Petrol price plummets to below 150p for first time since Russia invaded Ukraine January 10, 2023 The average price of petrol has fallen below 150p per litre for the first time in more than 10 months. Figures from data company Experian show the average price of a litre of the fuel at UK forecourts on Monday was 149.7p. The reduction of nearly 42p from the record high of 191.5p in July last year, [...]
Brexit, Covid and Ukraine drag on Games Workshop’s profits despite record sales January 10, 2023 Warhammer-maker Games Workshop recorded sales of over £200m for the first time, but Covid, Brexit and the war in Ukraine continue to dent its commercial plans. The FTSE 250 firm announced it made £212m from May until the the end of 2022, up more than £20m on the previous year. But it also reported a [...]
Virgin Orbit shares crash back to earth after failed Cornwall space launch January 10, 2023 Virgin Orbit shares have come plummeting back to earth after its much-anticipated UK space launch failed last night. Shares for the Richard Branson-headed company dropped by 23 per cent on NASDAQ pre-trading and were trading down around 16 per cent this afternoon. It comes after the Virgin Orbit rocket, the first launch from UK soil, [...]
Recruiter Robert Walters sounds profit alarm on recession chilling UK jobs market January 10, 2023 Jitters over the UK economy tumbling into a tough recession is likely to trigger a hiring slow down, sparking recruiter Robert Walters to today warn its full year profits will drop below expectations. The alert sent the firm’s London-listed shares down more than three per cent today, clawing back some ground after shedding around nine [...]
Clawback: How Barclays is chasing down Covid-19 business loan cash January 10, 2023 Barclays has teamed up with a specialist insolvency practitioner to recover money loaned to small businesses through the UK’s Covid support schemes. The British bank has joined forces with insolvency firm Manolete Partners to recover emergency loans paid through the UK government backed Bounce Back Loan Scheme (BBLS), the Financial Times first reported. The UK’s [...]
AO World ‘cautiously optimistic as moves to slash costs helped lift profit expectations January 10, 2023 AO World has said it is “cautiously optimistic” as the online electricals retailer revealed that moves to slash costs have helped the firm’s profits surpass expectations. Last year, the Bolton-based company closed its loss-making German business and launched actions designed to save at least £30 million a year by 2023-24, including axing a raft of senior and [...]
UK insurance: shares in Aviva and Admiral shrug off Bank of England’s warnings of a ‘prolonged’ recession in the sector January 10, 2023 The UK’s insurance companies were told to brace themselves for a “prolonged” recession by boosting their risk management processes, the Bank of England (BoE) has said in a letter to sector CEOs. In a letter to insurance chief executives, the BoE’s insurance watchdog warned that various risks might stem from the downturn as it called [...]
A year on from Mayonnaise-gate, Terry Smith mounts another attack on Unilever January 10, 2023 Legendary City investor Terry Smith has written another excoriating review of Unilever’s business performance, a year after he made headlines for criticising its focus on the “purpose” of Hellmann’s Mayonnaise. In his annual letter to shareholders, the Fundsmith chief lists a series of complaints about the consumer goods firm, saying it had failed to engage [...]
Majestic: Brits taste for champagne and sparkling wine in December boosts sales with second-largest festive intake ever January 10, 2023 Brits guzzled down 20 per cent more wine at Christmas than before Covid, as Majestic posted its second-highest festive intake in 40 years. The UK’s largest specialist retailer, Majestic Wine, raked in a sales increase of 21.1 per cent against 2019, with English sparkling wine proving particularly popular. Majestic reported that sales rose 0.2 per [...]
London IPOs: 2023 outlook uncertain as value of cash raised in the capital slumps below global rivals January 10, 2023 The amount of cash raised through initial public offerings in London plunged 90 per cent last year as the market was buffeted by soaring inflation and the shocks of war in Ukraine, new figures show.