The FTSE 100 is called to open flat this morning following the mixed overnight performances on Wall Street and in Asia which saw the NASDAQ finish at a record high with the Greek situation continuing to dominate investor attention. The economic diary today sees the release of the second estimate of domestic GDP for Q1 which is expected to be revised upwards, the latest US weekly jobless claims and it is day 2 of the G7 countries meeting. Commodity prices are firmer and on the foreign exchanges, the pound is mixed against both the dollar and the euro ahead of these data releases and any further developments coming out of the G7.
Company Announcements
Sports Direct
It has reported that the FY2015 Results will see underlying EBITDA of £380m which is in line with market expectations but update notes that these will be ahead of underlying PBT and EPS. The company notes that this is mainly due to its prudent depreciation policy and lower interest charges. Net debt as at 26 April 2015 was c. £60m (27 April 2014: £212m). The FY2015 Results will be released on 16 July 2015.
Serco Group
It has confirmed media reports that Sir Roy Gardner is to become Non-Executive Chairman with effect from 1 July 2015, but will join the Board as a Non-Executive Director on 1 June 2015 to ensure a handover period with the current Chairman, Alastair Lyons who announced he wanted to step down last November. Sir Roy Gardner was previously Chief Executive of Centrica, Chairman of Compass and Manchester United. He is currently a Non-Executive Director of William Hill and Willis Group Holdings and a senior adviser to Credit Suisse Group AG.
Contributed by SVS Securities
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