Severn Trent profits rise and forecast lifted as sector readies for ‘biggest investment period ever’ May 24, 2023 Severn Trent reported a booming full-year profits and forecast strong earnings for the upcoming year, as it anticipates the “biggest investment period the sector has ever seen.” The company said it was planning “increased capital investment of between £850 million and £1bn for 2023/24,” and saw turnover hit £2.1bn, up 11.4 per cent on the [...]
Close Brothers recovers from bruising start to the year while rising rates lifts fellow merchant bankers Arbuthnot May 24, 2023 Merchant banking group Close Brothers delivered a battling update as it attempts to calm investor nerves following a poor start to the year. In a trading update for its third quarter, Close Brothers reported that its loan book increased by two per cent to £9.2bn. This was driven by a strong new business in commercial [...]
Virgin Orbit: Branson’s botched rocket project sells off assets and ends operations May 24, 2023 Virgin Orbit, Richard Branson’s failed rocket project, announced it are selling remaining assets and will cease operations, just months after an embarrassing mission failure. In a statement, the “responsive space launch provider” said our “legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers [...]
M&S hopes share price continues to rebound after further signs of progress May 24, 2023 Marks and Spencer said this morning that it was starting to see the fruits of a refreshed strategy as the British retailer revealed a 9.6 per cent hike in revenues thanks to selling trendy clothes and a wider range of food. For the year, M&S said that revenues reached £11.93bn compared to £10.88bn, in the [...]
Rain, rain, go away: B&Q sales hit by UK’s miserable spring weather May 24, 2023 B&Q owner Kingfisher saw its sales dip in the first quarter to £3.3bn, down 3.3 per cent on a like-for-like basis, as the home improvement company saw performance dampened by grim April weather in the UK and France, and ongoing inflation. Despite this, the retail giant said the results showed “resilience” to the economic climate, [...]
Aviva shares fall despite private health boom boosting insurance giant May 24, 2023 Shares in Aviva fell even after it recorded a strong start to the year, with sales rising eleven per cent thanks to a boom in private healthcare. Private healthcare sales grew by a quarter to £33m as more customers were attracted to “the benefits of private cover,” perhaps boosted by Brits looking for alternatives to [...]
Bank bombshell: Competition watchdog finds traders at five banks shared intel on UK bond sales May 24, 2023 Traders at five of the world’s biggest banks shared “commercially sensitive” data related to the purchase and sale of UK government bonds in Bloomberg terminal chats, the UK’s competition watchdog has provisionally found. A “small number” of staff at Citi, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of Canada shared information which, the competition [...]
Morning in the City: Live updates as inflation drops, results from Aviva and M&S May 24, 2023 Welcome to City A.M.’s live blog on Wednesday 24 May as the latest inflation figures are released, and there are results from Aviva and M&S. What you need to know this morning:
Airlines are so high up the pyramid of capitalism they no longer compete on price May 24, 2023 Airlines don't seem to care about fighting for the cheapest flights anymore.
Boris Johnson probed by cops over fresh lockdown breach allegations May 24, 2023 ‘Partygate’ PM Boris Johnson is under police investigation following fresh claims he allegedly breached lockdown rules, it emerged last night. The disgraced ex-prime minister has been reported to the Met Police by the Cabinet Office after new evidence came to light that he may have breached the Covid-19 pandemic rules. Johnson allegedly hosted friends at [...]
