Below is a selection of the morning's key market news, earning reports & trending stories - see more here.

  • After announcing it had appointed insider Mike Read as its CEO yesterday, WPP  today released its interims, showing a revenue drop of 2.1% to £7.5bn.

    And although profits saw an 8.6% increase to £846m, reported billings for the ad agency fell 1.0% to £26.7bn.

    New CEO Mike Read said: "My focus will be on invigorating our company and returning the business to stronger, sustainable growth. 

    "Our review of strategy is under way, addressing our structure, our underperforming operations, particularly in the United States, and how we position the company for the future."

    Read more here

  • Mark Carney will be quizzed on whether he plans to stay on as Bank of England Governor today.

    Carney is appearing before a Treasury select committee at 1.15pm to speak about the Bank of England’s inflation report, but will likely be asked about reports he could stay on as Governor until 2020.

    Carney was originally hired in 2013 to serve five years, lower than the normal eight-year term, but ended up extending his term by a year following the EU referendum.

  • The chief executive of TSB Paul Pester has stepped down following the bank’s IT failures earlier this year.

    Up to 1.9m customers were unable to access their online banking for several weeks during a period of IT migration.

    Pester will leave his role and TSB non-exec chairman Richard Meddings will take over his position.

    Meddings said: “Although there is more to do to achieve full stability for customers, the bank’s IT systems and services are much improved since the IT migration.

    “Paul and the board have therefore agreed that this is the right time to appoint a new chief executive for TSB. Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future.”

  • Housebuilder Redrow released its finals today, posting a group revenue increase of 16% to a record £1.92bn.

    Pretax profit also hit a record £380m, up 21% from 2017’s £315m total.

    Speaking about the state of the market, Redrow Chairman Steve Morgan spoke about the doubt brought about by both Brexit and Help to Buy.

    Morgan said:  “We have a very strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances.

    “However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment. Given that clarity, we will continue to deliver."

    Read more here

  • International packaging company DS Smith (SMDS)  said it was “excited by our prospects” following its €1.9bn acquisition of Papeles y Cartones de Europa earlier this year.

    The bold acquisition was announced on 4th June, and saw the company's shares hit record levels.

    The firm said the required regulatory approval process was progressing as expected and it anticipates completion in Q4 of 2018.

    Miles Roberts, Group Chief Executive, said: "The corrugated packaging industry continues to demonstrate excellent growth prospects, driven by changing shopping habits, e-commerce, and the ever-increasing relevance of sustainability. 

    "DS Smith is in a strong position, as a market leader, to capitalise on these opportunities, and the Board looks to the future with confidence.”

    Read more here


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