed 1,215 MW of wind energy, 1,770 MW
in hydropower and 700 MW in solar, according to official figures.

 

 

 

Egyptian digital payments company Fawry preparing for IPO

CAIRO (Reuters) - Egyptian digital bill payments company Fawry has begun
preparing for a share offering on the country’s stock exchange, Managing
Director Mohamed Okasha said on Wednesday.

 

“The general direction of the company’s current shareholders is offering on
the Egyptian stock exchange and we have started preparing for this move,” he
told Reuters.

 

Fawry is planning the share offering for this year or early 2020, he said.
Details on the size of the offering or the company’s valuation have not yet
been agreed, Okasha added.

 

Fawry, owned by local and foreign investment banks, was founded in 2009. It
also operates in the banking technology field and provides services to
individuals and companies. Management and employees hold around 8% of its
shares.

 

Local newspaper Al-Borsa reported on Wednesday, citing unnamed sources, that
Fawry plans to list 45% of its shares on Egypt’s stock market in the coming
weeks to raise about 2.5 billion Egyptian pounds ($150.74 million). Al-Borsa
said EFG Hermes would manage the IPO and Zulficar & Partners would serve as
legal counsel.

 

EFG Hermes declined to comment when contacted by Reuters.

 

The last IPO by a private company on the Egyptian Exchange was Sarwa
Capital, specialised in finance solutions, last October.

 

($1 = 16.5850 Egyptian pounds)

 

 

 

South Africa's rand slips in cautious trade as investors await Fed clues

JOHANNESBURG (Reuters) - South Africa’s rand inched weaker early on
Wednesday in subdued trading as investors looked to limit big bets ahead of
a speech by the head of the United States central bank.

 

At 0650 GMT the rand was 0.08% weaker at 14.2075 per dollar, barely moved
from a close of 14.1875 overnight as investors waited for congressional
testimony by Federal Reserve Chairman Jerome Powell for clues on the odds of
a near-term easing of U.S. monetary policy.

 

Strong U.S. jobs data last week cooled market hopes for a large rate cut at
the July 30-31 Fed meeting, but a small cut is still widely expected.

 

With no major data due locally the rand is set to remain in a tight range
for most of the session, traders said.

 

Bonds were slightly weaker, with yield on the benchmark 2026 government
issue up 2 basis points to 8.125%.

 

 

 

Acacia says valuation higher than Barrick buyout offer, extends bid deadline

(Reuters) - Tanzania’s largest gold miner Acacia Mining Plc said on Tuesday
it is worth more than a buyout proposal by majority shareholder Barrick Gold
Corp values it at, and extended the deadline for a firm bid to July 19.

 

Based on a review by independent technical consultant SRK Consulting, Acacia
is worth 271 pence per share under a “preferred-value” scenario, with a
range of 203 pence to 281 pence per share under low- and high-value
scenarios, the London-listed miner said in a statement.

 

Barrick on May 21 had offered 0.153 of its own shares to acquire the 36.1%
of Acacia it does not already own. That equates to about 193 pence per
share, based on Monday’s closing prices, valuing the company at about $990
million (794.8 million pounds), compared with $787 million when it first
proposed the deal, thanks to a rally in Barrick shares.

 

“271p is the absolute minimum the minorities will accept,” a minority
shareholder in Acacia told Reuters. “Barrick should go for that and just get
this done ... there is material upside for Barrick. The quicker both sides
can get on and deliver that, the better.”

 

In a separate statement on Tuesday, Barrick said it has continued talks with
the Acacia Transaction Committee to acquire shares which it does not already
own and is also reviewing the SRK Consulting report.

 

“Barrick intends to meet early next week with representatives of Acacia and
SRK to discuss the SRK report and related matters,” the company said.

 

Barrick’s buyout proposal for Acacia followed two years of wrangling over a
$190 billion tax bill in Tanzania, which was reduced to $300 million under a
2017 framework agreement.

 

Barrick last month said its proposal was “more than fair,” and that some
Acacia production estimates were unsupportable.

 

Acacia, whose minority shareholders had accused the Canadian company of
taking advantage of its predicament, reported a 19% increase in
second-quarter gold production.

 

The valuation scenarios assume a gold price of $1,300 an ounce, the
settlement of the tax dispute between the government of Tanzania and Acacia
and the lifting of the East African country’s mineral export ban. Spot gold
was trading at $1,396.80 on Tuesday. [GOL/]

 

Barrick shares have risen almost 30% to C$21.10 since its close before its
proposal, while Acacia shares are up 14% at 181.3 pence.

 

Acacia said its board believes a buyout by Barrick would be an attractive
solution, as long as the price is fair and supported by minority
shareholders. It also said a negotiated settlement with Tanzania is its
preferred outcome.

 

Acacia also said that should its minority shareholders vote for a Barrick
offer, it would seek a stay of arbitration, which it has said it will
proceed with in the absence of a final deal.

 

(1 British pound = $1.2456)

 

 

US 'concern' over French plan to tax tech giants

US President Donald Trump has ordered an investigation into France's planned
tax on internet and technology giants.

 

"The United States is very concerned that the digital services tax...
unfairly targets American companies," the US trade representative said on
Wednesday.

 

The French parliament is expected to approve the new tax on Thursday.

 

It will target companies such as Google and Facebook with a 3% levy on
revenue made inside France.

 

It is expected to raise about 400 million euros ($450m; £360m) this year.

 

Any digital company with a revenue of more than 750 million euros - of which
at least 25m is made in France - would be subject to the tax.

 

Trade wars, Trump tariffs and protectionism explained

"[Mr Trump] has directed that we investigate the effects of this legislation
and determine whether it is discriminatory or unreasonable and burdens or
restricts United States commerce," the statement from trade representative
Robert Lighthizer said.

 

The US investigation could pave the way for punitive tariffs, which Mr Trump
has imposed on several occasions since taking office.

 

Previous investigations launched by Washington have covered European Union
and Chinese trade practices.

 

The French government has argued that companies should not be able to escape
paying tax if their headquarters are based elsewhere.--BBC

 

 

 

Defiant Fed boss says Trump won't make him quit

Jerome Powell sits in front of a display screen at the hearing showing some
of Mr Trump's criticism.

The world's most powerful central banker has brushed off criticism from
Donald Trump, saying he would not step down if the US president asked him
to.

 

Federal Reserve chairman Jerome Powell told a hearing in Washington: "The
law gives me a four-year term and I fully intend to serve it."

 

Mr Trump has criticised the Fed for not cutting interest rates.

 

But the president could soon get his wish, as Mr Powell also hinted at a cut
soon to bolster the US economy.

 

Mr Powell is giving evidence to the House of Representatives Financial
Services Committee, the first of two days of testimony on Capitol Hill.

 

He and the Fed have faced sustained criticism for not cutting rates, which
Mr Trump blames for unnecessarily slowing the US economy. "Our Federal
Reserve doesn't have a clue!" was one of the president's tweets.

 

Asked at Wednesday's hearing if Mr Powell would step down if requested, he
replied "no". Pressed on whether he thought the president did not have the
authority to remove him, he said: "What I have said is the law gives me a
four-year term and I fully intend to serve it."

 

Disagreement over interest rate policy could ease, however, as Mr Powell
signalled that a cut could come soon in remarks that sent the S&P 500
surging past 3,000 points for the first time and prompting a fall in the
dollar.

 

 

He told the committee that "uncertainties about the outlook have increased
in recent months". Although he expected continued US growth, he warned of
economic weakness in other major economies, and a downturn in business
investment driven by trade war worries.

 

"Concerns about the strength of the global economy continue to weigh on the
US outlook," Mr Powell said.

 

"Apparent progress on trade turned to greater uncertainty, and our contacts
in business and agriculture reported heightened concerns over trade
developments."

 

The comments come despite last week's strong US jobs figures and an easing
of trade tensions with China.

 

Analysis by Andrew Walker, BBC economics correspondent

As ever in a Federal Reserve Chair's remarks, there was no commitment to cut
interest rates.

 

But the emphasis on economic uncertainties and below target inflation
suggests an increasingly high probability that the Fed will do just that.

 

The concerns he raised included weaker momentum in some foreign economies
which could affect the US. He also mentioned "government policy issues that
have yet to be resolved".

 

His reference to trade developments was partly about the tension between the
US and China. But there was one item on this list that isn't for the US to
address- Brexit.

 

He didn't spell out the reasons, but the fact that he flagged it up
indicates a concern that the UK's departure from the EU might have an
adverse impact on the US economy.

 

The Fed has kept its current benchmark overnight interest rate in a range of
between 2.25% and 2.50% since December. Mr Powell had first opened the door
to a rate cut in comments made last month.

 

"Powell is setting it up, certainly for a July rate cut," said Jack Ablin,
chief investment officer at Cresset Capital.

 

And Briefing.com analyst Patrick O'Hare said Mr Powell's comments "gave the
market what it was looking for".

 

The financial markets are indicating that the Fed at its 31 July meeting
will cut interest rates by 25 basis points, although some analysts have seen
the possibility of a larger cut.

 

His appearance on Capitol Hill comes at a sensitive time for both the Fed
and Mr Powell personally, with President Donald Trump lashing out in a
series of tweets for not cutting interest rates and needlessly slowing the
economy.

 

At the same time, some blame Mr Trump's own policies, in particular higher
tariffs and his unpredictable approach to policymaking, for increasing the
economic risks.--BBC

 

 

 

UK economy returns to growth but slowdown fears persist

The UK economy returned to growth in May after shrinking in April, but the
news failed to allay fears of a future slowdown.

 

The economy grew 0.3% from the month before, after declining 0.4% in April,
according to the Office for National Statistics (ONS).

 

Growth for the three months to May was 0.3%, with all sectors showing
growth.

 

But economists say that June's growth figures will have to be strong to
avoid contraction in the second quarter.

 

A partial recovery in car production, which had fallen sharply in April, was
the main reason for the economy's upturn in May, said Rob Kent-Smith, head
of GDP at the ONS.

 

Factory shutdowns designed to cope with disruption from a March Brexit had
slashed UK car production in April by nearly half.

 

However, despite this rebound, the levels of output in the car industry are
below those seen in the months leading up to April 2019, the ONS said.

 

"GDP grew moderately in the latest three months, with IT, communications and
retail showing strength. Despite this, there has been a longer-term slowdown
in the often-dominant services sector since summer 2018," Mr Kent-Smith
added.

 

In May, growth in services was flat, following growth of 0.1% in April.

 

A return to work in car factories that shut down in preparation for a
no-deal Brexit drove a return to growth in the economy in May of 0.3%. But
that rise did not make up for all the fall in the previous month.

 

Monthly figures are volatile and should be taken with a pinch of salt.
However, against a backdrop of a marked softening in a slew of surveys of
manufacturing, services and retail, there is an indication of an economy
stalling and possibly contracting in the second quarter that has just ended,
between April and June.

 

In the three months till May, however, growth was higher than expected
because of a better March than had been previously calculated.

 

The impact of stockpiling, though, can clearly be seen in the big economic
figures. Sterling has fallen more than 5% in recent weeks against the
world's three major currencies, on expectation of lower interest rates for
longer, political uncertainty and rising expectations of a no-deal Brexit.

 

Ben Brettell, senior economist at Hargreaves Lansdown, said the latest
figures suggested the economy grew overall in the second quarter, although
probably at a much slower rate than the 0.5% recorded in the
January-to-March period.

 

Those second-quarter figures, covering April to June, are due to be released
on 9 August.

 

"Storm clouds look to be gathering over the UK economy, as consumers and
business remain hamstrung by Brexit uncertainty," he added.

 

Last month, the Bank of England said it expected economic growth to be flat
in the second quarter of the year.--BBC

 

 

 

 

Brazil's Vale ordered to pay compensation for dam disaster

A judge in Brazil has ordered mining giant Vale to pay compensation for all
damages caused by the collapse of the Brumadinho dam in January.

 

The collapse was Brazil's worst industrial accident.

 

The judge did not set a figure for the compensation but said that the
company was responsible for fixing all the damages including the economic
effects.

 

At least 248 people were killed as a sea of mud engulfed a staff canteen,
offices and nearby farms.

 

Twenty-two people are still missing following the collapse of the Feijão dam
on 25 January.

 

Judge Elton Pupo Nogueira also said that $2.9bn (£2.3bn) of Vale's assets
frozen by courts should remain blocked. He said the funds should be used to
make compensation payments to affected families and businesses.

 

Explaining why he had not specify an amount for Vale to pay out, he argued
that technical and scientific criteria were not enough to quantify the
effects of the collapse.

 

"The value [of the compensation] is not limited to the deaths resulting from
the event, it also affects the environment on a local and regional level as
well as the economic activity in the affected region."

 

Media captionAerial footage taken shortly after the collapse showed the
extent of the damage

The judge said Vale had so far co-operated with the justice system and taken
all the actions required from it following conciliation hearings.

 

He also pointed out that Vale's defence team had not denied responsibility
for the damage caused by the collapse of the dam.

 

Mounting pressure

In a statement, Vale said it had a "total commitment to fair and quick
reparations for the damages caused to families, community infrastructure and
the environment".

 

While Judge Nogueira's ruling on Tuesday is the first conviction for Vale
over dam collapse, it is unlikely to be the end of its legal troubles.

 

Last week, the Brazilian Senate urged prosecutors to bring charges ranging
from environmental damage to involuntary manslaughter against top managers
at Vale at the time of the dam collapse.

 

Vale said that it disagreed with the Senate's recommendation and insisted
that senior company officials had not been aware of any "imminent risks" at
the dam prior to its collapse.

 

While not legally binding, the Senate recommendation has further increased
pressure on the mining giant.

 

There are also concerns that other dams may be at risk of collapse.--BBC

 

 

 

Gatwick Airport: Delays after flights suspended

Flights at Gatwick Airport were suspended for about two hours due to an
issue with its air traffic control systems.

 

Twenty-eight flights have been cancelled and 26 were diverted to other
airports after the problems began at about 17:00 BST.

 

The airport said it had experienced a problem in its control tower.

 

Flights are still delayed by an hour or more, with cancellations expected
throughout the evening, Gatwick said.

 

The effects were felt at airports across Europe, with many inbound flights
to Gatwick cancelled and others expected to be delayed by about three hours.

 

Passengers due to travel to or from the airport have been advised to check
for updates with their airline.

 

EasyJet said Gatwick was operating at a "reduced rate" and apologised for
the disruption, which it said was "outside of our control".

 

A spokesman said the airport aimed to return to a full schedule on Thursday
without delays, adding: "The ambition is it should run as usual."

 

Colin Franks, who was due to board an EasyJet flight to Palma, Spain, at
18:00 said he was "trapped between the boarding gate and the air bridge".

 

He said the plane's pilot had spoken to passengers, adding: "He said they
had been given a provisional [take off] time of 10pm.

 

"At the moment, everybody is talking to one another and it's quite cheery.
There are a lot of children here."

 

In December flights were suspended for 30 hours after drone sightings,
causing chaos for 140,000 passengers.

 

A senior Sussex Police officer said the airport was not prepared for an
attack by more than one drone.--BBC

 

 

 

Superdry founder promises revival after £85m loss

Superdry founder Julian Dunkerton says he is trying to "steady the ship"
after the fashion retailer reported an £85m annual loss.

 

Mr Dunkerton returned to the firm in April, after a lengthy campaign against
the previous management, who he said had a "misguided" strategy.

 

As well as reporting a steep loss for last year, Superdry warned that sales
could fall in the current financial year.

 

In 2018 it reported profits of £65.3m.

 

"My first priority on returning to Superdry has been to steady the ship and
get the culture of the business back to the one which drove its original
success," Mr Dunkerton said.

 

He said he planned to return the brand to its "design-led roots", paving the
way for a return to profitability over the next three years.

 

What went wrong at Superdry?

Customers will be offered greater choice in stores and online, he said.

 

There will be less discounting, a website redesign and a change in marketing
strategy as part of the new strategy.

 

The firm will aim to renegotiate better terms with landlords, as a large
proportion of its leases come up for renewal over the next two years, he
added.

 

However there could also be a "minimal" number of store closures in the UK
and the US.

 

Superdry, which started out as a market stall in Cheltenham 16 years ago,
was set up by by Mr Dunkerton and James Holder, and went on to enjoy huge
commercial success.

 

But its shares have lost nearly 70% over the past year against a tough
retail backdrop and in March the company announced it would cut up to 200
jobs.

 

Mr Dunkerton is leading the company while it searches for a new permanent
chief executive.

 

Kate Culvert, retail analyst at Investec, said: "With so many moving parts,
these types of recovery stories rarely go smoothly and management faces a
very long uphill struggle given how challenging the competitive backdrop
is".--BBC

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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