Nairobi expat community puzzled by missing Brit found four days later drinking ‘keg’ in local slum bar December 13, 2022 There is widespread disbelief and somewhat bemusement among expats and locals in the Kenyan capital of Nairobi, after a British national went missing but was found four days later drinking in a slum bar on the city’s outskirts. Last Tuesday, friends of 22-year old Nelson Newbery, originally from London, sounded the alarm after the young [...]
Royal Navy contracts bump up revenues for outsourcing giant Capita December 13, 2022 Outsourcing firm Capita said its contracts with the Royal Navy had bumped up revenues in the past 11 months and it had slashed its debt levels by offloading areas of the business, as it updated the market on the year’s trading.
FinnCap swings to loss as London floats dry up December 13, 2022 FinnCap said revenues had plunged 48 per cent in the first half of the year as a slump in capital markets activity hammers profits for the City’s brokers and investment banks. In its half-year results this morning, the London-listed financial services group said it had swung to a £2.59m loss in the first six months, [...]
Aerospace tech supplier Chemring boosted by rising defence budgets December 13, 2022 Aerospace tech supplier Chemring has had its order intake grow by nearly a third, as governments upped their defence spending in the past year. The London-listed group recorded £551.5m worth of orders in the 12-month period, which boosted revenue to £442.8m. Order intake for Chemring’s countermeasures and energetics division, which includes rocket components, decoys and [...]
Insolvency specialist Begbies Traynor notches jump in profits as bankruptcies soar December 13, 2022 Insolvency specialist Begbies Traynor said it expects to see demand for its corporate recovery services swell next year as recession begins to bite, after it posted a £2.3m rise in pre-tax profits in its first half of trading today.
FRP Advisory’s restructuring team faces rising demand amid economic downturn December 13, 2022 FRP Advisory, which specialises in corporate restructuring, reported £1.2bn worth of transactions in the second half of the year as the economic downturn rattles businesses. The London-listed group said it expects an increase in demand for its services, which also include corporate finance, debt, forensics, and pensions, to continue. In a statement today, CEO Geoff [...]
City darling Hg Capital pockets £1.6bn as LSE-listed fund sells cloud business to German rival December 13, 2022 City investor Hg confirmed to City A.M. this morning the sale of Transporeon, a cloud-based transportation management software platform, to rival Trimble in a transaction valuing the business at around €1.88bn, or £1.62bn. Transporeon provides cloud-based logistics and transport management platform, enabling automation, real-time insights and collaboration on €48bn of annual freight. The sale marks the [...]
Energy bosses laughing all the way to the bank as Brits face record energy bills amid cold weather December 13, 2022 Millions of British households are expected to rake up record energy bills as have been warned their energy bills may skyrocket over the next few days as the cold weather continues to dominate the UK. It comes as the Met Office and UK Health Security Agency (UKHSA) issued a severe cold weather alert for England [...]
City Moves: Who’s switching jobs in the Square Mile? December 13, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Silbury Finance Oaktree Capital-backed lender Silbury Finance has appointed a founding director of property site Rightmove to lead its board. Board veteran Grenville Turner brings over 40 years of experience in the residential real estate and finance [...]
Exclusive: North Sea body backs hydrogen hub to power 20m homes December 13, 2022 A vast offshore hydrogen project could help power 20m homes and businesses with low carbon energy, according to the NSTA.