Morrisons (MRW) share price dips at the open after it reports annual profits and sales growth for first time since 2012 March 9, 2017 Morrisons has reported a 50 per cent increase in profit for the year to 29 January, with turnover and earnings growing despite store closures. The figures Turnover was up 1.2 per cent to £16.3bn, from £16.1bn the year before. Profit before tax rose by 49.8 per cent, to £325m from £217m, while underlying pre-tax profit was [...]
Budget 2017: Government announces plans to crack down on VAT evasion March 8, 2017 The government is cracking down on overseas traders that avoid paying UK VAT. In the Spring Budget today the Treasury has said that it will be putting in place measures to stop traders from undercutting UK businesses online by charging less and not paying tax on UK sales. To draw up a new collection method for VAT, [...]
Budget 2017: Alcohol duties set to rise as the chancellor makes no changes to planned increases March 8, 2017 Alcohol duties are set to rise as Philip Hammond today said he will make no changes to "previously planned upratings". The duty rates on beer, cider, wine and spirits will increase with inflationary rises, or 3.9 per cent. The British Beer and Pub Association (BBPA) said the rise will cost pubs around £125m. Brigid Simmonds, chief executive [...]
Budget 2017: The sugar tax will raise less revenue than expected (but it’s a good thing) March 8, 2017 The chancellor today set the rate for the so-called sugar tax, but he said sugary drink producers have already worked to reduce the quantity of the sweet stuff in their drinks, which means a lower revenue forecast for his tax. "This is good new for our children," said Philip Hammond during his Budget speech. Drinks with a total sugar [...]
Budget 2017: The new cigarette tax will be based on a pack price of £7.35 March 8, 2017 A new minimum excise tax (MET) will raise prices of the cheapest cigarettes. During his Budget speech today, chancellor Philip Hammond said the so-called floor on cigarettes is based on a pack price of £7.35. An MET is effectively a floor price that will hike the price of low-cost brands in an effort to encourage smokers to quit rather than switch [...]
London-listed vodka producer Stock Spirits’ profits up despite shareholder scuffle and challenges in Polish market March 8, 2017 London-listed Polish vodka producer Stock Spirits' net profits have soared despite challenges in its Polish market and attacks from an activist investor. The figures Stock Spirits's net profits have soared 46.4 per cent to €28.4m (£24.6m). However, net sales were down 0.6 per cent to €261m (£226m) from €262.6m a year before. The drinks giant has acquired three alcohol [...]
Property fund Pradera, backed by UK private wealth partnership LJ Partnership, buys 25 Ikea retail parks across Europe in €900m deal March 8, 2017 A retail property fund and asset manager has agreed a €900m (£780m) deal for 25 Ikea retail parks across Europe. Pradera, which is backed by UK-based private wealth partnership LJ Partnership, is buying centres in eight countries across the continent as part of the deal. The retail parks, situated next to Ikea stores, comprise around 500 [...]
Adidas’ share price is fighting fit after German retailer ups its income guidance March 8, 2017 Adidas' share price has jumped over seven per cent in morning trading after the company posted income growth over the €1bn (£870m) mark and increased its income guidance. The figures In Western Europe, Adidas' biggest market, sales increased by 17 per cent in 2016, growing to €5.29bn from €4.54bn the year before. Net income for the group jumped 51.2 [...]
The Restaurant Group’s share price has jumped as it reveals its turnaround plan after a tough 2016 March 8, 2017 After a challenging 2016, The Restaurant Group (TRG) said it is ready to pursue a new turnaround plan to grow its business. The figures The Frankie & Benny's owner said total like-for-like sales fell 3.9 per cent while revenue increased 3.7 per cent to £710.7m, in line with expectations for the year to 1 January. Adjusted pre-tax profit [...]
John Lewis tarnished by Apple Watch advertising scandal March 8, 2017 John Lewis' squeaky-clean image has been tarnished after it pulled an Apple Watch promotion from its website. The department store disappointed a customer over its Black Friday sales event when it advertised Apple Watches on sale for £249, a price-match offer which was part of the retailer's promise to be "never knowingly undersold". Read more: [...]