Raw material inflation translates to continued price hikes for Travis Perkins April 29, 2022 Travis Perkins has continued to pass off the growing costs of raw materials through price hikes, as it recovers from sustained supply chain hang-ups. “Pricing accounted for approximately two-thirds of the growth with manufacturer increases continuing to be passed through in an orderly manner,” the retailer said in its latest trading update today. “The group’s [...]
AstraZeneca sales and revenue soar as it unveils new research centre plans April 29, 2022 AstraZeneca, the pharmaceutical firm behind one of the world’s Covid-19 vaccines, has had both its sales and revenues soar more than 50 per cent in the past few months. The British-Swedish firm raked in $10.9bn (£8.7bn) in sales, and $11.3bn (£9bn) in revenue, in the first quarter of the year. AstraZeneca’s cancer treatment revenue carried [...]
Merck raises full-year forecasts after recent $5bn sales surge April 28, 2022 Merck’s sales have surged more than $5bn (£3.9bn) in the first few months of this year, carried by the popularity of its cancer drug and Covid-19 pill. The US pharmaceutical giant enjoyed a 50 per cent jump in sales to $15.9bn (£12.6bn), up from $10.6bn (£8.4bn) in the first quarter of last year. Merck, the [...]
Businesses splash £5bn on London offices as overseas firms eye UK capital April 28, 2022 Businesses have splashed £5bn on office assets in London in the first few months of this year – the highest level of investment since 2018, commercial real estate services firm Avison Young has revealed. The figure is more than double the amount spent in the same quarter last year, buoyed by recent high-value deals. The [...]
Hidden expenses: Londoners shoulder extra costs in all-inclusive rent bills April 28, 2022 Londoners are unknowingly shouldering extra costs by opting for more convenient bills-inclusive rental arrangements, new data has found, as landlords seek to buffer spiralling energy prices. The hidden cost of all-inclusive rent could be as much as £700 for those renting in the capital, according to London rental platform Rentd. The average cost of renting [...]
Standard Chartered wrestles with inflation as it eyes metaverse profits April 28, 2022 Standard Chartered has continued to wrestle with rising inflation, which is expected to hit double digits by the end of this year. The British bank’s income inched some nine per cent higher $4.3bn in the first quarter of this year, while return on tangible equity of jumped a little over 11 per cent. Chief executive Bill [...]
Unilever sees sales and turnover rise as it hikes prices April 28, 2022 Unilever has enjoyed rising sales and turnover levels in the first few months of the year, as it rewards shareholders with a maintained dividend of €0.42 apiece. The consumer goods giant, behind some of Britain’s most loved products such as Ben & Jerrys, Dove, Helmann’s and Magnum, had its turnover jump by nearly 12 per [...]
City Moves: Who’s switching jobs in the Square Mile? April 28, 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. Paysafe Specialised payments platform Paysafe has appointed crypto executive into the newly created role of senior vice president of its crypto division. Elbruz Yılmaz will be tasked with further extending the New York-listed group’s crypto offering, having spent [...]
British rocket firm urges Iceland to cut the red tape for Europe’s largest launch to date April 27, 2022 British rocket company Skyrora has urged Iceland’s government to ease up on the unnecessary red tape which is currently blocking Europe’s largest rocket launch. The rocket company has called on the government to grant a licence which would end months of delays – and help the UK go ahead with its first launch from British [...]
Overseas executives flock back to London as the relocations market explodes April 27, 2022 International business executives are flocking back to London, according to new data shared exclusively with City A.M. today, after the pandemic pushed many to return overseas. The return of bankers, investors and the sought have driven demand in the prime central London relocations market up 150 per cent in the first three months of this [...]