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FTSE falls as Ukraine plane crash and Russia sanctions weigh

by Daniel Grote on Jul 17, 2014 at 16:47

‘Small cap’ stock Mothercare (MTC) was a big faller, dropping 24.5p, or 8.8% to 255p as chief executive Mark Newton-Jones outlined a tough road ahead for the retailer as it announced a trading update.

Shares in Mothercare are down nearly 35% this year, but have been rallying recently as US firm Destination Maternity circled the company. Mothercare rejected a Destination bid, and with a successful approach unlikely to be forthcoming, a small increase in like-for-like sales in the first quarter has done little to encourage investors.

Traders instead focused on the costs involved in the new chief executive’s turnaround plans. ‘In the UK, my observation is that the business needs modernising and requires investment in its infrastructure, its stores and its Head Office systems,’ said Newton-Jones.

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Bundesbank boss urges Britain not to quit EU

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