Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
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WPP has confirmed rumours it is naming insider Mark Read as its next CEO.
Mike Read is the company’s current joint COO, and will replace Sir Martin Sorrell as the ad giant’s CEO following his departure earlier this year over a misconduct complaint.
Insiders favoured the 51-year-old as Sorrell’s replacement due to his track record of running the WPP’s digital agency Wunderman.
He has also spent nine years on the ad agency’s board of directors, having joining the company after writing to Sorrell asking for a job in 1989.
In a statement, Read said: "WPP is a great company with exceptional people and strong relationships with clients who place a high value on our work.”
Read more here
- UK water companies have announced that they plan to cut bills for millions of customers.
Severn Trent said they would cut the average bill by 5%, while United Utilities revealed plans to cut bills by 10.5%.
Thames Water, however, said bills would remain the same.
The news came as water companies submitted their business plans for 2020-2025 to Ofwat ahead of the regulator publishing an initial assessment of each company’s plans on 31st January 2019.
Ofwat Senior Director for Strategy & Planning, John Russell, said:
“We’ve reached a key milestone in our price review process. From now until January 2019, we’ll pore over each and every business plan and we’ll be looking for evidence that they are robust, ambitious and, crucially, that they have been shaped by customers.
“All companies have had an opportunity to develop high-quality plans, but where plans aren’t sufficiently ambitious or stretching, we’ll step in to protect customers and the environment.” -
Plastic piping and ventilation manufacturer Polypipe (PLP) this morning announced the acquisition of Permavoid for £16.5m.
Permavoid is a specialist designer and supplier of surface water management solutions in commercial, residential, and sports pitch applications.
For the year to 30 September 2018, Permavoid is expected to record revenue of £3.8m and adjusted EBITDA of £0.5m and the acquisition is expected to be earnings enhancing in its first full year after completion.
CEO Martin Payne said: "The acquisition of Permavoid is a small but important step towards delivering on our strategic goals.
“The acquisition brings new intellectual property into the Group with exciting opportunities for further product integration and innovation, allowing Polypipe to enhance its market leading water management and attenuation solutions in the UK, as well as provide opportunities to leverage those market leading solutions in Europe and other markets.”
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Veterinary pharma business Dechra (DPH) saw a solid revenue & profit growth in its full-year results.
Revenue grew 13.9% to £407.1m and underlying operating profit grew 24% to £99.2m.
The company also announced that earnings were up 20% to £106.6m.
CEO Ian Page said: "Dechra has delivered another successful year from both a financial and strategic perspective.”
