Company News

UPDATE 1-UK Stocks-Factors to watch on May 14

(Adds futures, company events)

May 14 (Reuters) - Britain’s FTSE 100 index is seen opening up about 0.2% or 16 points on Tuesday, according to financial bookmakers, with futures up 0.3% ahead of the cash market open.

* VODAFONE: Vodafone slashed its dividend on Tuesday, reversing a pledge to maintain one of the biggest payouts in Britain so it can build 5G networks and complete its looming acquisition of Liberty Global assets.

Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 billion ($2.23 billion) to a consortium comprising New Zealand-based Infratil Ltd and Canada’s Brookfield Asset Management, in a deal the telecom giant says would help reduce its debt.

* GREGGS: British baker Greggs on Tuesday said it sees sales and profit for 2019 materially higher than its earlier expectations, as its vegan sausage rolls continue to be a big hit with consumers.

* PREMIER FOODS: Premier Foods Plc reported a higher annual pretax profit on Tuesday, boosted mainly by growth in its largest brand Mr Kipling cakes, but warned that the first half of the fiscal year would be slower as its spends more money on marketing.

* RENISHAW: British engineering group Renishaw Plc on Tuesday cut its full-year profit forecast for the second time this year, citing lower customer orders that hit sales in the first nine months of the fiscal year.

* LAND SECURITIES: British property developer Land Securities Group on Tuesday reported a wider loss for the year due to a steep decline in the value of its retail assets, as pressure on retailers led to higher vacancies.

* FINABLR: United Arab Emirates-based payments and foreign exchange company Finablr has extended the closing of books for its initial public offering (IPO) to May 14 due to volatile market conditions, two sources familiar with the deal said on Monday.

* The UK blue chip index ended down 0.6% on Monday, slipping to a seven-week low as China slapped retaliatory tariffs on U.S. goods, further escalating their protracted trade dispute, and as telecom giant Vodafone slipped after a report of a dividend cut.

* For more on the factors affecting European stocks, please click on:


> Financial Times

> Other business headlines (Reporting by Justin George Varghese in Bengaluru)