Barratt Redrow has announced that, by mutual agreement, Mike Scott has stepped down as chief financial officer and as an executive director with immediate effect. He will be available for transitional support until 31 January.
The board has launched a search for a new CFO, and a further announcement will be made in due course.
Micheal Passmore will join the group immediately as interim deputy CFO with responsibility for the core finance functions. He recently worked as group finance director at Rank Group and before that in finance director roles at ISS and the Post Office.
Barratt Redrow said it is in a strong financial position following the combination with Redrow, current trading remains solid and in line with the AGM trading update published on 5 November.
Caroline Silver, chair, said: “On behalf of the Board, I would like to thank Mike for his contribution during a pivotal period for the Group and we wish him well for the future.”
Mr Scott said: “I would like to thank the Board for the opportunity to work with Barratt Redrow over the last four years and wish the Group all the best for the future.”
Rolls-Royce
Rolls-Royce provided confirmed performance is in line with expectations and reinforced full year 2025 guidance for underlying operating profit between £3.1bn and £3.2bn and free cash flow of £3.0bn to £3.1bn, despite ongoing supply chain issues.
The company highlighted strong demand in civil aerospace with significant engine orders and an 8% year-on-year growth in large engine flying hours to 109% of 2019 levels, alongside advancements in engine durability.
Defence saw robust demand, including an agreement for EJ200 engines for 20 Eurofighter Typhoons for Türkiye, and progress on the US Project Pele microreactor.
Power Systems reported strong order intake and revenue growth, particularly in data centre and governmental sectors, with new engine developments and a successful test of a 100% methanol marine engine.
Rolls-Royce SMR advanced in Swedish and UK selection processes and entered the US regulatory process. The company also noted a credit rating upgrade to BBB+ by S&P Global and has completed £0.9bn of its £1bn share buyback programme.
Chief executive Tufan Erginbilgic said: “Strong performance across the group, driven by our actions and strategic initiatives, was in line with our expectations.
“We are continuing to progress our transformation programme, delivering profitable growth, and further strengthening our balance sheet.”
Burberry
Fashion chairn Burberry said revenue fell 5% to £1.03bn for the half year, though comparable store sales remained flat after a significant decline in the prior year, indicating a potential stabilisation.
The company achieved an adjusted operating profit of £19 million, a substantial improvement from a £41 million loss in the same period last year, with an adjusted operating margin of 1.9%.
This turnaround is attributed to strategic brand expression and an improved product offering, with a focus on restoring brand relevance and value creation.
Despite a £37 million restructuring charge leading to a reported operating loss of £18 million, the gross margin improved to 67.9%, and adjusted net operating expenses decreased by 7% on a reported basis, as Burberry continues its transformation programme.
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