Essentra sees FY results in line, Flutter's Jonathan Hill to become group COO

Stocks to watch

Components maker Essentra said it expected annual results to be in line with expectations after a 11% rise in third-quarter like-for-like sales.

The company said it had mitigated inflationary pressure through pricing, driving revenue growth and protecting profitability.

Flutter Entertainment said chief financial officer Jonathan Hill will establish a new group chief executive officer function next year to maximise the benefits of its global scale and “support the strategic direction of the business”.

Paul Edgecliffe-Johnson, currently CFO and group head of strategy at InterContinental Hotels, will join as CFO and executive director of the group in the first half of 2023.

Hill will continue in his role until Edgecliffe-Johnson starts, working together to ensure a smooth transition of responsibilities. Hill will then leave the board and take up the newly created Executive Committee role of group COO.

Newspaper round-up

Elon Musk told prospective investors that he plans to eliminate nearly 75% of Twitter’s staff as part of his deal to take over the social media company, the Washington Post reported on Thursday. Job cuts are expected in the coming months no matter who owns the company, according to the report, which cited interviews and documents. – Guardian

Millions of people in the UK are struggling to pay their bills, according to the City watchdog, which said a growing proportion of the population is having trouble making ends meet. A survey by the Financial Conduct Authority (FCA) laid bare the impact of the cost of living crisis, saying about one in four (24%) of adults in the UK were either in financial difficulty or would fall into trouble if they suffered a financial shock. – Guardian

Inflation will hit 15pc next year if the Government scraps its energy price cap and leaves millions of families exposed to a surge in bills, economists have warned. Analysts at Abrdn said Jeremy Hunt's decision to withdraw the universal energy price guarantee next April would put inflation on course to rise at the fastest rate since 1980, unless another subsidy is introduced. – Telegraph

Households are to be paid around £240 to run washing machines and dishwashers overnight this winter as part of National Grid’s efforts to avoid blackouts. Homes will be offered payments for every kilowatt-hour of power they do not use at times during testing of the scheme and when National Grid needs to cut demand because there is not enough electricity to go round. – Telegraph

Britain’s chief fraud investigator told MPs that she regretted having contact with an American “fixer” in a move that triggered the collapse of a multimillion-pound bribery case. Lisa Osofsky, director of the Serious Fraud Office, was given a grilling by MPs this week when she appeared before the Commons justice select committee for the first time since the publication of a report into the mishandling of the Unaoil case. – The Times

US close

Wall Street stocks reversed earlier gains to close in the red on Thursday, as investors continued to digest earnings and more political turmoil in Britain.

At the close, the Dow Jones Industrial Average was down 0.3% at 30,333.59, as the S&P 500 lost 0.8% to 3,665.78 and the Nasdaq Composite was off 0.61% at 10,614.84.

The Dow closed 90.22 points lower on Thursday, adding to the losses it recorded in Wednesday’s session.