JD Sports denies reports it's replacing Cowgill, Biffa revenue and earnings slide

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The FTSE 100 is expected to open 24 points higher on Tuesday, having closed up 0.04% before the long weekend on Friday at 7,022.61.

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JD Sports denied that it was searching for a successor to chief executive and chairman Peter Cowgill after reports on the weekend that investors were unhappy with his dual role. The FTSE 100 retailer on Tuesday said the board “is not engaged in a process to recruit a chief executive officer or chairman”. “JD can also confirm that it is continually reviewing the depth of its management team to ensure that the senior operational leadership team in the business has the necessary skills and experience to exploit the ongoing global development opportunities.” Cowgill has been executive chairman of the sportswear group since 2004 and assumed chief executive responsibilities in 2014.

Biffa reported a 10.4% fall in net revenue in its full-year results on Tuesday, to £988.1m, as its EBITDA slid 20.6% to £138.2m. The FTSE 250 waste management company said its operating profit was 51.2% lower year-on-year at £44.2m for the 52 weeks ended 26 March, while its earnings per share were 66.8% weaker at 7.7p. Because of the impact Covid-19 had on the firm during the year, its board said it was not recommending a dividend.

Newspaper round-up

The UK would reap an extra £14.7bn annually by adopting Joe Biden’s proposal for a new global minimum corporation tax rate of 21%, according to a major thinktank. The Institute for Public Policy Research (IPPR) Centre for Economic Justice has urged the government to embrace and push for the US president’s proposals at the forthcoming G7 summit, arguing that the global system would both be fairer and allow the UK to raise billions in vital revenue. - Guardian

Just 7% of in-store purchases in the UK could be made in cash by 2024, a report has forecast, after the coronavirus pandemic fuelled the switch to cards and mobile payments. While cash accounted for 27% of in-store transactions in 2019, the latest global payments report from processing company Worldpay found that had fallen to 13% last year. The report predicts usage will continue to drop over the next three years. - Guardian

Salad cream is coming back to Britain as part of Kraft Heinz's plans to invest £140m in its Wigan factory in a post-Brexit vote of confidence in Britain. The plant at Kitt Green is Europe's largest food processing facility and makes tinned foods such as baked beans, soups and pasta. The investment will upgrade the plant and machinery, make the facility more environmentally friendly and bring manufacturing of Heinz ketchup, salad cream and mayonnaise back to Britain and create up to 50 full-time jobs. - Telegraph

Small investors fighting a potential takeover of London-listed lithium miner Bacanora by a Chinese mining giant believe their campaign is gaining traction after the company fired a shot across their bow reminding them of City rules. The small shareholders, who claim to number about 400 individual investors holding 6pc of Bacanora between them, are battling a possible £190m bid from Ganfeng that they say undervalues the AIM-listed business. - Telegraph

Ministers are exploring a sale of Channel 4 amid a surge in dealmaking in the entertainment industry. The government-owned broadcaster has been placed on a list of assets that could be offloaded as the Treasury seeks to repair the country’s Covid-scarred finances. - The Times

US close

Wall Street stocks managed a positive finish before the Memorial Day long weekend on Friday, with the Dow Jones Industrial Average up 0.19% at 34,529.45.

The S&P 500 added 0.08% to 4,204.11, and the Nasdaq Composite advanced 0.09% to 13,748.74.