War, what is it good for: BAE Systems announces bumper dividend August 2, 2023 BAE reported profits of £1.23bn this morning and upped its dividend by 11 per cent year-on-year, as it continued to cash in on increased UK defence spending and soaring demand amid the war in Ukraine. Britain’s premier defence contractor saw an order intake of £21.1bn in the first half of 2023, resulting in a record [...]
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]
Here is the first glimpse of London Underground’s 94 new (air conditioned) Piccadilly Line trains August 1, 2023 London is close to welcoming 94 new shiny new Piccadilly Line trains, after the first of a new Siemens-built batch went for testing in Germany. Transport for London said the state-of-the-art tube trains had gone for trials at a test and validation centre in Wegberg-Wildenrath, Germany. Consisting of nine carriages, the trains came off the [...]
Uber makes operating profit for the first time in its history August 1, 2023 Uber reported an operating profit for the first time in its history in its second quarter results today.
Chemring shares jump on launch of £50m share buyback August 1, 2023 Chemring today launched a £50m share buyback programme prompting shares in the British aerospace technology supplier to jump over 4 per cent. The FTSE-250 firm said it would purchase up to 28.4 million ordinary shares, with its dividend policy “unaffected.” Michael Ord, Chemring’s chief executive, said the programme would “provide us with additional flexibility to [...]
BMW warning over inflation and supply chain issues pressure sends shares down August 1, 2023 BMW lifted its annual outlook for its margin on earnings before interest and taxes in its automotive segment on Tuesday, but warnings of the impacts of supply chain challenges and inflation prompted a sell off from investors. The carmaker’s forecast mirrored that of competitors such as Mercedes-Benz which also raised their earnings outlook but warned the macroeconomic [...]
Aston Martin raises £216m to clear debts and bolster EV transition August 1, 2023 Aston Martin said it had successfully raised £216.1m through a share placing scheme this morning, in order to pay down debts that have held back the business over the last few years and bolster its electrification strategy. The luxury marque said that just over 58 million shares had been distributed, raising proceeds of £216.1m at [...]
Toyota doubles profits as EV push ramps up August 1, 2023 Toyota Motor Corp nearly doubled its profits in its first quarter results, on the back of strong sales and an improved supply of semi-conductors. The Japanese automaker saw operating profits for the period between April and June rise 94 per cent to 1.2trn yen (£6.12bn), up from 578.66bn yen (£3.15bn) year-on-year. Sales revenues jumped 24.2 [...]
Aston Martin to launch £210m share placing to reduce debt August 1, 2023 Luxury carmaker Aston Martin aid on Monday it will launch a £210m share placing to speed up its aim to reduce net leverage. Shareholders, who are represented on board, have committed to subscribe £184m, of which £115m worth of shares will be bought by Yew Tree Overseas, Public Investment Fund, Geely International and Mercedes-Benz AG. The [...]
London commuters are our ‘most important’ e-bike users, says Lime boss July 31, 2023 London’s commuters are our “most important” riders, the CEO of the e-bike operator Lime has said. Speaking to City A.M. Wayne Ting, Lime’s chief said that “commuting is the most important use case” for the popular vehicles as demand soars in the capital. Lime has seen a 10 per cent monthly increase in riders in [...]