BritBox launches in the UK – but can it challenge Netflix? November 7, 2019 BritBox, the new streaming service from the BBC and ITV, has launched in the UK this morning as broadcasters attempt to muscle in on the lucrative online television market. The platform, which announced this morning that it would also feature content from Channel 4 and Channel 5, is entering a crowded market, with market leaders [...]
Flutter boosts revenue ahead of £11bn Stars merger November 7, 2019 Gambling operator Flutter Entertainment boosted revenue 10 per cent in the third quarter ahead of its £11bn merger with Stars Group. Flutter – previously Paddy Power Betfair -said revenue in the quarter to 30 September rose 10 per cent to £533m. The company also upped its profit guidance for its US business after revenue grew [...]
Auto Trader revs up profit despite car market challenges November 7, 2019 Auto Trader – the UK’s largest new and used cars marketplace – reported a jump in revenue and profit in the first half of the year despite the challenges facing the UK car industry. The figures Shares in Auto Trader jumped as much as five per cent after the online car dealer reported that revenue [...]
Superdry revenue drops as rescue plan gets underway November 7, 2019 Superdry reported a sharp drop in revenue in the first half of the year as chief executive Julian Dunkerton began his rescue plan to revive the struggling retailer. Revenue declined 11.3 per cent to £367.8m in the six months to 26 October reflecting the beginning of an “expected year of reset”. Read more: Investors back [...]
Halfords’ revenue and profit dip as it snaps up garage chain November 7, 2019 Revenue and profit at Halfords fell in the first half of the year, the bicycle and car maintenance retailer said today. Halfords also announced today it had acquired independent garage chain McConechy’s Tyre Service in a £9.3m deal. Profit before tax slipped 2.5 per cent to £27.5m in the six months to 27 September from [...]
Sainsbury’s half-year profit plunges 92 per cent November 7, 2019 Sainsbury’s has suffered a 92 per cent drop in half-year profit, as costs from store closures took a toll on the grocer’s balance sheet. Read more: Sainsbury’s former boss wants government to halve business rates and raise VAT The figures Statutory pre-tax profit fell from £107m last year to just £9m in the three months [...]
TheWorks share price crashes after issuing profit warning amid caution over crucial Christmas trading period November 7, 2019 Discount arts-and-craft retailer TheWorks.co.uk has warned that profit will miss expectations this year, sending shares plummeting roughly 40 per cent this morning. The value business has reported a 1.9 per cent drop in like-for-like sales, which it said reflected a “difficult consumer backdrop” over the 26 weeks to the end of October. Read more: Sainsbury’s [...]
DEBATE: Will the M&S venture with Ocado turn around its fortunes? November 7, 2019 Will Marks & Spencer’s joint venture with Ocado turn around the struggling retailer’s fortunes? YES, says Adam Vettese, investment analyst at multi-asset investment platform eToro When you think of Marks & Spencer, you think of food. And not just any food, but top-quality food. In fact, food is so important to M&S that it now [...]
Airbnb has promised to verify all of its properties – 11 years after it was founded November 6, 2019 Airbnb has said it will verify all properties on its website, after an investigation uncovered a series of scam listings. Last month, Vice News revealed a string of false or misleading rental properties posted on the platform. The tech company said it would review every property by December next year. It also said it would [...]
Pizza Express owner to pay down debt pile with £80m cash injection November 6, 2019 The Chinese owner of restaurant chain Pizza Express has launched a tender offer to buy up £80m of the company’s unsecured bonds, as it looks to allay concerns about the firm’s financial future. Chinese private equity firm Hony Capital, which bought the company in 2014, appointed financial advisors before crucial talks with creditors last month [...]