Pearson share price jumps as it unveils plans to cut 4,000 jobs and reduce headcount by 10 per cent. January 21, 2016 Another day, another massive set of job cuts. Publisher Pearson, which last year sold off its stakes in the Financial Times and The Economist, has announced plans to cut 10 per cent of its workforce – about 4,000 jobs – in an effort to "simplify" its business. In interim results today, the company said it [...]
UK car manufacturing hits its highest in a decade as UK exports autos to more than 100 countries January 21, 2016 The markets may be in turmoil and growth may be teetering on the brink – but British car manufacturers are having a ball. Figures by the Society of Motor Manufacturers and Traders (SMMT) said manufacturers in the UK made 1,595,697 vehicles in 2015 – more than any year since 2005. Manufacturers also exported a record [...]
Halfords’ share price jumps as company cuts costs to keep profit on track January 21, 2016 Halfords's share price jumped this morning after the group cut back expected costs in its retail arm, enabling it to keep its profit guidance unchanged following muted third quarter sales. The figures Total revenues for the 15 weeks to 15 January were up 0.4 per cent across the group, but for its retail division sales actually fell 0.3 per [...]
FTSE 250-listed NCC Group share price soars on rising profits and sales boosted by cybercrime fears January 21, 2016 Cybersecurity firm NCC Group has reported soaring sales and profits as growing cybercrime fears drive its results skyhigh. The figures The FTSE 250-listed cybersecurity firm reported revenue up by 50 per cent to £93.5m in its half-year results to 30 November 2015. Adjusted operating profit was up 26 per cent to £15.7m, from £12.4m during [...]
Royal Mail’s share price rises as strong Christmas helps it deliver results in line with expectations January 21, 2016 Royal Mail's share price climbed this morning, after posting solid results covering the crucial Christmas period, giving the venerable institution confidence that full year figures will come in line with expectations. The figures Group revenue for the company – which is celebrating its 500th birthday this year – nudged up one per cent for the nine [...]
SABMiller’s sales hit hard by plunging emerging market currencies ahead of megabrew deal with AB InBev January 21, 2016 Currency headwinds are still causing SABMiller headaches ahead of its £71bn takeover by rival AB InBev, but the brewer is on a tear in emerging markets. The figures SABMIller’s revenue was down eight per cent in the three months to the end of December, and nine per cent in the year to date. On an [...]
Monitise to break even by the second half, despite restructuring costs hurting the bottom line in H1 January 21, 2016 Digital payments group Monitise has said cash flow will drop below guided levels as the cost of restructuring bites – but claims it will be turning a profit by the second half of the current financial year. In the six months to 31 December, the company said it expected revenues to come in at around £33m, while [...]
Advertising Standards slams telcos over broadband prices January 21, 2016 Apparently Britons are struggling to work out the cost of broadband contracts – but don’t worry, it’s not entirely due to a lack of mathematical ability. The Advertising Standards Authority (ASA) has teamed up with the communications watchdog Ofcom to censure broadband providers over the way they advertise their services. According to research commissioned by [...]
Budget fitness chain Pure Gym launches upmarket cycling studio in the City January 21, 2016 Budget fitness chain Pure Gym has gone upmarket after launching a luxury fixed cycling studio in the City. The company, which is eyeing a stock market float, said Pure Ride opened today at Moorgate will offer up to 60 cycling classes a week, including high-intensity workouts developed with Olympic cycling champion Sir Chris Hoy. Classes cost between £16 and £20 per session [...]
Deutsche Bank will make its first full year loss since 2008 as it faces huge legal and restructuring costs and challenging markets dry up revenues January 20, 2016 Deutsche Bank has warned investors it expects to report a €6.7bn (£5.15bn) loss for the fourth quarter of 2015. The €6.7bn net loss comes as a result of €1.2bn in legal costs, as well as €800,000 in restructuring fees and severance pay, mainly for the retail bank for private and business clients. The bank is expecting [...]