3 minute read
Pescanova exit
process,” a Nueva Pescanova communique announced on May 23.
Gonzalaez, who is also president of AECOC, which represents 26,000 Spanish companies dedicated to manufacturing and distribution, has been Nueva Pescanova’s only chief executive since its creation in 2015 following the collapse of Pescanova.
CHEMICALS and sustainable technologies company Johnson Matthey signed a threeyear supply agreement with Norway’s Hystar to increase green hydrogen production.
The Londonbased firm, most of whose income is earned from catalytic converters, is increasingly focused on new sustainable technologies, including green hydrogen. This zerocarbon fuel is produced using renewable wind and solar energy to split water into hydrogen and oxygen and Johnson Matthey will supply Hystar with membrane electrode assemblies (MEAs) to ramp up its green hydrogen production. The latest partnership follows a similar Johnson Matthey deal this year with Plug Power, a US company which is producing green hydrogen.
Co-op concern
NINETYSIX per cent of the Cooperative Group’s 32,000 members voted at the last annual meeting to improve welfare for chickens reared for meat.
navent, who has been the group’s executive chairman since 2020 and chairman of its board of directors since 2019.
“His extensive experience in the company will allow him to continue with the
Strong M&S results
DENIM, dresses, office wear and more affordable food increased sales and profits at Marks and Spencer over the past year.
The retailer will restart dividend payments to shareholders after underlying pre tax profits rose by 21.4 per cent to £475.7 million (€546.4 million) in the year ending on April 1, with sales increasing 9.6 per cent to £11.9 billion (€13.7 billion).
Chief executive Stuart Machin nevertheless warned of a challenging year ahead as costs continued to rise but stressed that, unlike many other retailers, the number of clothing and food items sold had risen at M&S, helping to increase the company’s market share.
The company had made changes to its ranges, Machin added, taking a hit on profit margins to hold down prices relative to rivals, while improving its clothing styles.
In 2021, the last year for which figures were available, Nueva Pescanova made a net profit of €7 million its largest to date with a turnover of €1.09 billion. In contrast, its principal shareholder Abanca’s 2022 accounts revealed losses of €60.5 million during the first nine months of the company’s financial year.
Increased hold
LONDONBASED Amber Capital has increased its holding in Indra to 7.239 per cent, equivalent to 11 million shares.
This provides the investment fund, which is also a majority shareholder in Prisa (El Pais and Cinco Dias publisher), with the opportunity of sitting on the technology, transport and defence company’s board, which requires a minimum holding of 7.14 per cent.
There also happens to be a seat to spare on Indra’s board, following the resignation of former director Axel Arendt on May 18.
Arendt announced his own departure after that of Indra’s former chief executive, Ignacio Mataix, and his substitution by José Vicente de los Mozos.
A motion led by the Humane League UK campaign group asked the mutual to adopt the Better Chicken Commitment (BCC) standards already accepted by Waitrose, Marks and Spencer and Greggs, reporting on welfare improvements in a year’s time.
They were partly overruled by the company’s directors, who explained that they wanted to keep prices down, but warned that profits were likely to fall over the coming year.
Phasing out
THE European Commission (EC) called on Spain to phase out its energy support measures by late 2023.
Introduced in October 2022 to counteract high energy prices caused by the Ukraine war, these should be totally eliminated in 2024, Brussels said.
This would limit spending and make savings that could be used to reduce the public debt.
Should future energy price increases make further support measures necessary, these should be fiscally affordable and introduced to protect only the most vulnerable households and businesses, the EC said.
Dow Jones
Flight fight
SPANISH airlines will not follow France’s lead in banning domestic flights for journeys that can be completed in two and a half hours by train. Javier Gándara, president of the Spanish Airlines Association dismissed it as “more theatrical than effective” while Willie Walsh, director general of International Air Transport Association (IATA), described it as “completely absurd” and “useless.”
On the spot
STATEOWNED Ineco intends to open a permanent office in California as plans are reactivated to build the first highspeed railway line between San Francisco and Los Angeles. The Spanish engineering company will now seek short and mediumterm opportunities to participate in the $400 billion (€93 billion) project.
