Rolls Royce expects profit at lower end of guidance range as engine woes continue November 7, 2019 Engineering company Rolls Royce said today it expected full-year profit to be in the lower end of its guidance as it continued to struggle with the Trent 1000 engine. The company said it was likely to take a £1.4bn charge to full-year operating profit because of troubles with the engine. It said it expected total [...]
UK house prices: Growth slows in October November 7, 2019 Annual UK house price growth slowed last month due to ongoing political and economic uncertainty. House prices were up just 0.9 per cent in October – the lowest growth seen so far this year – as the new uncertainty of a general election and the impending Brexit deadline hit consumer confidence. Read more: Revealed: The [...]
Superdry revenue drops as rescue plan gets underway November 7, 2019 Superdry reported a sharp drop in revenue in the first half of the year as chief executive Julian Dunkerton began his rescue plan to revive the struggling retailer. Revenue declined 11.3 per cent to £367.8m in the six months to 26 October reflecting the beginning of an “expected year of reset”. Read more: Investors back [...]
Aston Martin swings to £13.5m loss as it blames ‘soft’ UK demand November 7, 2019 Aston Martin sank to a loss in its third quarter as demand for its luxury cars dried up, it revealed today, but shares still rose 10 per cent as it looked ahead to sales-boosting new models. The figures James Bond’s favourite car maker found little love from other buyers as it swung to a loss [...]
Halfords’ revenue and profit dip as it snaps up garage chain November 7, 2019 Revenue and profit at Halfords fell in the first half of the year, the bicycle and car maintenance retailer said today. Halfords also announced today it had acquired independent garage chain McConechy’s Tyre Service in a £9.3m deal. Profit before tax slipped 2.5 per cent to £27.5m in the six months to 27 September from [...]
Sainsbury’s half-year profit plunges 92 per cent November 7, 2019 Sainsbury’s has suffered a 92 per cent drop in half-year profit, as costs from store closures took a toll on the grocer’s balance sheet. Read more: Sainsbury’s former boss wants government to halve business rates and raise VAT The figures Statutory pre-tax profit fell from £107m last year to just £9m in the three months [...]
TheWorks share price crashes after issuing profit warning amid caution over crucial Christmas trading period November 7, 2019 Discount arts-and-craft retailer TheWorks.co.uk has warned that profit will miss expectations this year, sending shares plummeting roughly 40 per cent this morning. The value business has reported a 1.9 per cent drop in like-for-like sales, which it said reflected a “difficult consumer backdrop” over the 26 weeks to the end of October. Read more: Sainsbury’s [...]
CMA flags competition concerns on First Group’s West Coast Rail franchise November 7, 2019 The UK’s competition watchdog has sounded the alarm on 21 routes awarded under the new West Coast Rail franchise. The Competition and Markets Authority (CMA) has concerns on routes between Preston and Scotland after the government awarded the rail franchise to a joint venture between First Group and Trenitalia. Read more: Watchdog casts eye over [...]
DEBATE: Will the M&S venture with Ocado turn around its fortunes? November 7, 2019 Will Marks & Spencer’s joint venture with Ocado turn around the struggling retailer’s fortunes? YES, says Adam Vettese, investment analyst at multi-asset investment platform eToro When you think of Marks & Spencer, you think of food. And not just any food, but top-quality food. In fact, food is so important to M&S that it now [...]
Can business models like Wework’s really work? November 7, 2019 Flexible businesses can, by their very nature, roll with the punches and evolve as their customers do. But the recent pace of change at WeWork has shown that even the most flexible of businesses can be at risk. Those of us in the property industry cannot fail to have noticed how WeWork has become central [...]