Ted Baker

Ticker TED

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Market open
% change
Price Pence
As of 15:17 18 Sep 2019
Market cap. Pound sterling
454.58 million
As of 15:17 18 Sep 2019

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IWG leads the share risers

women at a desk

IWG is the biggest riser in the FTSE 250 in early trading after its announcement of a deal in Japan. Shares in the office service company are up around 15%.

Shares in drugmaker Indivior are up 5% but that's following their slump last week after the US Department of Justice charged the company with fraudulent marketing.

Retailer Ted Baker is among the biggest fallers in the FTSE 250. Last week it named a permanent successor to Ray Kelvin.

In the FTSE 100, advertising company WPP is the largest gainer, up 1.7% while Compass is the biggest faller, down 2.5%.

Ted Baker hit by difficult trading conditions

Ted Baker store

Fashion retailer has reported pre-tax profits of £50.9m for the 52 weeks ended 26 January 2019, down 26.1% from £68.8m in the previous year.

Group revenue rose 4.4% to £617.4m, while retail sales were up 4.2% to £461m. Online sales rose 20.4% to £121.7m.

"Ted Baker has continued to grow across each of the brand's distribution channels despite difficult trading conditions across a number of the Group's global markets," said Ted Baker's acting chief executive Lindsay Page.

"This resilient sales performance again reflects the strength of the brand, the talent of our teams, and the quality of our collections."

Ted Baker profit warning details

Ted Baker has been expanding on those reasons behind it envisaging a £10m fall in profits this year.

It says: "Foreign exchange movements in the final week of the financial year, primarily GBP-USD and GBP-EUR, have resulted in a mark-to-market profit impact of approximately £2.5m relating to the translation of inter-company balances;

"As previously reported, we have upgraded our systems and made process enhancements during the year. These systems upgrades have allowed us to identify additional product costs of approximately £2.5m that arose during the second half of Year 18-19. We are confident the systems upgrade now provides robust controls to prevent a recurrence;

"The recent systems and warehousing transitions in Asia and the US, as well as a more prudent view on aged stock, have resulted in an unanticipated write-down in the value of inventory of approximately £5m. Ted Baker remains fully committed to driving improvements in the net working capital to sales ratio and will provide an update at the full-year results presentation."