Serco grows revenue for first times since 2013 as outsourcer puts past behind it February 26, 2020 Outsourcing giant Serco posted its first year of revenue growth since 2013 and paid its first dividend since 2014 as the firm entered the new decade in style. Shares in the firm rose over three per cent over the day’s trading. The figures Revenue grew 15 per cent in 2019, from £2.8bn in 2018 to [...]
Crossrail 2 should be funded this year, says government adviser February 26, 2020 Crossrail 2 should be one of Boris Johnson’s top infrastructure priorities and get a funding commitment this year, according to a key government infrastructure adviser. The National Infrastructure Commission released its annual report today, saying the £41bn north-south train line should immediately get the go ahead. The project is under a cloud of uncertainty due [...]
Global car sales set to fall in 2020 as coronavirus fears grip February 26, 2020 Moody’s has lowered its forecast for global car sales for 2020 as the continued coronavirus outbreak reduces demand and disrupts automotive supply chains around the world. The ratings agency expects global automobile unit sales to decline 2.5 per cent in 2020, narrowing from a 4.6 per cent drop in 2019, but worsening from the 0.9 [...]
Eddie Stobart shares open 93 per cent down following suspension February 26, 2020 Shares in trucking business Eddie Stobart resumed trading today after a lengthy hiatus, plunging 93 per cent on their pre-suspension price. The business was forced to suspend its shares after an accounting scandal meant it was unable to publish its results. In December, shareholders backed a £55m rescue package from private equity firm Douglas Bay [...]
Virgin Galactic shares stall as space tourism firm posts $73m loss February 26, 2020 Richard Branson-founded Virgin Galactic fell to a $73m loss in the final quarter of 2019 as the space tourism firm announced it had received twice as many registrations for its space flight programme. The loss, which has widened compared to the same period last year, meant that Virgin Galactic’s share price, which has risen nearly [...]
Heathrow soars to ninth year of growth as third runway decision looms February 26, 2020 Heathrow Airport posted its ninth consecutive year of passenger growth as stakeholders gear up for tomorrow’s judicial review decision on whether the third runway expansion project can go ahead. The transport hub also said that though it was closely monitoring the coronavirus outbreak, it does “not expect [it] to have a material negative impact on [...]
Peugeot owner PSA roars to record profit as group prepares for Fiat merger February 26, 2020 Peugeot manufacturer PSA Group offset a slump in vehicle sales across European markets as it posted a record profit in 2019, ahead of its merger with Fiat Chrsyler later this year. However the firm said that an industrial shutdown in China as a result of the coronavirus outbreak could knock its supply chain, leading to [...]
UK power storage firm wins £35m investment from Japanese tech giant February 25, 2020 A UK company developing technology to store power more efficiently has won a key investment from a Japanese technology firm. Highview Power, which plans to store renewable energy by using liquid air announced the $46m (£35m) investment from Sumitomo Heavy Industries today. The money will be used to help export the “CRYOBattery” technology around the [...]
Crossrail reviews safety procedures after a string of ‘near misses’ February 25, 2020 Crossrail has conducted a review of its safety assessment measures, after a spate of incidents where construction workers almost seriously injured. City A.M. exclusively reported in December that “high risk incidents” in the construction of the £18.25bn train line doubled last year. These incidents, known as as high potential near misses, “could have resulted in [...]
Tourism body calls on government to rethink immigration policy February 25, 2020 A trade body representing the UK’s travel and tourism industry has called on the government to rethink its new immigration policy or risk “undermining the business model of many UK companies”. ABTA, the Travel Association, has today released a paper demonstrating the importance of non-UK workers to the UK travel industry which outlines the challenges [...]