Below are the key morning headlines from today’s papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
- RBS chairman mulls £4bn payout for investors. Bank could use surplus cash for special dividend. Royal Bank of Scotland Group (RBS) could use up to £4 billion of surplus capital to pay out a special one-off dividend to shareholders, its chairman Sir Howard Davies told The Times yesterday. While his preferred choice was to use the spare cash to buy RBS shares from the government, Sir Howard said that the dividend was an option if shareholders wanted it.
- The board of Sports Direct International (SPD) has considered combining House of Fraser with its department store rival Debenhams (DEB), in an admission that will spark speculation of a full takeover bid. Outgoing director Simon Bentley said at Sports Direct’s annual general meeting in London that the board had looked at the option of merging the two chains.
- SSE warns summer ‘wind drought’ will blow a hole in profits. Britain’s summer ‘wind drought’ is set to blow a hole in the profits of energy giant SSE (SSE) as it braces for a further hit from the Government’s looming energy price cap. The embattled “Big Six” supplier revealed in an unexpected update that the balmy summer weather had sapped hydro-power generation and slowed its fleet of wind turbines in a heavy hit to its wholesale energy business.
- N Brown decides new era online will need new boss. The chief executive of Brown (N.) Group (BWNG) has been ousted after five years in the job. Angela Spindler, who has led the plus-size fashion retailer’s shift online, will step down at the end of the month after the board concluded that now was “an appropriate time to search for a new leader”. Steve Johnson, chief executive of its financial services business, will step in as interim boss while the company searches for a new chief executive.
- Dunelm profits stall as Worldstores deal continues to drag. Profits at furniture retailer Dunelm Group (DNLM) have flatlined after taking a near £10m hit over the integration of online homeware business Worldstores. The company booked a £8.9m charge linked to its takeover of Worldstores two years ago, causing pre-tax profits in the retailer’s last financial year, which ended in June, to edge 1pc higher to £93.1m.
- Galliford Try must build bridges after bypass hit. The problem-hit Aberdeen bypass has delivered a further £20 million hit to the finances of Galliford Try (GFRD). The FTSE 250 construction group said that the write-off meant that it had lost £45 million on the scheme in the full financial year. The total additional charge since the project started is £123 million.
