War, what is it good for: BAE Systems announces bumper dividend August 2, 2023 BAE reported profits of £1.23bn this morning and upped its dividend by 11 per cent year-on-year, as it continued to cash in on increased UK defence spending and soaring demand amid the war in Ukraine. Britain’s premier defence contractor saw an order intake of £21.1bn in the first half of 2023, resulting in a record [...]
Haleon: Chinese re-opening powers GSK spin-off to ‘consistent’ growth August 2, 2023 Strong sales of toothpaste and painkillers contributed to healthy results for Haleon, the newly-formed consumer healthcare firm spun out of GSK last year. In the first half of 2023, the Surrey-headquartered company’s revenue increased to £5.7bn, up 10.6 per cent compared to the same period last year. This was driven by Haleon’s ‘power brands’, such [...]
Taylor Wimpey: Profit slashed almost in half by red-hot interest rates August 2, 2023 Taylor Wimpey posted a 44.5 per cent decline in operating profit in the half year, as the house builder said it was “inevitably” impacted by red hot mortgage rates which have shattered consumer confidence. The London-listed construction firm reported a 21.2 per cent contraction in revenues down to £1.6bn compared to £2bn in the same [...]
BT: Social media is top sales driver for over a quarter of UK businesses August 2, 2023 Social media is the number one force helping businesses in the UK turn a profit according to new research from BT. A survey by the British telecoms firm has discovered 28 per cent of small businesses say they generate more sales through social platforms than from e-commerce or physical stores. Facebook was crowned as the [...]
Housing crisis is not just an issue for avo-loving millennials, but one for the UK at large August 2, 2023 House prices crash – first time buyers, rejoice? Hardly. The near four per cent fall over the past year takes house prices back to where they were only a couple of years ago; and with interest rates and therefore the price of mortgages rocketing, the end result is housing remaining out of reach for all [...]
Even Farage agrees anti-money laundering laws are weapons of mass distraction August 2, 2023 Sweeping laws push the burden on to businesses and ultimately consumers, who end up accidentally caught as collateral damage of anti-money laundering laws, writes John Binns.
BP is giving back to its shareholders – but is it giving back to the UK? August 1, 2023 Energy giant BP ensured its first priority was its shareholders today, sustaining buybacks for investors even as profits started to slide.
Pfizer’s revenue drops over 50 per cent as Covid-19 vaccine sales wither August 1, 2023 US drugmaker Pfizer today reported that revenue more than halved during the second quarter of the year as global demand for its Covid-19 vaccines plummeted. It reported disappointing revenues of $12.7bn (£9.9bn) in the three months April to June – down 54 per cent, or $15bn, from the second quarter last year. Pfizer blamed the [...]
Sir Jon Cunliffe to be replaced by Sarah Breeden as Bank of England deputy governor August 1, 2023 Sir Jon Cunliffe will step down as one of the Bank of England’s chief market watchers later this year, Chancellor Jeremy Hunt has announced on Tuesday. Cunliffe, who was appointed Threadneedle Street’s deputy governor for financial stability a decade ago, will be succeeded by Sarah Breeden, also a long servant at the central bank. Breeden [...]
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]