Quiz warns over ‘tough’ sales conditions as inflation weighs on shoppers July 5, 2023 Fashion chain Quiz has posted a jump in profits for the past year but cautioned over “tough” trading conditions in recent months as shoppers come under pressure from inflation. The womenswear business said it saw a “strong recovery” over the year to March but has seen sales slide more recently. Quiz recorded a 15 per [...]
Redde Northgate has record revenue and profit as soaring van hire demand outstrips supply July 5, 2023 Vehicle hire firm Redde Northgate posted a record financial performance this morning on the back of strong vehicle hire demand, with appetite for light commercial vehicles (LCV) continuing to “outstrip supply.” The Darlington-headquartered firm saw revenues of over £1.4bn, up 19.8 per cent year-on-year with pre-tax profits at £178.7m, up 34.7 per cent. Redde Northgate [...]
Topps Tiles stays in black as soaring costs on supplies cools July 5, 2023 Topps Tiles was on track to deliver profit in line with expectations, as it was aided by strong sales in the third quarter and an easing of supply pressures. The home supplies retailer said inflationary pressures on the cost of goods and shipping costs reduced during the period, despite overall UK inflation still sitting at [...]
AO World swings back to profit thanks to reduced costs while revenue down 17 per cent July 5, 2023 AO World swung back into profit on reduced costs and better margins as the firm said it made a 17 per cent loss in revenue in its annual results. The white goods retailer said revenue decreased by 16.8 per cent to £1.1bn compared to £1.3bn in the same period last year ending 31 March, as [...]
Electric vehicle transition to drag up car insurance premiums, warns report July 5, 2023 The transition to battery electric vehicles (BEVs) will “force a whole-scale adaption of the motor insurance sector” as it struggles to find a solution to the additional costs involved in insuring the new technology, a new report has warned. BEV claims are already 25.5 per cent more expensive than their combustion engine counterparts and could [...]
Wine sector reeling as price of a bottle set to be taxed 20 per cent more July 5, 2023 Wine lovers will be taxed 20 per cent more on their favourite bottle of red or white in a month’s time, as the government steams ahead with its alcohol duty tax hikes, spelling further pain for customers and businesses. Chancellor Jeremy Hunt announced the measures as part of the Spring Budget back in March, which [...]
The Notebook: Neil Bennett on Thames Water’s future, Iceland’s remarkable recovery and Twitter’s new rival July 5, 2023 The Notebook is where interesting people say interesting things. Today it’s Neil Bennett, global co-chief executive of advisory firm H/Advisors Where next for Thames Water? However big and powerful they appear, businesses are in reality fragile creatures. Many thousands of them fail every year for all sorts of reasons, and today’s behemoth is tomorrow’s insolvency [...]
The UK must protect Hong Kong activists from China’s wrath July 5, 2023 Not too long ago, our opinion pages featured Nathan Law, the pro-democracy protestor and youngest ever Hong Kong legislator. He lives in the UK now, alongside thousands of others from the territory, hounded out of their homes by ever more draconian crackdowns ordered by Beijing and enacted by Hong Kong’s supine authorities.Now Nathan, and seven [...]
New Online Safety Bill sparks privacy and national security concerns among public July 4, 2023 The draft Online Safety Bill (OSB) has sparked security and online privacy concerns according to a new survey – although Ofcom has brushed off the scrutiny. Under the new OSB, which is in its final stages of passing through parliament, authorities could force communication providers like WhatsApp to scan online messages sent in the UK [...]
Wine sector reeling as price of a bottle set to be taxed 20 per cent more come August July 4, 2023 Wine lovers will be taxed 20 per cent more on their favourite bottle of red or white in a month’s time, as the government steams ahead with its alcohol duty tax hikes, spelling further pain for customers and businesses. Chancellor Jeremy Hunt announced the measures as part of the Spring Budget back in March, which [...]