Boohoo suffers coronavirus sales hit after bumper year April 22, 2020 Boohoo Group today posted a huge surge in revenue and profit for the full year but warned the outbreak of coronavirus had hit growth in March. The figures Boohoo’s revenue rose 44 per cent to £1.2bn in the year to the end of February 2020. Pre-tax profit jumped 54 per cent to £92.2m. Net cash [...]
Fever Tree sales remain strong as drinkers stockpiled for lockdown April 22, 2020 Fever Tree has enjoyed strong sales in its key markets as consumers increase the frequency and size of orders during the coronavirus lockdown. The tonic retailer said its “off-trade channel” which accounts for 55 per cent of group sales was characterised by a period of strong sales in the initial weeks of the crisis. As [...]
Hiscox warns of $175m coronavirus insurance hit April 22, 2020 Insurer Hiscox has anticipated paying out up to $175m (£142m) in coronavirus insurance claims arising from restrictions on travel and mass gatherings. The insurer faces a $150m bill if travel restrictions and social distancing measures remain in place for six months from March. And that insurance sum could rise by another $25m if coronavirus restrictions [...]
The City View podcast from City A.M., with David Buik April 22, 2020 In this episode Christian is joined by legendary City commentator and market analyst, David Buik. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS David is one of the best known and most recognisable financial commentators in the City with more than 40 years of experience behind him. His weekly emails [...]
Climate change remains key focus at LGIM as it ramps up pressure on boards April 22, 2020 Legal & General Investment Management (LGIM) is continuing to pressure corporate boards on climate change and governance, opposing the election of 4,000 company directors last year. The asset manager’s ‘Active Ownership’ report released today reveals it took sanctions against 11 companies named as laggards under LGIM’s climate impact pledge. Among these were Exxon Mobil and [...]
More than 70 per cent of firms have furloughed staff, BCC says April 22, 2020 More than 70 per cent of businesses have furloughed staff under the government’s coronavirus job protection scheme, according to a survey published today by the British Chambers of Commerce. According to the survey 71 per cent of staff have furloughed staff, up from 66 per cent a week earlier. The job retention portal went live [...]
UK marketing budgets suffer sharpest drop since 2009 crash April 22, 2020 UK marketing budgets declined at the fastest rate since the 2009 global financial crisis in the first quarter as consumers and businesses cut spend due to the coronavirus crisis. A net balance of -6.1 per cent of companies slashed their total marketing budgets in the first three months of the year, according to the latest [...]
Health clinics blasted by ad watchdog over IV drip coronavirus claims April 22, 2020 The advertising watchdog has hit out at three companies over claims that intravenous (IV) drip treatments could be used to prevent or treat coronavirus. An advert on Private Harley Street Clinic’s website promoted a £350 IV infusion by stating it would boost patients’ immune systems and protect against Covid-19. “There is no vaccine available at [...]
Netflix subscribers surge as millions stream shows during coronavirus lockdowns April 21, 2020 Streaming giant Netflix signed up 15m new subscribers in the first quarter of the year, double the number it expected, as millions of viewers binged boxsets at home during global coronavirus lockdowns. The surge in subscription numbers was more than double the 7m net new subscribers that the company had forecast. The company also beat [...]
June oil futures crash as market grapples with unprecedented glut April 21, 2020 Prices for June oil contracts dramatically crashed this evening as the market faces the prospect of massive oversupply amid plunging demand. The price for a June West Texas Intermediate (WTI) crude future contract fell below $10 (£8.14) this evening, following yesterday’s drastic crash of May WTI contracts. Yesterday, May WTI future contracts went negative for [...]