Flying high: Ryanair breaks another monthly record with 15.7m passengers in October November 2, 2022 Ryanair has broken yet another monthly record, with 15.7 million passengers flying during the month of October. These figures were a record high for the budget airline, who said they were up 14 per cent on pre-COVID levels. The Irish firm has continued to post a steady incline in passenger numbers, with the last few [...]
Aston Martin warns of higher costs as supply chain disruptions weigh on margins November 2, 2022 Aston Martin Lagonda Global has warned that higher costs from disrupted supply chains will weigh on margins, lowering its wholesale delivery volume forecast for the year. The London-listed company said that due to supply chain challenges and logistics disruptions wholesale volumes decreased by four per cent year-on-year to 4,060. Despite lower wholesale volumes, revenue jumped [...]
Expensive bites for millions of Brits as food inflation soars to record 11.6 per cent November 2, 2022 With even basics such as tea bags, milk and sugar seeing significant price rises, food inflation has soared to a record 11.6 per cent in October. Overall shop prices are now 6.6 per cent higher than they were this time last year – also a record – but food inflation jumped well above September’s 10.6 [...]
Olive oil maker Filippo Berio faces price hike of 35 per cent: ‘If we don’t pass it on, we go bust’ November 2, 2022 Consumers could be hit with price hikes of up to 35 per cent on olive oil next year, the managing director of Filippo Berio told CityA.M. Harvests in Spain have been impacted by a dry September, with worst-case scenario predictions that the crop could fall to the lowest level since 2012. In Andalusia, a main [...]
Next sales ahead of expectations as analysts warn ‘worst still to come’ November 2, 2022 Fashion stalwart Next posted better than expected full price sales while analysts have warned the full impact of market volatility is yet to be seen. The retailer shared a 0.4 per cent boost to sales in its third quarter versus last year. The London listed chain reiterated full year guidance for profit before tax of [...]
Exclusive: Confidence in Bank of England hits rock bottom as investors call Bailey’s hiking cycle ‘wrong’ November 2, 2022 Investor confidence in the Bank of England is close to rock bottom as the country braces itself for an eighth successive hike in interest rates tomorrow. Nearly three in four investors feel the Bank had gotten its hiking cycle “wrong”, though respondents were sharply divided over whether rises had come too fast or too slow, [...]
Smaller than expected hit from Hurricane Ian sees Hiscox weather storm November 2, 2022 Anglo-Bermudan insurance company Hiscox today said it had “performed well” in the previous quarter’s complex trading environment after taking a smaller than expected hit from Hurricane Ian. Hiscox said it expects to lose $135m (£117m) as a result of the Category 4 hurricane that made landfall in Florida this September – a sum “well within” [...]
Revenue dips for Virgin Media O2 as it eyes digital expansion and growth November 2, 2022 Virgin Media O2 posted a slight revenue dip in the third quarter, as the telecom giant rides out “an increasingly challenging macroeconomic backdrop”. Adjusted revenue was down 0.6 per cent to £2.59bn, with results dragged down by a 3.7 per cent decline in handset revenue. Total mobile revenues increased by 2.1 per cent to £1.5bn, [...]
Global companies with net zero goals on course to miss climate ambitions November 2, 2022 Nearly all global companies with net zero ambitions will fall short of their environmental goals, warned Accenture.
Exclusive: ASA chief on how to regulate adland in a world of greenwashing and crypto November 2, 2022 The UK’s advertising body made headlines last month when it banned a series of HSBC green ads for being misleading about their environmental credentials, and said any future campaigns must disclose the bank’s contribution to the climate crisis. Guy Parker, head of the Advertising Standards Authority (ASA), told City A.M. that this decision was “groundbreaking” [...]