MARKET REPORT: Future shares tumble as boss plots her departure

Shares in publishing giant Future plunged to their lowest level in more than two years after reports that the long-serving boss is about to resign.

The FTSE 250 company, which owns magazine titles like Marie Claire and Country Life, fell 17.56 percent, or 291p, to 1366p after the news came out, CEO Zillah Byng-Thorne has told the group’s chairman she plans to was to retire within the next 18 years. months.

The company insisted that Byng-Thorne “remain involved with the company”, although it admitted that she had “informally indicated that she would like to step down by the end of 2023”.

Byng-Thorne has led Future for nearly a decade, leading a wave of takeovers that saw the company acquire a slew of media brands, bucking the trend of a traditionally cautious industry.

Aside from its magazine titles, the company also owns more e-commerce-focused brands, such as price comparison service GoCompare.

But the chief executive has not escaped criticism from shareholders, some of whom have complained about the size of her pay package.

Earlier this year, investors voted against plans for a new equity plan that would see Byng-Thorne and other senior executives handed over £95 million.

Speculation about her departure follows a sharp drop in Future’s stock price, which has fallen more than 60 percent so far this year, as traders fled digital and tech stocks in fear of the global economy.

However, the shares are still up more than 1,500 percent since Byng-Thorne took over in 2014.

The FTSE 100 fell 0.61 percent or 44.02 points to 7192.66 while the FTSE 250 fell 1.43 percent or 269 points to 18,528.14.

On the first day after the Queen’s state funeral, traders were in a gloomy mood, although the blue chip index found some support from banking stocks ahead of what is expected to be further rate hikes from the Bank of England and the Federal Reserve this year. week, moves predicted to boost their profitability.

Shares of HSBC rose 0.85 percent or 4.5 pence to 534.1 pence, while Lloyds rose 2.5 percent or 1.2 pence to 49p. Barclays fell 0.13 percent or 0.22p to 170.92p, NatWest fell 1.32 percent or 3.6p to 269.3p, but Standard Chartered rose 0.1 percent or 0.6p to 602.8p.

Also taking center stage is Chancellor Kwasi Kwarteng’s much-anticipated ‘mini-budget’, which is expected to include a slew of tax cuts and measures to protect households from crippling energy bills.

Despite higher trading earlier in the day, oil prices fell into the red towards the end of the session, with Brent crude below $91 a barrel, as energy traders worried about a slowdown in fuel demand due to higher interest rates that pressure on economic growth.

But shares in Shell managed to gain, climbing 0.26 percent or 6p to 2302.5p, while BP rose 0.1 percent or 0.45p to 452.5p.

Moonpig fell 7.5 pc, or 15p, to 185p after the company shifted its focus back to greeting cards amid the tight cost of living, a departure from its earlier strategy of trying to push more profitable items like gifts.

Despite mounting concerns about consumer spending, the company reiterated its expectations for the full year, adding that it expects to earn about 60 percent of its revenues in the second half, including the peak during the festive trading period around Christmas.

Grocery delivery group Ocado plunged 9.63 percent, or 64.6 pence, to 606.4 pence after HSBC analysts cut its stock from “hold” to “lower,” warned the company’s weak growth and smaller customer orders likely ‘weigh heavily’ on profit.

The investment bank also lowered its share price target from 1,000 pence to 575p, adding that cost pressures facing the company could continue into next year.