shareholders Archives - Ireland's Forecourt & Convenience Retailer https://forecourtretailer.com/tag/shareholders/ Ireland's Only Forecourt & Convenience Retailer Thu, 09 Jun 2022 10:54:36 +0000 en-GB hourly 1 https://wordpress.org/?v=6.5.2 https://forecourtretailer.com/wp-content/uploads/2021/03/cropped-IFCR-Site-Icon-32x32.png shareholders Archives - Ireland's Forecourt & Convenience Retailer https://forecourtretailer.com/tag/shareholders/ 32 32 94949456 Global tobacco market expected to shrink by 3% this year: BAT https://forecourtretailer.com/global-tobacco-market-expected-to-shrink-by-3-this-year-bat/ Thu, 09 Jun 2022 10:54:16 +0000 https://forecourtretailer.com/?p=20553 British American Tobacco has told shareholders it expects a decline in the global tobacco market to accelerate due to the Ukraine war. Russia’s invasion of

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British American Tobacco has told shareholders it expects a decline in the global tobacco market to accelerate due to the Ukraine war.

Russia’s invasion of Ukraine means the global tobacco market is expected to shrink by 3% this year, BAT said. Past predictions put the fall at 2.5%.

“As previously announced, given the continuing conflict in Ukraine, we are working towards transferring our Russian business in full compliance with international and local laws,” said chief executive Jack Bowles.

“Our priority remains the safety and wellbeing of our people in Ukraine and across the wider region.”

“In addition, this conflict is increasing global uncertainty and disruption, further exacerbating inflationary pressures on supply chains, impacting consumer consumption and resulting in increased finance costs.”

But BAT stuck to its guidance for this financial year, saying revenue will row between 2% and 4%.

It has not noticed any “accelerated downtrading” – customers swapping more expensive brands for cheaper cigarettes – so far this year.

“While we are not immune to these pressures, we are confident in delivering on our current financial targets, irrespective of the timing of the transfer of our Russian business,” Mr Bowles said.

“This is thanks to our well-established multi-category strategy, our strong portfolio of global brands and our resilient, highly cash generative business.”

The business said it has cut losses from its new categories business, which includes vaping and heated tobacco.

This is where many investors see the future of the tobacco giant. Both revenue and volume sales grew in the category, and it invested £1 billion in the products over the first half of the year, BAT said.

“Our new category business is increasingly contributing to group performance, and we are confident in delivering our £5 billion new category revenue and profitability targets by 2025,” Mr Bowles said.

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]]> 20553 Shell to move headquarters to the UK https://forecourtretailer.com/shell-to-move-headquarters-to-the-uk/ Mon, 15 Nov 2021 11:52:51 +0000 https://forecourtretailer.com/?p=18790 Royal Dutch Shell has announced plans to move its headquarters to the UK as part of proposals to simplify the company’s structure. The oil giant

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]]> Royal Dutch Shell has announced plans to move its headquarters to the UK as part of proposals to simplify the company’s structure.

The oil giant will ask shareholders to vote on shifting its tax residence from the Netherlands to the UK.

It also wants to do away with its dual share structure in favour of just one class of shares to boost “the speed and flexibility” of shareholder payouts.

Shell’s chief executive, Ben van Beurden, will relocate to the UK, along with chief financial officer Jessica Uhl and seven other senior employees.

Business and Energy Secretary Kwasi Kwarteng welcomed the announcement, tweeting that it was “a clear vote of confidence in the British economy”.

The Dutch government said it was “unpleasantly surprised” by Shell’s proposal.

Stef Blok, economic affairs and climate minister, said: “We are in a dialogue with the management of Shell over the consequences of this plan for jobs, crucial investment decisions and sustainability.”

Shell has been incorporated in the UK and had a Dutch tax residence – as well as the dual share structure – since 2005.

The changes also mean the company will drop “Royal Dutch” from its title and be renamed Shell. This element dates back to 1890 when the Royal Dutch Petroleum Company was formed. That company merged with the UK’s Shell Transport and Trading Company in 1907.

“Carrying the Royal designation has been a source of immense pride and honour for Shell for more than 130 years,” Shell said.

“However, the company anticipates it will no longer meet the conditions for using the designation following the proposed change.”

Shell said the simplified share structure means it would be able to “accelerate” shareholder distributions through, for example, share buybacks.

The company announced a $2bn (£1.5bn) share buyback in July and will distribute an additional $7bn from the sale of its Permian Basin oilfield in the US.

The company said its shares would continue to be listed in Amsterdam, London and New York. Shareholders will vote on the proposals at a meeting on 10 December.

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