The iconic fashion brand and FTSE-100 listed company announced this morning that its current CEO would be standing down with immediate effect, to be replaced by Joshua Schulman, an American who has previously headed other high profile luxury brands including Michael Kors and Coach. Schulman takes office from Wednesday and despite the high calibre background he brings investors have been quick to dump the stock, with the quarterly trading update – brought forward from the end of the week - offering little to cheer as revenues fell by more than 20%. On the current trajectory, FY25 operating profits will come in below market expectations. Shares were down almost 13% less than an hour into the day.
The AIM-listed biotech genedrive has seen its share price jump higher on Monday morning following news that it has received a Breakthrough Device Designation from the US Food & Drug Administration. That is to cover a test kit that can prevent infants from life-long hearing loss if the wrong antibiotics are administered, a situation that the note estimates results in legal claims averaging $1.1m per affected child. Shares advanced by as much as 35% before giving back some of those gains to sit 20% higher at 9am.
And sticking with the small caps, the A/V solutions provider MediaZest has this morning announced the securing of a further £500,000 of new orders. The work covers both existing and new clients and means the business remains on track to deliver year-on-year revenue growth whilst also setting a path back to profitability. Shares bounced by as much as 20% shortly after the open but an hour into the day, gains had moderated to around 6%.
Headlines we expect to see tomorrow
Ocado Interim Results
This time last year Revenues £1.37bn, Group loss £290m
B&M European Value Retail Trading Statement
This time last year Revenues £1.32bn, up 13.5%
