Ladbrokes owner Entain back in black on rapid US growth March 4, 2021 Ladbrokes owner Entain today swung back into the black as rapid growth from its US joint venture pushed revenue higher. The FTSE 100 firm posted profit of £113.8m in 2020, compared with a loss of £131.2m the year before. Revenue and gross profit were both flat at £3.5bn and £2.3bn respectively, while earnings rose 10 [...]
Accounting startup Countingup secures £9m Series A round March 4, 2021 A business account that claims to simplify bookkeeping has secured a £9.1m Series A funding round as it looks to expand its offering ahead of changes to HMRC rules. London-based startup Countingup, which currently has 34,000 customers, offers a business current account with built-in accounting software to help both the self-employed and accountants. It has [...]
Wetherspoons to open reopen outdoor space at 394 pubs in April March 4, 2021 Pub giant JD Wetherspoon will open outdoor spaces in 394 pubs in April, but the pubs will be operating with a reduced menu and shorter days. Wetherspoon’s decision is in line with coronavirus restrictions easing on 12 April to allow hospitality to open up outdoor space for customer use. From Sunday to Thursday the pubs [...]
Cairn Homes reports 2020 profit slump as pandemic knocks down housebuilding March 4, 2021 Irish housebuilder Cairn Homes saw profit drop sharply in 2020 as Covid-19 restrictions battered the property industry. Cairn reported an operating profit decline of almost two thirds to €24.4m from €68m a year earlier. Meanwhile, revenue fell 40 per cent to €262m from €435m in 2019, while earnings per share plummeted at a similar rate [...]
KPMG unit sale creates new restructuring behemoth Interpath Advisory March 4, 2021 KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe. The sale will see 22 partners and around 528 staff currently employed in KPMG’s restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the [...]
Deliveroo picks London for multi-billion pound listing March 4, 2021 Deliveroo has confirmed it will choose London for its long-awaited IPO. The delivery firm will list with a dual-class share structure in what will be a major boost for the capital. It is expected to be the largest float in London this year. It comes just a day after a Treasury-commissioned review by former EU [...]
GKN owner Melrose starts unit sale as annual profit plummets March 4, 2021 Melrose Industries said on Thursday it had begun processing the sale of its Nortek air-conditioning division as the company posted a steep fall in annual profit. The company, which owns jet and car parts supplier GKN, said Nortek is trading “very strongly” and that there was no guarantee a sale would take place. Melrose’s adjusted [...]
The Budget didn’t deliver a silver bullet for youth unemployment, but it’s a start March 4, 2021 This pandemic has drawn lines in society dividing outcomes by age, health condition, geography and job types, none more so than the negative economic consequences of Covid-19 for young people as they lose out on education, jobs, career progression and pay. Youth unemployment is currently around 13 per cent higher than pre-pandemic levels and, according [...]
Housebuilder Vistry to double profit in 2021 as Sunak extends property tax cuts March 4, 2021 Housebuilder Vistry Group predicted that it would at least double its profit before tax over the coming financial year after a strong start to the year. As a result of the positive outlook, the firm said that it was reinstating a final dividend of 20p per share. It follows fellow builder Taylor Wimpey in reintroducing [...]
William Hill profits slump as betting giant takes pandemic hit March 4, 2021 British bookmaker William Hill, currently in the process of being acquired by Caesars Entertainment, posted a steep fall in profit last year. Its adjusted pre-tax profit fell 91 percent to £9.1m in 2020. The firm saw net revenue fall by 16 per cent as the pandemic disrupted live sporting events and shut its betting shops. [...]
