National Grid powers to 15 per cent increase in profits of £4.6bn – but net zero investment still needed May 18, 2023 The National Grid powered a year of profits up 15 per cent to £4.6bn, off the back of major clean energy investments of £7.7bn – but it still isn’t enough to meet net zero goals. The electricity and gas company reported its year results ending March 31, saying it had been 12 months of “significant [...]
BT share price tumbles as firm announces tens of thousands job cuts May 18, 2023 BT has announced plans to slash its workforce by as much as 42 per cent over the next seven years in a bid to slash costs and become a “leaner business”.
Sign of the times: Super Noodles sales boost FTSE 250 outfit May 18, 2023 Premier Foods reported stronger annual profits in its preliminary results this morning, with a 13 per cent jump in pre-tax profits for the year ending in April to £137m, as strong brand performance helped the manufacturer weather supply chain disruption and high costs. The company, the maker of brands such as Mr Kipling, Ambrosia, Custard [...]
Easyjet’s rising cost base could delay long-awaited share price takeoff May 18, 2023 Easyjet’s dreams of share price take off, caused by a recent uptick in demand, could be held back by soaring fuel costs and inflation as the airline saw group costs increase to £3.1bn this morning. The low cost carrier reported a revenue increase of 80 per cent to £2.7bn in its half year results, but [...]
Bumper UK growth pushes Investec upwards despite volatile global markets May 18, 2023 Investec’s profit climbed in 2023 thanks to rising interest rates but the bank also saw its funds under management slip amid a volatile environment. Investec’s adjusted operating profit rose 21.6 per cent to £835.9m reflecting growth in both of Investec’s main markets. In the UK, profit rose by over 30 per cent while in South [...]
Royal Mail blames strike action for slumping to year loss of more than £1bn May 18, 2023 Royal Mail has blamed strike action for helping send it slumping to a full-year loss of more than £1 billion. The group’s owner, International Distributions Services (IDS), revealed Royal Mail swung to an operating loss of £1.04 billion for the year to March 26, against earnings of £250 million the previous year. On an underlying [...]
Burberry boosted by China re-opening as share price darling reports solid growth May 18, 2023 Burberry boss Jonathan Akeroyd said this morning he was “very pleased” with a set of full-year results that saw reported profit up more than 20 per cent year on year. Revenues topped the £3bn mark in the twelve months to the start of April this year, with the fourth quarter given a significant boost by [...]
Mark Kleinman’s must-read column: Apollo, Ofgem and Hargreaves Lansdown May 18, 2023 Mark Kleinman is Sky News’ Business Editor and writes a must-read column for City A.M. on the biggest business stories of the week Apollo’s failed missions will make take-private landings harder Apollo and ground-breaking missions of accomplishment have long been synonymous. Right now, for the US-based investment firm of the same name, simply getting the [...]
Starmer vows to break high-tax, low-growth ‘doom loop’ May 18, 2023 Sir Keir Starmer has vowed the Labour Party will ensure “investment thrives” in order to boost growth in the UK economy if he is elected Prime Minister. The opposition leader hinted he would step up government investment and launch policies to boost private investment. Asked by City A.M. about investment and tax and spending policies, [...]
Sunak in China row over Confucius Institute U-turn May 18, 2023 Downing Street has refused to elaborate on Rishi Sunak’s decision not to ban controversial Confucius Institutes from operating in the UK. The Prime Minister previously pledged during his leadership bid to bar the 30 Beijing-linked organisations from running on UK soil. Confucius institutes are Chinese cultural and language outposts. But he has now walked back [...]
