Morrisons shares slump 10pc after £176m loss March 13, 2014 Supermarket chain William Morrison has seen its shares drop by 10 per cent after reporting a pre tax loss of £176m for the year ended 2 February. Like-for-like sales were also down 2.8 per cent while turnover fell two per cent. The primary reasons for the losses were the £903m write-down relating to the value [...]
Home Retail shares jump in wake of higher profit expectations March 13, 2014 Home Retail has seen its shares rise by 6.5 per cent after the company reported higher sales and increased profit expectations. Home Retail reported an increase in like-for-like sales at Argos of 5.2 per cent to £526m for the eight-week trading period for the financial year ended 1 March 2014. The group reported an increase [...]
Asian markets rise as investors await Chinese data March 13, 2014 Asian markets are making moderate gains after a tepid day on Wall Street and positive regional data helped to calm investors fears after Wednesday's two week low. Markets responded positively to Hong Kong premier Li Keqiang's pledge to head off systemic risks in the financial system. However, investors are remaining cautious ahead of Chinese factory [...]
EU parliament makes progress on open immigration March 12, 2014 European commissioner Laszlo Andor has welcomed the European parliament's adoption of a series of measures that were proposed by the commission in April, intended to make it easier for EU citizens to exercise the right to work in other member states. The decision comes a little over a month after fresh evidence emerged showing that [...]
G4S to pay government £109m over tagging contracts March 12, 2014 G4S has agreed to reimburse the government £109m plus value-added tax for overcharging on the company's contract to electronically tag prisoners, according to the Ministry of Justice (MoJ). The figure is significantly higher in cash terms than the £24m that G4S offered in November. The MoJ said it would consider asking for larger amount if [...]
Poorest areas in England hit hardest by tobacco taxes March 12, 2014 There continues to be a strong link between smoking rates and economic deprivation, according to the Office for National Statistics (ONS). Smoking rates are disproportionately concentrated in areas of high deprivation, while more affluent areas tend to have lower smoking rates. The ONS grouped areas of England into five categories (quintiles), with quintile one representing [...]
Poundland shares pop on first day of trading March 12, 2014 On its first of trading, Poundland has seen its shares jumped by 17 per cent. The company's initial public offering was priced significantly above its retail items of one pound, at 300p per share, toward the higher end of the range. The price gave Europe's biggest single-price retailer a market capitalisation of £750m. There has [...]
Troubles mount for G4S as profits slide March 12, 2014 Troubled contracter G4S has suffered a fall in profit before tax of 15 per cent or £170m, according to the company's preliminary results for the year ended 31 December 2013. This compares to a profit of £158m in 2012. Revenue grew 2.7 per cent to £7.4bn, with strong revenue growth in emerging markets of 16 [...]
What you need to know before the open March 12, 2014 European futures are suggesting a mixed open for markets. German stocks are expected up again today, after data yesterday showed a surge in exports and imports in January. Meanwhile, Japanese consumer confidence fell to 38.3 in February (from 40.5). The drop, says Capital Economics, suggests consumers are doubtful over Abenomics. Corporate news Troubled contracter G4S [...]
Ocado sales soar as Morrisons site gathers pace March 12, 2014 Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000. Tim Steiner, chief executive officer of Ocado, commented: We are pleased with the continued growth in our business. We remain committed [...]
