One in three retail sales: Shoppers to spend record £120bn online this year July 28, 2021 Following a surge in online sales in 2020 thanks to Covid-19 and three strict lockdowns, UK shoppers are expected to further increase their spending as new data forecasts £120.5bn in online purchases this year alone. Online sales in the UK saw an increase of 46.5 per cent in 2020, with British consumers spending £110.6bn online [...]
Morrisons: Singapore’s wealth fund GIC joins Fortress’ £6.3bn takeover deal July 28, 2021 In an unexpected turn of events, Singapore’s sovereign wealth fund joined this morning forces with the private equity-led consortium seeking to buy Morrisons in £6.3bn deal. Bosses at the supermarket giant agreed the takeover move, led by institutional investor Fortress, earlier this month. However, last night, Morrison’s largest shareholder, Silchester International, said it will not [...]
Music Magpie posts rise in profit after London IPO July 28, 2021 Tech resale site Music Magpie has posted a rise in revenue and profit in its first interim results since floating on the London Stock Exchange earlier this year. The online retailer, which allows consumers to exchange old devices such as phones and game consoles for cash, reported adjusted pre-tax profit of £4m in the six [...]
Betting firm Sportech lists on Aim after move from London’s main market July 28, 2021 Betting firm Sportech began trading on Aim this morning after shifting its shares from London’s main market in the wake of pandemic losses. The London-based company last month said it would delist from the primary London Stock Exchange and trade instead on the capital’s junior market. Sportech said Aim was more suited to the company’s [...]
British American Tobacco smoking alternatives revenues take off July 28, 2021 British American Tobacco has seen its smoking alternatives take off, as the new products brought in £883m alone and customers increased at their highest rate yet. Its smoking alternatives like vape, tobacco heating and modern oral products brought in more than 40 per cent more revenue in the six months to 30 June than in [...]
DaBaby’s Boohoo deal in doubt after rapper’s homophobic rant at concert leads to backlash July 27, 2021 FTSE-listed online fashion giant Boohoo has today swiftly condemned an onstage rant by one of it’s fashion line colab partners, DaBaby, as it mulls ditching the rapper from its stable of stars that hawk its clothing lines. DaBaby, a US rapper who features on the Due Lipa US top 10 hit Levitating, has a fashion [...]
Games Workshop shares slump despite sales surge over lockdown July 27, 2021 Games Workshop shares slipped today despite the gaming and miniature figures retailer recording a spike in sales as Brits got on its ware to relieve lockdown. The Nottingham-based firm’s pre-tax profits surged 69 per cent, hitting nearly £151m in the year to 30 May. Revenue rose 31 per cent to £353m due to a hike [...]
Reckitt rakes in £6.5bn revenue but underwhelmed investors see shares sink July 27, 2021 Consumer goods company Reckitt raked in just over £6.5bn in revenue in the past six months, though it fell short of analysts’ sky-high sales expectations. The FTSE 100-listed firm was buoyed by its strong second-quarter revenue, which pulled in some £3bn after selling its Chinese infant formula business for around £1.5bn in June. Shares were [...]
Meet Shein: The secretive Chinese fast-fashion firm taking over online retail July 27, 2021 Taking the Tube at the minute can still, at times, feel like time travel. Around you are slightly tattered posters for theatre productions that haven’t been on stage for more than a year; ads for movies touted for cinema release that ended up quietly released to Netflix with little fanfare. Amongst these relics of a [...]
Lorry driver shortage ‘could hit Black Friday and Christmas’ July 27, 2021 A senior executive at one of the UK’s largest logistics companies has warned that supply chains are facing six to 12 months of pressure due to the current shortage of lorry drivers. Ian Keilty, chief operating officer at FTSE firm Wincanton, said that both Black Friday and Christmas shopping could be hampered by the shortfall. [...]