Wolseley’s share price dives after announcing 800 UK jobs to go as part of a £100m restructuring September 27, 2016 The share price of plumbing giant Wolseley flopped over three per cent this morning after it announced a raft of UK job cuts and branch closures despite revealing record trading profits. 800 jobs are to go and 80 branches are to be closed as part of a £100m restructuring of UK operations. The figures Annual revenues jumped [...]
Chinese officials cautious despite three-year record industrial profits September 27, 2016 China’s industrial firms grew profits at the fastest rate in three years during August. Profits for the month in the world’s second-largest economy grew by 19.5 per cent to 535bn yuan (£62m) according to data released by the country’s National Bureau of Statistics (NBS) – the best monthly growth since August 2013. Read more: China sees [...]
Gatwick boss slams commission conclusions as out of date and hails long haul growth September 12, 2016 The conclusions drawn by the Airports Commission are "fundamentally flawed" and 14 years out of date, according to Gatwick Airport. Boss Stewart Wingate said that the fact that Gatwick had flown 42m passengers in the last 12 months completely undermined the commission's credibility and findings. “Our performance proves beyond any doubt that the Airports Commission’s report is fundamentally flawed. [...]
Business as usual for Columbia Threadneedle’s property fund by the end of September September 12, 2016 Columbia Threadneedle will re-open trading of its £1.3bn property fund at the end of the month. The asset manager suspended trading in its Property Authorised Investment Fund (PAIF) and feeder funds in July, following fears that there could be a run on the fund and insufficient cash to meet redemptions. It said that it would re-open the [...]
Manchester United net half a billion pounds of revenue, breaking Premier League records and expectations along the way September 12, 2016 Manchester United reached a new financial high by revealing today it was the first Premier League club to generate more than £500m in revenue. Annual revenues for the year to 30 June were £515m, beating expectations of between £500m and £510m – but still trailing the global record set by Spanish giants Barcelona at £570m, reported this July. The commercial side [...]
Non-EU trade at Heathrow dwarfs the amount passing through Gatwick September 12, 2016 Heathrow Airport turned up the heat on expansion-rival Gatwick by saying it is Britain's non-EU trading hub. The airport implied that it is Britain's post-Brexit vote airport by highlighting nearly a third of exports to non-EU countries took off from its runways in the last year, as compared to 0.2 per cent from Gatwick. Read more: Flybe boss wants national focus on regional [...]
Xcite Energy share price plummets and have “minimum residual” value September 12, 2016 The share price in North Sea oil company Xcite Energy tanked over 75 per cent following an announcement that bondholders would be taking control of the company. The Aim-quoted company has been in talks with the noteholders of its $135m of senior secured bonds and there had been hope of reaching an agreement that would see some return for equity investors – [...]
Experts warn the taxman could miss out on £6.6bn of non-dom tax revenues from 2017 September 12, 2016 Experts and politicians have urged the government to reconsider proposals to reform non-dom tax status from next April. Research released today reveals that the average non-dom pays 10 times the average amount of tax paid by Britons. The worry is that a change in legislation will simply drive non-doms to register themselves abroad, reducing overall [...]
PwC grows revenues by 11 per cent and champion long-term investment in technology and people September 12, 2016 Big Four accountants PwC reported double-digit revenue growth for the second year running. And although it warned that the impact of the Brexit vote is “still being worked through” it was confident Britain was agile enough to deal with change. Revenues grew by 11 per cent to £3.4bn for the year to June 2016 – a rate [...]
HM Revenue & Customs corporate asset seizures spike by 145 per cent September 12, 2016 The taxman has cracked down on collecting outstanding tax from UK businesses. The number of businesses whose assets were seized by HM Revenue & Customs (HMRC) in 2015/16 was 1,592, up a staggering 145 per cent on the prior year of 649 seizures. The increase reflects the fact that amount of tax overdue hiked from £15m to [...]
