Shares in Marks and Spencer Group PLC (LON:MKS) have dropped sharply after it warned of cost pressures and unveiled plans to cut more stores.
In a presentation to institutional investors, it said it would cut the number of full line stores by 67 by 2028 to take the total to 180.
And in a plan to concentrate on food, it will open 104 Simply Food stores to take the number to 420.
On costs it said it had seen wage inflation of around 7% and it expected more to come in 2023.
Energy costs were £40mln higher than planned and without support, it faced possible headwinds of more than £100mln next year.
It said food cost of goods was already under pressure, while dollar pressure on clothing was yet to come.
Its shares are down 6.02% at 92.29p.
2.02pm: JD Sports Fashion falls as finance chief announces departure
JD Sports Fashion PLC (LSE:JD.) is out of fashion after it announced its chief financial officer was stepping down next year.
Neil Greenhalgh joined the company in 2004 and has been in his present position since November 2018.
This is the second change in top jobs in recent months. In August the company appointed Régis Schultz as chief executive after Peter Cowgill stepped down from his role as executive chairman in May.
Greenhalgh said: "The decision to step back from JD during 2023 is one that I have been considering for some time. I fully intend to help [chairman Andy Higginson] and Régis settle into their roles and, by giving the board advanced notice, enable a smooth transition to a new CFO."
Its shares are down 8.71% at 90.80p.
12.15pm: Kin + Carta moves higher after upbeat outlook
Consultancy Kin + Carta (LSE:KCT) is climbing after a positive update.
It said full year revenues jumped by 48% to £190.3mln although the total loss before tax from continuing operations was £15.9mln, up from a loss of £5.8mln.
The rise was due to acquisition and pension-related charges as well as lease related impairments and provisions, it said.
On the outlook it said that a record year-end backlog of £96mln, record pipeline of demand, and new client wins gave the board confidence in the company's growth ambitions.
It expects 2023 organic growth in constant currency of 15%-20%, with an additional 6-7% growth from the annualisation of the prior year acquisitions. It said if rates remained near current levels then it expected further growth in total net revenue and adjusted operating profit.
Chief executive Kelly Manthey said: "Following a strong trading year the foundation of the business is well established and our sights are set on continued client success and profitable global growth."
Its shares have added 5.26% or 10p to 200p.
11.16am: Synthomer (LSE:SYNT) slides after suspending dividend payments
Chemicals company Synthomer (LSE:SYNT) has upset the market by announcing it is suspending its planned dividends and is in talks with its banks.
At an investor seminar, the group said: "[The] key priority is to return leverage to within its target range of 1-2X and management will outline the initiatives to do that.
"The company is in discussions with its banks to ensure that there is sufficient headroom for its covenants going forward.
"As part of the waiver process, the board has suspended dividend payments until the end of 2023, including the payment that is due this November."
It said its medium term financial targets included mid-single-digit percentage growth at constant currencies, EBITDA margin of 15% plus and return on capital employed in the mid-teens percentage.
Its shares are down 11.46% or 11.05p at 85.35p.
10.02am: Steppe steps up after shareholders increase stakes
Steppe Cement (AIM:STCM) has built up a gain after a couple of shareholders increased their stakes.
The family of chief executive Javier del Ser Perez bought 300,000 shares at 31.7 pence per ordinary share, taking their stake to 8.47%.
Meanwhile the family of major shareholder David Crichton-Watt paid between 31p and 31.75p for 2,820,000 shares between 19 September and 11 October. The purchase takes their shareholding from 15.68% to 16.97%.
In the market Steppe shares have climbed 4.76% to 33p.
8.42am: Physiomics unveils deal to work with Cancer Research
Physiomics PLC (AIM:PYC) is heading higher after the consultancy company signed a agreement with Cancer Research UK.
The company specialises in mathematical modelling and simulation for drug development for the biopharma industry.
Under the terms of the agreement, it will use its PKPD modelling capabilities to support the Cancer Research UK sponsored early phase clinical development of ALETA-001, a CAR-T cell engager candidate for the treatment of blood cancers developed by Aleta Biotherapeutics. The PKPD modelling project is expected to be completed during this calendar year.
Chief executive Dr Jim Millen said: "We are delighted to be working with Cancer Research UK, the world's leading cancer charity. Although we have previously worked with clients whose early clinical trials are sponsored by Cancer Research UK's Centre for Drug Development, this project marks the first occasion on which Physiomics has worked directly with Cancer Research UK."
Its shares are up 14.29% or 0.3p at 2.4p.
Elsewhere Invinity Energy Systems PLC (AIM:IES) has sparked up after its first sale into Europe.
The manufacturer of utility-grade energy storage has sold a 0.8 MWh Invinity VS3 flow battery system to Bouygues-owned firm Equans Belux for use at one of their sites in Belgium.
Equans considers this project as an important reference site to present this new solution to their customers, and also to validate the performance of Invinity's flow batteries in terms of suitability for future projects.
The batteries will be assembled at Invinity's Bathgate facility with delivery expected in early 2023.
Matt Harper, chief commercial officer at Invinity said: "Invinity's first VS3 sale into the European market is exciting for us, especially given the strength of our customer. Equans and Bouygues (EPA:BOUY) are global leaders in providing the technical services that help commercial and industrial companies profitably navigate the low-carbon energy transition. We are excited at the opportunity to demonstrate how Invinity's durable, safe and economical energy storage solutions can help accelerate that transition across Equans' client portfolio."
Invinity is up 6.12% or 1.5p at 26p.