Rentokil in Footsie comeback
Rat-catching group Rentokil Initial is poised to return to the FTSE 100 this week, the latest sign that its two-year crisis is nearing an end.
The company recently said the worst was over for City Link, its troubled parcel delivery arm. It also dodged breaching banking covenants on its £1.3 billion debt.
Rentokil, which provides washroom services and tropical plants to offices, was relegated from the blue-chip index 18 months ago, just as three former ICI executives led by Alan Brown were parachuted in to lead a turnround.
The dividend was axed in February but half-year results last month beat expectations and Brown has cut costs and begun hunting for overseas opportunities.
Advertisement
Rentokil's shares have staged a remarkable recovery, rallying 56% in the past year.
Based on last Friday's closing prices, property group Segro and Investec are also poised for promotion in the FTSE's quarterly reshuffle at the expense of Pennon, Foreign & Colonial Investment Trust and Balfour Beatty. The final calculation is made after the close of trading on Tuesday.
Burberry is guaranteed promotion as a replacement for the delisted publisher Thomson Reuters.
Hunt on for Peace post
Experian, the credit checking firm, will kick off the search for its new chairman in the next two weeks when it appoints headhunters to find a successor to John Peace.
Advertisement
Peace announced in July he was leaving to become chairman of Standard Chartered, where he has been acting chairman since January. The hunt will be overseen by Sir Alan Rudge, the senior independent director at Experian, which has a market value of £5 billion.
Pret's US sales cheer
The sandwich chain Pret A Manger enjoyed a 12% rise in sales last year, helped by continued expansion in America.
Turnover rose to £249.6m in 2008, while earnings before interest, tax, depreciation and amortisation edged up to £30.3m from £29.8m.
The results, recently filed at Companies House, are the first since the chain was acquired for £355m in April 2008 by a private-equity consortium led by Bridgepoint.
Advertisement
Fashion site designs float
Online fashion retailer Yoox.com will announce its plans to float on the Milan stock exchange this week.
The site, founded in 2000 by former Lehman Brothers luxury-goods banker Federico Marchetti, sells brands such as Pucci, Armani and Moschino. The company also handles the websites for Diesel, Miss Sixty and Bally.
Goldman Sachs and Mediobanca have been appointed joint advisers on the Yoox float.
Ads ruling near for ITV
Advertisement
ITV will this week get the strongest indication yet of whether it will be allowed to start charging more for its advertising slots.
The Competition Commission is expected to publish its provisional findings into contract rights renewal (CRR), a mechanism that pegs how much the broadcaster can charge to audience figures. It was put in place to protect advertisers when Granada merged with Carlton Communications in 2003.
In May, the Office of Fair Trading advised the commission to relax the rules. Ofcom, the media regulator, agreed.
Michael Grade, pictured left, the outgoing boss of ITV, who described CRR as a "straitjacket" has been lobbying for the broadcaster to have complete freedom to charge what it likes during prime-time programmes. His replacement as chief executive is close to being announced. Tony Ball, the former BSkyB boss, is a candidate.