Burberry shares jump as fashion brand expects to beat profit and revenue forecasts March 12, 2021 Burberry’s share price jumped this morning after the British fashion brand announced revenue and profit are expected to beat previous forecasts. The luxury goods giant said there had been a strong rebound in trading since December and store retail sales in the fourth quarter of the financial year will be between 28 to 32 per [...]
Hammerson widens losses as pandemic wipes £2bn off portfolio value March 12, 2021 Retail landlord Hammerson this morning posted a £1.7bn loss for last year, after the coronavirus pandemic wiped £2bn off the value of its property portfolio. Hammerson, which owns Birmingham’s Bullring Shopping Centre, said losses widened from £781m in 2019 to £1.7bn last year, primarily due to falling property values. Its portfolio value at the end [...]
Branston pickle, Cadbury flake and crumpets among top five UK exports expats craved during pandemic March 11, 2021 Demand for UK food from exporter British Corner Shop surges in US amid revenue rise by 150 per cent
Consumer business leaders to ramp up cost-cutting measures this year, survey finds March 11, 2021 The economic pain caused by the pandemic is set to continue in the consumer business sector, as most bosses said they will continue to cut costs for the foreseeable future. Research showed that 73 per cent of chief executives and chief financial officers are planning to ramp up cost reduction programmes this year due to [...]
Oxford Street: This is what the UK’s shopping destination could look like after lockdown March 11, 2021 Oxford Street – the world famous shopping destination that attracts millions of Londoners and tourists every year – is set to look drastically different when the city emerges from the latest coronavirus lockdown. An arts centre, 25 metre artificial hill and play areas in bus lanes are among the ideas that have been floated to [...]
Playtech swings to €73m loss as lockdown hits casinos March 11, 2021 Gambling software group Playtech swung to a €73m (£62.5m) loss last year as coronavirus lockdowns shuttered casinos across Europe. The FTSE 250 firm’s loss compared to a €55.9m profit in the previous year. Revenue dropped by a quarter to just over €1bn. Shares in Playtech dropped almost three per cent in morning trading. The downbeat [...]
Ted Baker bags licences to expand into Middle East, North Africa and Indonesia March 11, 2021 Ted Baker said this morning it has secured two 10-year long territory license deals, in a bid to grow further into the Middle East, North Africa and Indonesia. The retailer has extended its pre-existing Al-Futtaim agreement for retail, which now includes e-commerce rights in the Middle East and North Africa (MENA), after operating its retail [...]
Pub group Mitchells & Butlers seals £350m emergency cash raise March 11, 2021 Mitchells & Butlers today confirmed it has raised £350m in emergency funding after shareholders took control of the embattled pub group. The company, which owns Toby Cavery and All Bar One, raised £350.5m through an open offer that will see it issue 167m new shares. Mitchells & Butlers launched the cash raise last month after [...]
Marston’s boss steps down after two decades at the helm of pub chain March 11, 2021 Marston’s announced this morning that chief executive Ralph Findlay will step down this year after two decades at the helm of the pub chain. Findlay will leave on 30 September, at the end of the current financial year, and Marston’s has launched a search for his replacement. Marston’s chairman William Ricker said Findlay, who was [...]
Morrisons profit hit by £290m Covid costs March 11, 2021 Morrisons this morning announced profit dropped last year after it was hit with £290m in costs related to the coronavirus crisis. Profit before tax dropped 62.1 per cent to £165m in the year ended 31 January, the grocer said, as the impact of repeated Covid-19 restrictions saw costs mount. The supermarket spent an extra £99m [...]