Dividend decision at M&S

THE board of Marks & Spencer will meet tomorrow to decide whether to cut its final dividend payment to give it more financial flexibility – a move that could rile M&S’s loyal band of private shareholders.

News on the dividend will come as M&S reports on Tuesday that full-year profits have slumped from £1 billion to £600m-£620m. Sir Stuart Rose, M&S’s executive chairman, is expected to blame the numbers on poor market conditions, but insist he is cautiously optimistic about the future.

Corus blow to ports sale

THE £500m auction of PD Ports, owner of Tees and Hartlepool docks, has been thrown into disarray after Corus said it could close a plant that provides about a quarter of PD’s turnover.

The steelmaker, owned by India’s Tata, said nine days ago it could close its plant at Teesside. The news broke just days after half a dozen companies lodged initial bids for PD Ports.

Indie deal on bond

NEWSPAPER publisher Independent News & Media will tomorrow reveal it has secured a five-week “standstill agreement” with investors on the refinancing of a €200m (£178m) bond.

The standstill will run until June 26, giving the company – whose titles in Britain include The Independent and Independent on Sunday – breathing space to reach a deal with bondholders.

Whitbread pay frozen

STAFF at leisure giant Whitbread, the Premier Inn hotels and Costa coffee owner, have had their pay frozen this year.

Alan Parker, chief executive, will also not get a pay rise, according to the annual report published last week, which reveals that three executive board directors are in line to jointly collect a maximum £1.7m as part of a three-year long-term incentive plan.

Swine flu gives Glaxo a shot in the arm

128m: The number of doses of a swine-flu vaccine for which the drugs giant Glaxo Smith Kline said it had received orders from several European governments.

£600m: The amount by which Glaxo Smith Kline’s turnover could increase thanks to sales of the new swine-flu vaccine, according to City analysts’ predictions.

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