Direct Line (DLG), Speedy Hire (SDY) and M&C Saatchi (SAA)
Not long after seeing off a speculative takeover bid from Belgian company Ageas, Direct Line (DLG) has continued the overhaul of its management team by appointing Aviva executive Jane Poole, formerly finance head for Aviva’s (AV.) UK & Ireland general insurance business, as its new chief financial officer. Poole replaces Neil Manser who had been in post for three years.
The appointment continues the broad theme of Aviva executives making the journey to Direct Line, after chief executive Adam Winslow was appointed as chief executive after a successful spell running Aviva’s motor insurance arm. Investors hope the appointments prompt the return of higher dividends and better under-writing from Direct Line. JH
Read more: What Direct Line does next
Speedy Hire sales under pressure
Shares in Speedy Hire (SDY) slumped by 4 per cent, after the equipment company revealed that its annual results would be “towards the lower end” of expectations.
Total revenue for the year ended 31 March 2024 fell by 5 per cent to around £420mn. Management blamed this on an underperformance from the regional base, a reduction in wholesale fuel prices and a warmer winter, which hit demand for seasonal products.
Speedy Hire did manage to win £40mn of new contracts in the period, however, which “give confidence for growth in FY2025 and beyond,” according to management. JS
