Primark owner warns benefit of sterling’s fall will only last so long February 27, 2017 Primark owner Associated British Foods' (ABF) share price edged downwards this morning after it warned its boost from the devaluation of sterling will fade later in this year. The figures In its trading update, ABF said it expects Primark sales to be 11 per cent higher, when measured at constant currency, but that this growth would be "driven [...]
Primark import costs expected to hit sales margins February 26, 2017 Primark's tightening margins could cause concern for its owner, Associated British Foods (ABF) and shareholders next week when the company releases its next trading update. Import costs have risen for the clothing retailer since the pound weakened, with 3 in every 4 of Primark's purchase invoices being billed in US dollars. Yet the budget brand [...]
January gym bunnies have sent visits to this budget chain soaring February 26, 2017 One of the UK's fastest-growing budget gym chains received a massive boost during January, as exercise enthusiasts bent on achieving their New Year's resolutions went crazy for cardio and whacky for workouts. Pay-as-you-go The Gym Group said the number of people with visiting its branches rose 21 per cent in the year to January – that's [...]
Ladbrokes Coral loses £71m tax avoidance court case after long standing battle with HMRC February 25, 2017 Bookmaker Ladbrokes Coral has lost a £71m tax avoidance court battle with the taxman after using a once-legal loophole to minimise its tax bill. Ladbrokes drafted in Big Four beancounters Deloitte in 2008 to create a scheme that artificially manufactured a fall in the value of the shares of one of the group subsidiaries. This generated [...]
A spirits union is calling for Nissan-style guarantees for the Scottish whisky industry during Brexit negotiations February 24, 2017 Workers in the £5bn Scottish whisky industry should be given Nissan-style protections in Brexit negotiations, union works have said. GMB, the union for whisky and spirits workers, has written to Scottish Secretary David Mundell to call for measures to safeguard an estimated 160,000 jobs related to the industry. More than 40,000 UK jobs are directly supported by [...]
Britain exported more gin than ever last year, generating nearly half a billion pounds February 24, 2017 The results are in: British gin smashed its export record in 2016, official figures have shown. Research by HM Revenue and Customs suggest the UK fuelled the world's gin craze last year, exporting more gin than ever last year, selling booze worth £474m, up 12 per cent from 2015. If current trends continue, exports of gin will hit the [...]
William Hill reveals encouraging signs after a year to forget in 2016 February 24, 2017 William Hill put on a brave face on its full-year performance this morning with the firm's share price rising nearly one per cent after the bookmaker delivered figures that were in line its revised guidance. The figures Net revenue was up one per cent to £1.6bn but adjusted operating profits dived 10 per cent to £262m. [...]
Pulling the plug: Howden forced to increase prices for its kitchenware February 23, 2017 Kitchenware supplier Howden Joinery Group's share price closed down 0.52 per cent today after the company posted strong profit growth, but said it had been forced to increase its product prices. The figures Group revenue rose from £1.22bn in 2015 to £1.3bn last year, a growth of seven per cent. Profit before tax was up [...]
John Lewis to cut almost 400 jobs February 23, 2017 John Lewis is cutting around 380 jobs as it shakes-up parts of its home and catering businesses. Around 773 employees at the department store will be entering a consultation period, during which the business will assess whether to keep them on for the 386 jobs it is creating in other areas. Read more: The 30 [...]
Intu boss David Fischel : The UK is way out of line with its international peers on business rates February 23, 2017 Intu ruled the FTSE 100 roost this morning after the shopping centre giant increased its dividend, despite reporting a fall in profits. The retail property group's profits dropped more than 60 per cent but its dividend was up two per cent, at 14p per share. Revenues grew four per cent to £594.3m, from £571.6m the year before. While [...]