Mitie unlikely to pay dividend as it cuts costs March 27, 2020 Mitie does not expect to pay a dividend this year if overall trading does not improve and has pledged cost-cutting measures due to the coronavirus outbreak. The outsourcing firm said it had identified £25m in savings and would be cutting board and executive pay to mitigate the impact of the pandemic on its finances. All [...]
Coca-Cola HBC sees demand slump amid coronavirus but plans dividend March 27, 2020 Coca-Cola HBC has said demand has slumped in countries with heavy coronavirus restrictions such as Italy and that uncertainty around the situation means it cannot provide guidance for its full-year results. The firm, one of the world’s largest Coca-Cola bottlers, said in an update today that it still intends to propose an ordinary dividend of [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]
More than half London’s tech firms planning for ‘survival’ amid coronavirus impact March 27, 2020 More than half the tech businesses in London have admitted that “survival” is the only plan over the next three months, according to a new survey. The impact of the coronavirus outbreak has left 53 per cent of London-based tech firms just trying to survive in the short term, while 32 per cent of respondents [...]
Next suspends online shopping amid UK coronavirus outbreak March 27, 2020 Next has suspended all online operations in order to protect staff amid the UK coronavirus outbreak. The high street retailer said it has made the “difficult decision” to keep warehouse and distribution staff safe as the number of UK coronavirus cases continues to rise. The company said in a statement last night: Next has listened [...]
Royal Mail expects UK parcels business to make a loss as uncertainty deepens March 27, 2020 Royal Mail has warned of “significant uncertainty” during the coronavirus outbreak, as it predicts its UK parcels business will make a loss next year. The postal service warned of the “potential for sharp and sustained economic downturns” for the next financial year. Royal Mail has predicted its UK parcels, international and letters (UKPIL) business will [...]
Menzies puts majority of 17,500 staff on wage bailout scheme March 27, 2020 John Menzies has been forced to reduce its global workforce by 17,500 jobs as it tries to stay afloat amid the fallout caused by the coronavirus outbreak. In a trading update released this morning, the aviation services firm said it had seen “significant ongoing reductions in activity for our core operations”. It said that the [...]
UK coronavirus: Government warns Brits not to move house March 27, 2020 The government has told people not to move house amid the UK coronavirus crisis as the housing market enters a standstill. Last night the government said: “We urge parties involved in home moving to adapt and be flexible to alter their usual processes. “There is no need to pull out of transactions, but we all [...]
Coronavirus: Mike Ashley ‘deeply apologetic’ for series of mistakes March 27, 2020 Frasers Group boss Mike Ashley has said he is “deeply apologetic” for a series of blunders in the company’s handling of the coronavirus outbreak. The Sports Direct owner wrote an open letter in which he apologised for his own personal actions and those of the Frasers Group business. Earlier this week, the group had pledged [...]
Rishi Sunak unveils self-employed economic relief package March 27, 2020 The government has upped its response to the coronavirus crisis by vowing to pay low and middle income self-employed workers 80 per cent of their average monthly profits in a package expected to cost the Treasury £9bn. Chancellor Rishi Sunak announced the much anticipated relief package yesterday, giving self-employed workers the same support announced for furloughed payrolled workers last week. Sunak [...]