BP has named Albert Manifold, the former boss of building materials producer CRH, as its new chairman. Manifold, who has not previously held a senior position in the energy sector, will succeed Helge Lund from October as BP navigates a major strategy revamp under persistent takeover and break-up speculation. Under his 11-year stint as CEO of CRH, the Irish company reshaped its portfolio by buying and selling assets and moved its primary listing to New York in 2023. During his tenure at CRH, its shares soared nearly fivefold. BP's shares rose 0.5% in early London trading on Monday.
Molecular technology business Oxford Nanopore said it had delivered a strong first half performance, with reported revenues expected to be up by a quarter year-on-year. The company sees H1 revenues of £105.0 million, up 28% at constant currency, with growth being the strongest across its PromethION product range. The FTSE 250-listed group said it had delivered good growth in both research and applied markets, up by approximately 22% and 33%, respectively. Oxford Nanopore also noted that targeted measures to improve gross margins progressed in line with expectations. In early trading, Oxford Nanopore shares jumped 17.0% higher.
MoneySuperMarket-owner Mony Group reiterated its full-year guidance on Monday after posting slight gains in first half results,. But it also highlighted worries about ongoing weakness in the car insurance market. Group revenues in the six months to 30 June rose by 1%, while adjusted EBITDA gained 2%. But in insurance, its biggest sector by some distance, revenues fell 2%. While home insurance premiums rose 4%, they dropped 9% in motor, contributing to a 2% fall in car insurance revenues. Mony Group shares shed 6.6% in early morning trading.
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