Paddy Power owner Flutter’s profit falls on UK tax blow February 27, 2020 Betfair and Paddy Power owner Flutter posted tumbling 2019 profit today as UK gaming taxes and the firm’s increased investment in the US both took their toll. The figures Profit before tax plunged 38 per cent year on year to £136m despite a 14 per cent hike in revenue to £2.14bn. Earnings per share also [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Walmart in talks to sell controlling stake in Asda February 26, 2020 Asda’s owner, the US retail titan Walmart, is in early-stage talks about selling a controlling stake in the UK supermarket, the two firms revealed today. Walmart, the world’s largest retailer, said the discussions had begun after “inbound interest” from a small number of firms. The announcement came just under a year after Asda’s planned £7.3bn [...]
Revolution Bars signals return to expansion as turnaround plan progresses February 26, 2020 Revolution Bars Group today signalled it plans to target expansion opportunities in the next financial year as it makes progress with its turnaround plan. The figures Revolution Bars Group posted a 20.5 per cent jump in adjusted profit before tax from £2.9m to £3.5m in the 26 weeks to 28 December. Group like-for-like sales increased [...]
Ted Baker sheds 160 jobs in cost cutting drive February 26, 2020 Struggling fashion brand Ted Baker has announced it will cut 160 jobs in a bid to reduce costs after a “challenging year”. The retailer said today that a reorganisation of head office and business functions would result in 102 redundancies, while 58 jobs that are currently vacant will not be filled. It expects the shake-up [...]
Danone cuts forecasts over coronavirus fears February 26, 2020 French food giant Danone this morning lowered its sales and profit margin forecasts for this year as it warned on the impact of coronavirus. The figures However, Danone’s shares rose per cent this morning after it reported 2019 like-for-like sales growth of 2.6 per cent to €25.38bn Earnings per share growth last year was 8.3 [...]
Coronavirus: Guinness owner Diageo warns on £200m profit hit February 26, 2020 Drinks manufacturing giant Diageo has warned it expects to take a profit hit of up to £200m due to the impact of coronavirus, which has seen bars and restaurants close and events cancelled across Asia. Diageo – the owner of Guinness, Johnnie Walker whisky and Smirnoff vodka – this morning said group organic sales could [...]
Upper Crust owner SSP warns over coronavirus profit hit February 26, 2020 Upper Crust owner SSP Group has warned it expects to take a £5m profit hit in February as sales in the Asia Pacific region halved this month due to the impact of coronavirus. SSP, which operates across travel hubs, said falling passenger numbers across the region – which counts for eight per cent of total [...]
The Restaurant Group scraps dividend and eyes 90 site closures February 26, 2020 The Restaurant Group has suspended its dividend as it announced plans to ramp up Frankie & Benny’s and Chiquito site closures to focus on its Asian-fusion chain Wagamama. The figures Restaurant Group’s shares dipped 3.1 per cent in early trading as it announced it will scrap its dividend to focus on a new strategic plan. [...]
McColl’s suspends dividend as it swings to £100m loss February 26, 2020 Convenience store McColl’s sank to a huge £100m loss in 2019 as it warned investors it will cancel their dividend today. McColl’s swung deep into the red last year, falling to a loss of £98.6m before tax, down from a 2018 profit of £7.9m. The retailer warned in December that it would miss profit expectations [...]