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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Boohoo group plc    BOO   JE00BG6L7297

BOOHOO GROUP PLC

(BOO)
  Report
Delayed Quote. Delayed London Stock Exchange - 10/29 12:35:09 pm
267.3 GBX   +0.60%
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Standard Life Aberdeen sells Boohoo shares, citing 'inadequate' response to allegations

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07/10/2020 | 10:31am EDT
A shopper walks pass advertising billboards for Boohoo and for 'Pretty Little Things', a Boohoo brand, at Canary Wharf DLR station in central London

Investor Standard Life Aberdeen said on Friday it had sold its shares in fashion retailer Boohoo, describing the company's response to allegations of worker abuse at supplier factories as "inadequate".

Investor Standard Life Aberdeen said on Friday it had sold its shares in fashion retailer Boohoo, describing the company's response to allegations of worker abuse at supplier factories as "inadequate".

SLA, previously one of Boohoo's biggest investors, has sold most of its stock, a spokesman for the asset manager said, confirming an earlier report in the Financial Times.

However, Jupiter Asset Management, Boohoo's second-biggest investor with 10% of its stock, said it had added to its position this week.

Boohoo shares have lost around a third of their value this week after The Sunday Times reported that workers in a factory in Leicester, central England, who were making clothes destined for Boohoo, were paid as little as 3.50 pounds ($4.39) an hour.

The firm said it would commission an independent review of its supply chain in Britain

(Graphic: Boohoo, https://fingfx.thomsonreuters.com/gfx/mkt/yzdpxrexgpx/boohoo.PNG)

Lesley Duncan, deputy head of UK equities at SLA unit Aberdeen Standard Investments, said the firm had invested in Boohoo since its listing, but said there had been insufficient progress to improve working conditions.

The response was "inadequate in scope, timeliness and gravity", Duncan said, adding: "We strive to use our influence as significant investors to achieve progress.

"In instances where our standards have not been met, divestment is both appropriate as responsible stewards of our clients' capital and aligned to our goal of investing for better outcomes."

Jupiter said however, that "following conversations with (Boohoo) management about its strategy, the fund manager decided to top up the position based on share price weakness".

It planned to "continue to engage with the business regarding the ongoing investigation", the asset manager said in a statement.

(Reporting by Carolyn Cohn; editing by Sujata Rao and Louise Heavens)

By Carolyn Cohn

Stocks mentioned in the article
ChangeLast1st jan.
BOOHOO GROUP PLC 0.60% 267.3 Delayed Quote.-10.27%
JUPITER FUND MANAGEMENT PLC 1.95% 230 Delayed Quote.-43.80%
STANDARD LIFE ABERDEEN PLC -0.55% 218.1 Delayed Quote.-33.53%
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Financials
Sales 2021 1 650 M 2 129 M 2 129 M
Net income 2021 96,8 M 125 M 125 M
Net cash 2021 327 M 422 M 422 M
P/E ratio 2021 38,0x
Yield 2021 -
Capitalization 3 317 M 4 306 M 4 280 M
EV / Sales 2021 1,81x
EV / Sales 2022 1,42x
Nbr of Employees 2 692
Free-Float 76,2%
Chart BOOHOO GROUP PLC
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Technical analysis trends BOOHOO GROUP PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 433,70 GBX
Last Close Price 265,70 GBX
Spread / Highest target 107%
Spread / Average Target 63,2%
Spread / Lowest Target -28,5%
EPS Revisions
Managers
NameTitle
John Lyttle Chief Executive Officer & Director
Mahmud Abdullah Kamani Executive Chairman
Neil James Catto Chief Financial Officer & Executive Director
Jo Graham Chief Information Officer
Carol Mary Kane Executive Director
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