Aston Martin warns of higher costs as supply chain disruptions weigh on margins November 2, 2022 Aston Martin Lagonda Global has warned that higher costs from disrupted supply chains will weigh on margins, lowering its wholesale delivery volume forecast for the year. The London-listed company said that due to supply chain challenges and logistics disruptions wholesale volumes decreased by four per cent year-on-year to 4,060. Despite lower wholesale volumes, revenue jumped [...]
Olive oil maker Filippo Berio faces price hike of 35 per cent: ‘If we don’t pass it on, we go bust’ November 2, 2022 Consumers could be hit with price hikes of up to 35 per cent on olive oil next year, the managing director of Filippo Berio told CityA.M. Harvests in Spain have been impacted by a dry September, with worst-case scenario predictions that the crop could fall to the lowest level since 2012. In Andalusia, a main [...]
Next sales ahead of expectations as analysts warn ‘worst still to come’ November 2, 2022 Fashion stalwart Next posted better than expected full price sales while analysts have warned the full impact of market volatility is yet to be seen. The retailer shared a 0.4 per cent boost to sales in its third quarter versus last year. The London listed chain reiterated full year guidance for profit before tax of [...]
Smaller than expected hit from Hurricane Ian sees Hiscox weather storm November 2, 2022 Anglo-Bermudan insurance company Hiscox today said it had “performed well” in the previous quarter’s complex trading environment after taking a smaller than expected hit from Hurricane Ian. Hiscox said it expects to lose $135m (£117m) as a result of the Category 4 hurricane that made landfall in Florida this September – a sum “well within” [...]
Revenue dips for Virgin Media O2 as it eyes digital expansion and growth November 2, 2022 Virgin Media O2 posted a slight revenue dip in the third quarter, as the telecom giant rides out “an increasingly challenging macroeconomic backdrop”. Adjusted revenue was down 0.6 per cent to £2.59bn, with results dragged down by a 3.7 per cent decline in handset revenue. Total mobile revenues increased by 2.1 per cent to £1.5bn, [...]
Global companies with net zero goals on course to miss climate ambitions November 2, 2022 Nearly all global companies with net zero ambitions will fall short of their environmental goals, warned Accenture.
Exclusive: ASA chief on how to regulate adland in a world of greenwashing and crypto November 2, 2022 The UK’s advertising body made headlines last month when it banned a series of HSBC green ads for being misleading about their environmental credentials, and said any future campaigns must disclose the bank’s contribution to the climate crisis. Guy Parker, head of the Advertising Standards Authority (ASA), told City A.M. that this decision was “groundbreaking” [...]
GSK lifts sales forecasts following ‘record’ success from shingles vaccine November 2, 2022 British pharmaceutical giant GlaxoSmithKline (GSK) has raised its sales forecast for the full year, on the back of the success of its shingles vaccine. Bosses at the London-listed firm now expect to deliver sales growth of between eight and ten per cent in the full-year and an adjusted operating profit of around 15 to 17 [...]
City Moves: Who’s switching jobs in the Square Mile? November 2, 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. Calculus Investment firm Calculus has appointed a fresh investment director who will bolster the firm’s relationships in the life sciences sector. Elizabeth Klein brings a wealth of experience to the role having advised C-suite level executives in several [...]
Focus should be on vapes accessibility rather than cigarette bans says think tank November 2, 2022 The government should focus on tobacco alternatives rather than cigarettes bans, says leading think tank. In a new report published today, the Institute of Economic Affairs (IEA) urges policymakers to focus on boosting vapes and e-cigarettes rather than looking towards bans, which has been the preferred strategy in countries such as New Zealand. Recent data [...]
