Heineken withdraws guidance as coronavirus dents sales April 8, 2020 Heineken has withdrawn all guidance for the year as beer volumes fell in the face of the coronavirus outbreak. The Dutch brewing company said the pandemic was having a “significant impact” on business in 2020, noting the restriction of movement, outlet closures and the lockdown of production facilities. Total consolidated volume is expected to decrease [...]
Shore Capital’s capital markets division drives increase in revenue April 7, 2020 Shore Capital enjoyed a successful year with revenues up 22 per cent in 2019, driven by a strong year for its capital markets business. Total revenue grew to exceed £50m while adjusted pre-tax profits grew more than 60 per cent to £6.6m. Statutory pre-tax profits fell from £4.1m in 2018 to £0.3m in 2019, in [...]
Who’s in charge if Prime Minister Boris Johnson is incapacitated? April 7, 2020 Prime Minister Boris Johnson was moved to an intensive care unit last night as his condition deteriorated after testing positive for coronavirus over 10 days ago. The PM, who is being treated at St Thomas’ hospital in London, was transferred on Monday night as a precaution in case he needs a ventilator. In the short [...]
Plus500’s revenue surges 500 per cent as trading activity booms April 7, 2020 Plus500 has reported “exceptional” revenues and earnings in the first quarter, reflecting increased levels of customer activity as the coronavirus crisis hit. The spreadbetting platform increased revenues in the first quarter by 487 per cent to $316.6m, compared to the same period last year. It is equivalent to 89 per cent of full year 2019 [...]
Imagination Technologies boss poised to quit over China Reform raid April 6, 2020 The boss of Imagination Technologies is reportedly on the brink of resigning as a state-owned Chinese company attempts to seize control of the board. Chief executive Ron Black, who has run the firm since December 2018, has signalled his intention to quit in protest at China Reform’s move to appoint four new directors, according to [...]
Coronavirus squeezes mutual funds causing record fund outflows April 6, 2020 The coronavirus-induced market slump caused record fund outflows last month, with fixed income funds particularly badly hit. Investors redeemed a record £3.1bn of their fund holdings in March, according to global funds network Calastone. It represents almost three times the outflows recorded in the previous worst month in June 2016 when the UK voted to [...]
Invesco and Woodford protege Mark Barnett sacked by Perpetual Income and Growth April 6, 2020 Perpetual Income and Growth Investment Trust has sacked Invesco fund manager Mark Barnett for underperformance, ending months of uncertainty. Barnett, one of Neil Woodford’s former proteges, had run the trust for more than two decades. It is a further blow to the manager who was also sacked by Edinburgh Investment Trust at the end of [...]
Eurozone construction activity falls at fastest rate for more than a decade April 6, 2020 Construction activity in the Eurozone contracted sharply in March as measures to contain the coronavirus outbreak hit activity and demand. The IHS Markit Eurozone construction PMI plunged from 52.5 in February to 33.5 in March, the steepest decline in construction activity since February 2009 during the financial crisis. The downturn in total activity was broad-based [...]
Gresham House Strategic retains commitment to raising dividend April 6, 2020 Gresham House Strategic will raise its dividend as its board and manager insist the firm is “well-positioned” during the coronavirus crisis. In a statement, Gresham House Strategic’s board and manager say they “retain confidence” in the strategy and will retain their commitment to raising the dividend 15 per cent. The investment company said it had [...]
Mirror publisher Reach cuts wages and furloughs a fifth of its staff April 6, 2020 Dairy Mirror publisher Reach has today announced its employees will take a pay cut during the coronavirus crisis, as it continues to operate all of its regional and national titles. The publisher said some members of the senior editorial and management team will take a 20 per cent cut as part of cost-cutting measures. Other [...]
