Luxury purchases and Battersea openings help improve outlook for Watches of Switzerland November 9, 2022 Watches of Switzerland has upgraded its outlook for the second half of the financial year, following a significant uptick in the purchase of luxury items. The London-based watch-seller experienced a 30 per cent increase in revenue for its luxury watches to more than £660m up until 30 October. It reported a 23 per cent increase [...]
The American dream: Flutter upgrades US outlook with ‘no sign of slowdown’ November 9, 2022 The American dream continues for Flutter, as the betting giant boosts it revenue guidance for its US business Fanduel. The Paddy Power and Betfair owner told investors its third-quarter revenues rose 22 per cent year-on-year to £1.89bn, bolstered by a recent Italian acquisition and stateside success. US revenue surged 82 per cent to $700m, pushing [...]
Double-digit growth for ITV Studios saves the day November 9, 2022 ITV appeared to survive its own bush tucker trial this quarter, with its studios arm saving the day with double-digit growth. I’m a Celebrity maker delivered a 16 per cent boost in revenue to £1.4bn, as ITV Studios continues to grow ahead of the market with a roster of big-hitters, like Love Island. Although total [...]
Aviva vows to launch another share buyback scheme in bid to appease activist investors November 9, 2022 Aviva has vowed to continue returning “surplus capital” to shareholders, through the launch of another share buyback scheme. The British insurer set out plans to start buying back more of its shares from investors, without saying the value of shares it plans to repurchase, as it faces continued pressure from activist shareholders to boost investors’ [...]
JD Wetherspoon sales lift as budget chain ‘one of few winners’ amid economic crunch November 9, 2022 JD Wetherspoon posted buoyant sales for the first quarter, although it said demand had softened slightly in October. Shares dropped by as much as eight per cent, after the company admitted October trading had been slightly slower than expected. Like-for-like sales were 9.6 per cent higher than the same period last year, with the pub [...]
Taylor Wimpey on track for £922m full-year profit despite increasing cancellations November 9, 2022 Taylor Wimpey remains on track to deliver a full-year operating profit of around £922m despite reporting an increase in cancellation rates. In the last six months, the home builder reported a net private sales rate of 0.51 homes per outlet per week – down 44 per cent on last year’s levels. Cancellation rates also rose [...]
Marks & Spencer profit dented as Ocado joint venture books £0.7m loss November 9, 2022 Marks & Spencer’s half-year profit slid on Wednesday after it said its joint venture with online grocer Ocado had suffered a £700,000 loss. In half-year results to 1 October, M&S said its group profit before tax was £205.5m, versus a £269.4m sum the previous year. Bosses pointed to a lack of business rates relief compared [...]
Explainer-in-brief: A return to identity cards… on the cards? November 9, 2022 It might be that in an era after vaccine passes, there is much less opposition. But they still need to be proven effective before justifying the cost.
City Moves: Who’s switching jobs in the Square Mile? November 9, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Redmill Solutions Media planning and data management solutions firm Redmill Solutions has appointed a new global head of commercial, as the firm seeks to expand into new markets. Shirlene Chandrapal, who brings more than two decades experience [...]
Legal but harmful: The Online Safety stalemate is still stuck in the trenches November 9, 2022 When the government first announced the “legal but harmful” requirement in the online safety bill it wasn’t quite clear who was most offended. From the free speech activists fearful of overzealous regulation, to the tech entrepreneurs wary of burdensome requirements and the human rights lawyers cautious of government overreach, the screams of dissent came from [...]
