Covid recovery: Failing supply chains constrain UK construction industry August 5, 2021 Severe shortages of essential materials triggered by faltering supply chains slowed the UK construction industry’s recovery from the Covid crisis last month, according to a closely watched survey released today. The latest IHS Markit / CIPS construction purchasing managers’ index for the UK construction industry hit 58.7 in July, down sharply from June’s 24-year high [...]
New car sales fall to lowest level since 1998 amid pingdemic August 5, 2021 Supply issues and staff shortages have proved a speed bump for new car sales which fell by 29.5 percent in July 2021 according to an industry body. A total of 123,296 new vehicle registrations were recorded last month by the Society of Motor Manufacturers and Traders (SMMT) – the lowest figures for July since 1998. [...]
Switched off: Nintendo sales tumble as lockdown gaming boom recedes August 5, 2021 Nintendo, which welcomed a frenzy for its newest console the Switch last year, has seen hardware sales tumble 21.7 per cent as the lockdown gaming boom receded amid lifting restrictions. The Japanese gaming giant posted record profits last year but has today reported that its software sales were down 10.2 per cent year on year. [...]
John Lewis and Pret named and shamed for failing to pay minimum wage August 5, 2021 The government has named and shamed some 191 employers, including John Lewis, Pret A Manger and The Body Shop, for paying workers under the national minimum wage. Investigations by Her Majesty’s Revenue and Customs found that employers owed a total of £2.1m to over 34,000 workers who were underpaid between 2011 and 2018. Named employers [...]
Does big tech have a blind spot? August 5, 2021 The giants of Big Tech have emerged as the undoubted corporate victors of the past decade. Throughout that period, companies like Amazon, Facebook, and Google dominated the global marketplace, capturing ever-larger market shares and destroying upstart competitors in their way. These firms built impressive businesses, and investors rewarded their achievements with doubly impressive valuations: the [...]
Rugby League World Cup postponed until 2022 after New Zealand and Australia pull out August 5, 2021 The Rugby League World Cup, which was due to be held in England later this year, has been postponed until 2022 due to New Zealand and Australia withdrawing. After weeks of speculation the decision was made by the RLWC2021 board in conjuncture with the Department for Digital, Culture, Media and Sport and the International Rugby [...]
Savills profits swell eight-fold, reaping rewards of a UK house buying frenzy August 5, 2021 Real estate services group Savills has seen its profit before tax surge more than eight-fold in the past six months, as the firm posted record levels of UK residential transaction advisory. The firm raked in revenue of £932.6m in the six months to 30 June, up by some £141.2m in comparison to last year. Meanwhile, [...]
Brickability post strong results despite year-on-year fall in revenue and profit August 5, 2021 Brickability have seen a slight fall in year-on-year revenue as the company’s accounts were hit by early year trading restrictions. The concrete block and brick manufacturer saw a 3.2 per cent fall in its revenue from £187.1m in 2020 to £181.1m in 2021. Restrictions brought on the pandemic are thought to be the reason behind [...]
Commodity price surge: Glencore shareholders spy £2bn payday August 5, 2021 Glencore’s shareholders are looking at an around £2bn payday this year after commodity price surges hoisted the mining giant to a record performance in the past six months. Revenue hit £67.4bn in the first half of the year, up by some £16.3bn in comparison with the first half of 2020. The London-listed mining and trading [...]
KPMG fined £13m over Silentnight sale misconduct August 5, 2021 The accounting firm has been fined and ordered to pay over £2.75m in costs, for serious misconduct in its role in the 2011 sale of bed retailer Silentnight to a private equity group. An independent tribunal found that KPMG and one of its partners did not comply with the UK professional accounting principles of objectivity [...]
