Ladbrokes Coral’s shares are on the up as bad run of results fails to hamper annual performance January 18, 2017 Ladbroke Coral's share price jumped over three per cent this morning after revealing its results are on track to fall in line with expectations. The figures Operating profit is expected to be in the range of £275m-£285m. The formerly separate entity Coral contributed around £179m of this with the original Ladbrokes division generating £101m. The profits [...]
Premier Foods warns on profits (but at least mince pie sales are up) January 18, 2017 Premier Foods has not made an exceedingly good start to 2017 – its shares dived today after it warned on profits. The figures The food manufacturer, whose brands range from Bisto to Mr Kipling and 80s stalwart Angel Delight, said sales in its third quarter were down one per cent at £251.4m, despite a strong December. Branded sales [...]
Despite cost pressures, JD Wetherspoon predicts results will be slightly better than anticipated January 18, 2017 JD Wetherspoon is feeling the pinch as costs are set to rise over the financial year, but chairman Tim Martin said the company is cautiously predicting its results will be slightly better than forecast after positive half-year earnings. The figures In the first half of the year to 15 January, like-for-like sales increased by 3.4 per cent and total sales [...]
Business rates block foreign investment into UK retail January 18, 2017 Sky-high property taxes are making foreign companies think twice about expanding in the UK. Business rates have increased markedly since they were introduced in 1990, and have now become a barrier to foreign investment, according to a new report. A paper from shopping centre owner Intu and shopping centre representative group Revo has recommended business rates [...]
IP-No: High street accessories and jewellery chain Claire’s cancels US float January 17, 2017 Accessories chain Claire's, a staple of UK high streets and US malls, has abandoned plans for an initial public offering in the States more than three years after filing for a flotation. The company, which was bought for $3.1bn by Apollo Management in 2007, had sought to raise $100m (£83m) when it filed for its IPO in [...]
Patisserie Valerie owner nears takeover of upmarket chain founded by Raymond Blanc January 17, 2017 The owner of Patisserie Valerie is nearing a deal to take over an upmarket bakery chain founded by celebrity chef Raymond Blanc. City A.M. understands Patisserie Holdings came out on top in a competitive bidding process for 13 Maison Blanc sites and has agreed terms for a deal, with the final details being ironed out. Kout [...]
Shoppers spent £133bn online last year, but the internet is hitting margins January 17, 2017 UK retailers raked in £133bn online last year as the internet's importance for the retail industry continued to grow. Research from IMRG and Capgemini shows that shoppers spent £18bn more online in 2016 than they did the year before, a growth of 16 per cent. Read more: John Lewis will cut staff bonus as profit comes [...]
US toymaker Mattel names former Google Americas president as new chief executive January 17, 2017 Mattel announced today it has named a new chief executive to help put a stopper in floundering sales. Margaret Georgiadis, who previously worked as president of Americas at Google, will take to the helm of the US toymaker 8 February. Georgiadis is set to replace Christopher Sinclair, who had only taken up the role as chief exec in 2015. He [...]
Not so sunny: Low demand pushed profits down for Caribbean travel group Elegant Hotels January 17, 2017 Elegant Hotels faced a tough year as profits fell during 2016 due to the weak pound and lower demand for luxury accommodation. The figures The Caribbean travel group, which owns six upscale hotels and a beachfront restaurant on Barbados, said revenue was down 5.2 per cent in 2016, at $57m (£46.3m). Adjusted pre-tax profit for year to [...]
Hotel Chocolat’s revenue is up and chief exec Angus Thirlwell is “quietly confident” for the year ahead January 17, 2017 British chocolatier Hotel Chocolat has said it is "quietly confident" for the year ahead after posting increased revenue for the six months to 25 December. The figures Total group revenue for the period was up 16.2 per cent compared with the prior year, or 14.6 per cent on a constant currency basis. The chocolatier opened 10 new stores during [...]