The Gym Group revenue rockets a third as pandemic losses linger and shares fall March 16, 2022 The Gym Group’s revenue had rocketed a third in the past year, though it continues to swallow lingering pandemic-era losses. The low-cost gym chain enjoyed a revenue boost to £106m from £80.5m, after pandemic restrictions significantly dampened earnings. The company has since unveiled a plan to open 28 new gyms in 2022, with 20 leases [...]
UK competition watchdog raises concerns over £6bn Avast buyout by cybersecurity rival March 16, 2022 The UK’s competition watchdog has raised concerns over the £6bn buyout of Avast by fellow cybersecurity firm NortonLifeLock, after launching a probe into the deal in January. The Competition and Markets Authority (CMA) announced this morning that the deal, which was announced in August, between close competitors could harm competition in the market, as there [...]
Commercial landlord CLS fails to keep up with pandemic pre-tax profit March 16, 2022 Office space and commercial landlord CLS had its pre-tax profit dwindle over the past year, as it slipped below pandemic earnings. The London-listed group, which has a portfolio worth around £2.3bn, had its profit before tax dip more than five per cent to £91.5m in the year to 31 December. The group, operating across UK, [...]
IG Group user numbers at ‘all-time high’ following ‘extraordinary meme stock’ rally March 16, 2022 Online trader IG Group has snagged yet another quarter of consecutive growth after the “extraordinary ‘meme stock’” rally ushered in a record number of active users. Active client numbers hit an “all-time high” of 292,200 in the three months to 28 February, up from 220,900 in the third quarter of 2021. Overall trading revenue from [...]
City Moves: Who’s switching jobs in the Square Mile? March 16, 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. Investec Investec Wealth & Investment has hired a new investment director for London. Justine Lobel, who joins from wealth management firm Sanlam, has been in discretionary portfolio management for more than a decade, at wealth managers including [...]
Apple supplier in talks with Saudi Arabia for £7bn chip-making facility March 15, 2022 Apple supplier Foxconn Technology is reportedly in talks with Saudi Arabia to build a new $9bn (£6.8bn) chip-making facility. It follows the closure of two plants yesterday in technology hub Shenzhen, China, amid a fresh lockdown as Covid-19 cases in the region spiral. Saudi Arabia is currently reviewing the offer to build a dual-line semiconductor [...]
Ofcom to widen UK satellite regulation as the number of space launches explodes March 15, 2022 The UK’s broadcast and communications regulator is set to embed itself further into the space sector as the increasing number of satellites in orbit calls for a more hawkish watchdog. Ofcom will oversee the radio spectrum – an essential part of wireless communications – to ensure it is used efficiently as more people and businesses [...]
Skyrora unveils UK’s largest rocket testing site as CEO hails Ukrainian colleagues March 15, 2022 Rocket company Skyrora has unveiled the country’s largest rocket engine testing facility, ahead of the first launches from UK soil. It is a major addition to the UK’s space infrastructure, as the country seeks to take a leading position in the second round of the global space race. The Scottish firm will also gain a [...]
Pfizer to donate Russian profits to Ukrainian humanitarian support March 15, 2022 Pfizer is set to donate all of its Russian profits to humanitarian support for Ukraine, the company confirmed late last night, as it vowed to continue to supply medicines to Russian patients. The biotech giant, which rose to fame amid the pandemic, said in a statement that “a voluntary pause in the flow of our [...]
Onlookers expect Russia to default on £90m duo international bond repayments March 15, 2022 Onlookers are expecting Russia to default on its foreign creditors, as Moscow seeks to repay two bonds in roubles – which has fallen over 40 per cent against the dollar. It would be the first time this had occurred since the Bolshevik revolution in 1917 under Bolshevik Lenin, The Times first reported. Russia’s economy is [...]