BUSINESS CLOSE: Boohoo shares jump; Ex-RFU chair to join ITV

BUSINESS CLOSE: FTSE falls sharply; M&S boss quits; John Lewis paying bonuses again; Boohoo shares jump

The FTSE 100 index closed down 1.27 per cent or 91.63 points to 7,099.09 this afternoon.

Marks & Spencer chief executive, Steve Rowe, is stepping down from the retailer in May after nearly 40 years at the business he joined while still at school. 

The John Lewis Partnership has reinstated bonuses for partners again, after seeing its losses narrow over the past year.

Boohoo shares jumped sharply earlier after the group revealed it met its earnings and sales guidance, though their value has still plummeted by over 70 per cent in the past year. 

ITV has hired chairman of Kingfisher Andrew Cosslett to lead its board from September this year, with current chair Sir Peter Bazalgette set to retire from the broadcaster after nine years.

Cosslett, who previously served as chair of the Rugby Football Union, will be charged with guiding the broadcaster through a ‘digital acceleration’ plan and the upcoming launch of ITVX.

Infrastructure group Balfour Beatty saw underlying profit from operations of £181million in 2021, which is up from £75million in the prior year and an improvement on pre-pandemic levels.

As a result of strong performance, the firm will hand out £57million in dividends to shareholders for the year and it has boosted a recently announced share buyback programme from £100million to £150million. 

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