Thomas Cook share price crashes as it suffers ‘grim’ £1.45bn loss and issues fresh profit warning May 16, 2019 Thomas Cook shares plunged today as it issued a fresh profit warning and revealed a stunning £1.45bn loss in the six months to the end of March, after booking a £1.1bn goodwill impairment relating to a merger from over a decade ago. Read more: Thomas Cook shares leap following Lufthansa bid for airline business The [...]
Logistics firm Wincanton raises profits despite fall in revenue May 16, 2019 Small cap logistics firm Wincanton boosted profits in its latest financial year despite slipping revenues, sending shares up 1.6 per cent to 260p in early trading. Read more: Wincanton cashes in on Brexit uncertainty The figures Profit before tax increased 6.3 per cent year on year to £49.3m in the 12 months to the end [...]
Storms and abandoned nuclear projects take chunk out of National Grid profits May 16, 2019 Profits fell by a third at National Grid last year it said a day after being thrown into the centre of a debate over nationalisation. The figures The FTSE 100 grid operator lost 31 per cent of its profit before tax, down to £1.84bn in the year ending March, it said this morning. Read more: [...]
Cost overruns mean London may suck up benefits of HS2 and short-change the north, Lords warn May 16, 2019 London risks reaping all the rewards from HS2, leaving the north "short-changed", a stinging House of Lords report has warned today. The costs of the £56bn railway "do not appear to be under control" and the government must find ways to reduce them so that the second phase of the railway, based in the north, definitely gets built, [...]
Labour plans to nationalise power grid would delay green transition, firms say May 15, 2019 The businesses which supply power to British homes have hit out at Labour after it revealed plans to bring the electricity grid back into public hands. National Grid, which has run the networks since privatisation in 1990, today took aim at the party’s ambitions, saying its business was creating a framework to help Britain reduce its [...]
Crossrail is paying drivers £13m a year to practise while they wait for Elizabeth Line to open May 15, 2019 Crossrail is spending nearly £13m a year on drivers who are spending their time practising as they wait for the delayed railway to open in two years' time. Read more: Crossrail bosses blasted for 'driving up costs' on London's £17.6bn project The numbers were revealed after Gareth Bacon, the Tory leader in the London Assembly, asked [...]
Trainline owner mulls £1bn sale as IPO plans build up head of steam May 15, 2019 The owner of ticketing firm Trainline is reportedly exploring a sale of the company alongside plans for a £1bn stock market listing. Read more: UK's biggest travel booking app Trainline considers £1bn flotation US investment giant KKR, which has owned Trainline since 2015, has approached a number of private equity groups to gauge interest in [...]
Stobart names new chairman after boardroom battle with former chief Andrew Tinkler May 15, 2019 Stobart has chosen a new chairman to succeed the incumbent Iain Ferguson, who was at the centre of a boardroom battle last year with former chief Andrew Tinkler. The aviation and energy giant has announced that David Shearer, a former senior partner at Deloitte in Scotland and Northern Ireland, will join the Stobart board as a [...]
Tui losses widen as grounded Boeing planes weigh on travel operator May 15, 2019 Tensions on the Mexican border helped widen losses at tour operator Tui as US customers lost interest in travelling to their southern neighbour. The company downgraded its guidance for the full year, after its Boeing 737 Max fleet was grounded. The figures Losses before income tax grew by 47.5 per cent in the first half [...]
Leaked document reveals Labour plan to nationalise UK energy network at below market value May 14, 2019 Labour leader Jeremy Corbyn has devised proposals to take control of the UK’s energy networks in a plan that industry groups said could increase bills and slow decarbonisation. A Labour party document reveals Corbyn’s plan to nationalise energy companies “immediately” following a general election win. Read more: World could face energy shortage as investment lags [...]