Events Organizer Hyve Group Sells Russian Unit: The London Rush
(Bloomberg) -- Here's the key business news from London-listed companies this morning:
Avon Protection Plc: The military protection maker cut its full year outlook after its profitability in the first half was weakened by supply chain disruption and manufacturing inefficiencies, particularly in its helmets business, as well as a worse than expected product mix.
- The company has seen a “notable increase” in customer inquiries in the wake of the war in Ukraine and is in talks with customers for both respiratory and helmet products
Hyve Group Plc: The events organizer will sell its Russian operations to Rise Expo Ltd. for up to £72 million, payable over 10 years.
- The company's Russian operations accounted for about £17 million in revenue for the first half of the year, compared with £58 million for the rest of the group
Financials Acquisition Corp: The special purpose acquisition company will raise £150 million in a London listing, after which it plans to find a tech company in the insurance or financial services sector to buy.
Outside The City
NATO foreign ministers are meeting in Brussels as the U.S. and allies are coordinating on a new round of sanctions to punish the Kremlin for the alleged murders of civilians by its troops in Ukraine.
The U.K. arm of VTB Bank PJSC is set to file for administration, people familiar with the matter told Bloomberg. It would make the unit the latest Russian financial entity to fall victim to sanctions over the war in Ukraine. The Russian bank is due appear in a London court today.
In Case You Missed It
The U.K. is a prime market for flying taxis, the founder of Californian startup Joby Aviation Inc., told Bloomberg. If JoeBen Bevirt is successful, five-seater flying aircraft could soon be connecting cities like Bristol and Cambridge with London, costing just $3 a mile.
The government's LGBT Business Champion resigned on Tuesday in protest at the government's exclusion of transgender people from its plan to ban conversion therapy. The government yesterday canceled its first international LGBTQ conference after more than 100 organizations pulled out.
Looking Ahead
Gambling company Entain Plc will report results tomorrow, as well as homebuilder Countryside Partnerships Plc. Later this morning, data on construction industry confidence will be released, following yesterday's services data.
©2022 Bloomberg L.P.
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