Just Eat warns on profits as it burns cash to compete with rivals Online takeaway giant Just Eat's share price climbed this morning, despite a warning to investors that efforts to fight off rivals Deliveroo and Uber Eats would take a chunk out of the company's profits. Branching out into markets in Latin America, investing in its own delivery network and acquisitions are likely to weigh on earnings, the FTSE [...]
Carpetright remains under pressure as store closures mean like-for-like sales ‘remain negative’ Low sales have forced British retailer Carpetright to close 67 stores in the first half of the year, it said today. The FTSE 250 firm closed those that failed to reach sale targets, with six further retail sites expected to shut shop by the end of 2018, the company told investors today. Carpetright did not share sales [...]
Competition watchdog gives clearance for CME’s purchase of NEX Group The UK's competition watchdog has approved the $5.5bn (£4.31bn) acquisition of London-based financial exchange group Nex by US derivatives marketplace CME. The Competition and Markets Authority (CMA) announced today it will not refer the merger for an in-depth investigation, after it had launched an inquiry in mid-September. CME's share price edged 0.8 per cent higher following [...]
Panasonic earnings down as surging Tesla battery costs hurt profit October 31, 2018 Panasonic suffered a 15 per cent profit dip in the second quarter thanks to its investment in Tesla's battery business, the Japanese firm revealed today. The technology giant's disappointing profit yield saw it take ¥95.2bn ($840.9m) between July and September, down on the 112.7bn yen it took for the same period a year ago. The company blamed [...]
British Gas owner Centrica names industry veteran Charles Berry as new chair October 31, 2018 21 Centrica, the parent company of British Gas, has appointed industry veteran Charles Berry as its next chairman. Berry is currently chairman of international engineering group Weir and will take up his new position on February, replacing Rick Haythornthwaite, who has held the role for six years and announced earlier this year that he intended [...]
The death of the sandwich: Britain’s favourite lunchtime meals October 31, 2018 Growing demand for a more luxurious lunch among London workers is causing headaches for the sandwich market. Salad has been elevated to Britain's favourite lunchtime food, it has been claimed. The humble sandwich has been an internationally renowned staple of British cuisine for centuries – but times are a-changing. A survey of 1,133 workers by Spitalfields Market revealed [...]
Next shares drop as online shopping boost masks high street malaise October 31, 2018 Clothing and home products retailer Next managed to balance out falling high street sales with its growing online business, its third quarter trading update showed today. Store sales for the quarter were down eight per cent year on year and 6.3 per cent in the year to date compared with 2017. But online sales shot [...]
Cillit Bang maker Reckitt Benckiser shares dive after ‘self-inflicted’ wound hits sales October 30, 2018 Shares in Cillit Bang maker Reckitt Benckiser Group (RB) tumbled over four per cent today as it reported lower sales for its third quarter. The maker of Durex condoms, Gaviscon and infant food brand Mead Johnson Nutrition (MJN) blamed the miss on production problems at a European baby formula factory. Like-for-like sales rose two per cent year [...]
Nintendo second quarter profits hit eight-year high, but still miss expectations October 30, 2018 Nintendo failed to meet analysts' expectations despite reporting an eight-year profit high for its second-quarter profits today, thanks to sales of Switch consoles and games. The figures The Japanese gaming giant revealed that profits grew 30 per cent year-on-year to hit 30.9bn yen (£214.17m) between July and September. Yet analysts were underwhelmed after estimating profits to [...]
Prime Minister rules out another general election after ‘giveaway’ Budget October 30, 2018 Prime Minister Theresa May and chancellor Philip Hammond today ruled out another UK general election a day after revealing what has been dubbed a "giveaway" Budget. May told a press conference in Oslo: "No. We are not preparing for another general election. That would not be in the national interest." Being interviewed on Good Morning [...]
