Germany tips into recession and analysts warn economy won’t get much better May 25, 2023 Germany slipped into an official recession over the winter, triggered by family finances being crushed by sky high energy bills, official figures out today show. Revised estimates from the country’s statistics agency, Destatis, revealed gross domestic product (GDP) contracted 0.3 per cent in the first three months of this year. The organisation previously thought output [...]
Flexi office firm Workspace slips to loss despite hybrid working boom May 25, 2023 London-focused office-space provider Workspace Group posted an annual loss on Thursday, hurt by a more than 3 per cent drop in the valuation of its properties, and warned high inflation levels would impact service charge and administrative costs. Office space providers across the globe have been battling with valuation and rental declines amid an increased shift [...]
That’s the tonic! Board shakeup at Fever Tree after revenue spike May 25, 2023 Upmarket tonic maker Fever Tree is confident that a summer full of G&Ts will help continue to strengthen its balance sheet, as the group forecast revenues to reach upwards of £390m this year. Ahead of its AGM today, the drinks maker told investors that Fever-Tree recorded its highest ever value share in the On-Trade during [...]
Sweet treat for Tate & Lyle shareholders as profits jump north of £300m May 25, 2023 Food and beverage ingredient supplier Tate & Lyle continued its strong performance this year with a 22 per cent boost in profits, as it shrugged off concerns over supply chain volatility and benefited from inflation driving up prices. The group, one of the world’s biggest producers of sweeteners such as high fructose corn syrup, made [...]
AJ Bell profits surge 61 per cent as do-it-yourself investors shrug off volatility May 25, 2023 Retail investment platform AJ Bell said profits had rocketed 61 per cent in the first half of the year after a bump in the number of do-it-yourself investors using its platform.
Young’s hopes for repeat of bumper year with Rugby World Cup on horizon May 25, 2023 Pub chain Young’s has continued to weather the economic storm posting a hike in revenues for the year thanks to Royal celebrations and an exceptionally hot summer last year. The 223 strong chain, which operates largely in London and the South-East, said that revenues were up 19.4 per to £368.9m compared to £309.m in the [...]
The Notebook: Talking down the City? Not a bit of it in this newspaper May 25, 2023 One of the delights of this job is the ability to sit down with people from across the Square Mile and ask them very simple questions. One of the perennials is “what keeps you up at night?” The CEOs you’d really want to work for say “people”. That one who said “the fact we’re going [...]
Cineworld to emerge from bankruptcy in July – but still nothing for shareholders May 25, 2023 Cineworld, the bruised and battered cinema chain which has been going through Chapter 11 bankruptcy in the US for months, has announced this morning it believes it will re-emerge as a going concern in July. The chain, which has been able to keep its cinemas open throughout, has agreed a restructuring agreement with lenders, it [...]
If no-one makes a positive case for immigration, don’t be surprised when its opponents triumph May 25, 2023 Today will see the publication of immigration stats which, most likely, will show that the UK’s net migration level has hit a new record. Yes, despite Brexit. The figures will kick off yet another political firestorm. The issue with immigration is that the downsides are felt locally, and the advantages felt nationally. It is all [...]
Morning in the City: Live updates on Ofgem price cap, AJ Bell, Young’s, Tate & Lyle and Starling chief quitting May 25, 2023 Welcome to City AM’s live blog on Thursday 25 May! Today we have results from AJ Bell, Young’s, Tate & Lyle and much more. Ofgem’s decision to lower the energy price cap is also big news this morning, with campaigners saying it will be little relief to consumers. What you need to know this morning:
