New BP chair Albert Manifold has acted far more swiftly than anticipated in replacing chief executive Murray Auchincloss. The new boss is Meg O鈥橬eill, currently the CEO of Australian gas company Woodside Energy (AU:WDS).
Shares in Premier Inn owner Whitbread (WTB) climbed 6 per cent on Thursday morning after activist investor Corvex Management bought in and called for a strategic review.
New York-based hedge fund Corvex, which has taken a 5 per cent stake, said a strategic review should assess whether its five-year investment plan of around 拢3.5bn is the best use of capital.
鈥淭he current share price appears to ascribe no value to several meaningful components of the company鈥檚 business, including its UK-operated leasehold portfolio, its German hotel assets, and its development properties currently under construction and not yet trading,鈥� the firm said.
Corvex also said the recent sell-off meant Whitbread was trading at a 鈥渄iscount to the value of the company鈥檚 fully owned and operated UK freehold hotel portfolio alone鈥�.
Whitbread鈥檚 market value is 拢4.1bn, down from 拢7bn at the start of 2024. The company, which also owns Toby鈥檚 Carvery, was hit after the Budget given the higher costs it will bring. Management has forecast a 拢40mn-拢50mn hit from higher business rates from FY2027.
Corvex said it would also ask for a seat on Whitbread鈥檚 board.
Shares in Time Out Group (TMO) fell 24 per cent after the Aim-listed media and hospitality company set out plans to raise around 拢8mn through a heavily discounted share placing and retail offer, alongside a 拢4.9mn debt-for-equity conversion.
The deal, priced at 8p a share, a 30 per cent discount to Wednesday鈥檚 closing price, implies heavy dilution for shareholders. New shares amount to roughly 46 per cent of the existing equity once the debt conversion is included.
The raise is split into a 拢2.9mn firm placing, taken entirely by controlling shareholder Oakley Capital, alongside a conditional placing and retail offer, subject to shareholder approval, that could raise another 拢5mn.
Time Out鈥檚 market value has slumped this year, falling from 拢180mn at the start of 2025 to just 拢40mn due to widening losses, a profit warning in August and debt concerns.
The company said the raise and debt conversion would shore up its balance sheet and fund near-term working capital, restructuring costs and growth investment. The group warned it would need to secure alternative funding in the near term if the resolutions do not pass, with no guarantee it would be able to do so 鈥渙n a timely basis, or at all鈥�.
The company also reported final results to 30 June, showing revenues of 拢73mn, down from 拢103mn the year before though only slightly below the 拢79mn comparative using the group鈥檚 current accounting policy. Adjusted Ebitda fell to 拢7.1mn from 拢12.4mn a year earlier.
Currys (CURY) shares rose 10 per cent in early trading after the FTSE 250 electronics retailer鈥檚 half-year results came in ahead of market consensus, thanks to an ongoing recovery in the Nordics and momentum in the UK and Ireland despite cost pressures.
For the six months to 1 November, adjusted operating profit was up almost a third to 拢54mn and free cash flow surged 68 per cent to 拢84mn. This was driven by improved underlying trading, as like-for-like sales rose 4 per cent in both the group鈥檚 geographies.
Management maintained guidance for profits and free cash flow growth over the full year, but it now expects a lower total interest expense and capex, and a higher exceptional cash outflow.
