Hotel Chocolat ‘cautious’ as falling revenue and profit dampen outlook for Mother’s Day and Easter sales March 8, 2023 Hotel Chocolat had a bittersweet second half of 2022 with dents in its revenue and profits, owing to “hefty investments”, as it is not so optimistic ahead of Mother’s Day and Easter. The premium chocolate maker reported a fall in its revenue to £129m down from £142m last year, while its gross profit was down [...]
Wagamama owner TRG to close 35 locations as cost of living crisis digs into profits March 8, 2023 The Wagamama owner said that it will shutter some 35 “loss making” locations taking its portfolio from 166 restaurants down to 75-85 due to a “tough macro-environment,” which has deterred customers from eating out.
The Notebook: Victoria Scholar on why it’s not all doom and gloom for the economy March 8, 2023 The Notebook is where interesting people say interesting things. Today, it’s Victoria Scholar, head of investment at Interactive Investor, on why it’s not the time to be gloomy about the UK’s prospects, the battle for your coffee pound and a new podcast. You wouldn’t be blamed for thinking that the UK economy is in a [...]
Darktrace warns of rise in ‘hacktivism’ and AI threats as profits fall 92 per cent March 8, 2023 Cybersecurity firm Darktrace reported a plunge in profits in the first half of its financial year today amid a rise in employer tax charges and a slowdown in new business. In a trading update on the six months to the end of December, the firm said operating profit had fallen 91.6 per cent to $577,000 [...]
Britain needs to rediscover the joy of risk and reward March 8, 2023 This time next week, no doubt, your fingernails will be bitten to the quick in anticipation of Jeremy Hunt’s budget. Should you be able to wait no longer, we offer you our best informed prediction: don’t get too excited. In some ways, a muted ‘fiscal event’ sums up Britain and Westminster at the moment. There [...]
In Defence of Capitalism: How free markets are lifting people out of poverty March 8, 2023 In the second of an eight part series, the historian and sociologist Dr Rainer Zitelmann writes for City A.M. in defence of capitalism, arguing that freer markets are usually the answer to society’s problems, not the cause. Each week he will ‘myth-bust’ the common complaints about capitalism – and this week, it’s that capitalism is responsible [...]
The Beast: former most powerful car – with 27-litre V12 – is for sale March 8, 2023 Once the most powerful road car in the world, the legendary Rolls-Royce Merlin V12-powered Beast is heading to auction.
Heathrow: CAA confirms airline price cap and £3.6bn investment in passenger security and new baggage systems March 8, 2023 The UK Civil Aviation Authority (CAA) has confirmed that the cap on how much Heathrow Airport can charge airlines will remain fixed at the level set earlier this year. The UK Civil Aviation Authority published its final decision for the annual caps that will apply to the charges that Heathrow Airport Limited levies on airlines [...]
London businesses shelve hiring plans amid UK recession uncertainty March 8, 2023 London businesses are the most reluctant to take on new staff in the UK due to uncertainty over whether the country will eventually tip into recession, a closely watched survey out today reveals. The capital’s firms are trimming intentions to expand their workforce due to concerns over a looming drop in consumer spending amid the [...]
Female tech founders bag £3.6bn despite wider investment slump March 8, 2023 Venture capital investment into tech firms founded by women jumped last year despite soaring inflation and volatility sparking a slowdown in funding across the sector, new figures reveal. Female founders shrugged off the downturn that hit the UK’s tech sector last year and bagged some £3.6bn of VC, up from £2.9bn the previous year, according [...]
