Brexit: Small firms ‘not clamouring for bonfire of EU laws’ according to BCC survey November 29, 2022 Small firms are “not clamouring for a bonfire of regulations” from the EU after Brexit, with only four per cent of small firms understanding a bill paving the way for deregulation. More than 70 per cent of companies surveyed by the British Chamber of Commerce (BCC) did not know about the Retained EU Law Bill, [...]
Revenue climbs for incoming National Lottery operator Allwyn as it scoops up Camelot November 29, 2022 Incoming National Lottery operator Allwyn said revenue continued to climb steadily in the third quarter as the gambling giant gears up to takeover the lucrative government licence. Allwyn said revenue jumped 11 per cent in the recent quarter to €958.6m, whilst consolidated adjusted EBITDA was up 10 per cent to €319.9m. In September, the Czech based [...]
Wood Group shares plunge after warning investors of cash flow woes November 29, 2022 Shares in Wood Group plunged sharply this morning as the engineering and consultancy group warned investors it would not return to positive free cashflow next year. In a statement today, the London-listed group said it’s cashflow would return to black in 2024 onwards. Bosses at the group expect adjusted earnings before interest, depreciation and amortisation [...]
888 targets revenue of more than £2bn in 2025 November 29, 2022 Gambling giant 888 is aiming high, revealing a targeted revenue of more than £2bn in 2025 – over twice the revenue it reported in 2021. Ahead of its Capital Markets event later today, the firm, which recently acquired rival William Hill, said it expects adjusted core profit for the year to be in the range [...]
Revenue jumps for Wise thanks to customer flurry November 29, 2022 Wise said revenue climbed in the half year as the customer base balloons for the London-based fintech company. The money transferring service moved over £51bn for customers globally in the first half of the year, 49 per cent more than the previous year. As such, Wise said revenue also climbed 55 per cent from 2021 [...]
AstraZeneca buys therapy firm Neogene for £266m in latest bid to tackle cancer November 29, 2022 AstraZeneca has bought cancer cell therapy company Neogene Therapeutics for $320m (£266m), in the company’s latest investment in its oncology offering. The deal, which is set to close in the coming months, will see AstraZeneca pay $200m as cash in hand, and another $120m if Neogene meets certain milestones. The British-Swedish pharmaceutical giant, behind one [...]
Music to Spotify’s ears: Watchdog says streaming intervention not needed November 29, 2022 The competition regulator said it will not intervene in the music streaming market, deeming the industry valuable to both artists and consumers. In its final report published this morning, the Competition and Markets Authority (CMA) found that consumers actually benefited from digitisation and competition between music streaming services. Prices for consumers have fallen by more [...]
City workers are ignoring ‘ego driven’ calls to return to offices November 29, 2022 City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report. Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the [...]
Exclusive: Business rates hike a ‘ticking time bomb’ for London economy, Mayor warns November 29, 2022 Thousands of squeezed London businesses are now facing a “ticking time bomb” in the form of coming tax hikes, London Mayor Sadiq Khan has warned. Khan revealed to City A.M. last night that business rates will increase in 28 of the capital’s 32 boroughs in 2023, just as the UK is predicted to go into [...]
The man behind the O2 says Brits back ‘good times’ in the face of recession November 29, 2022 The man behind London’s The O2 says that despite cost of living concerns, people are still spending big on events, with the consumer mindset shifting to “having good times”. Paul Samuels, who heads up global partnerships at events giant AEG, told City A.M. that the arena is yet to see a dip in visitors amid [...]