Profit slashed in half at Swiss watch brand Swatch September 6, 2024 Profit at Swiss watch brand Swatch was cut by more than half during its latest financial year despite its sales increasing further past the £200m mark. The London-headquartered division has reported a pre-tax profit of £11.1m for 2023, down from the £23.6m it posted for 2022. According to newly-filed accounts with Companies House, Swatch has [...]
The Notebook: Investing in what you know has lost its relevance in 2024 September 6, 2024 Where the City's movers and shakers have their say. Today, Interactive Investor's Richard Hunter takes the pen, with the latest insight in all things investment.
Thomas Cook snapped up by Polish tech firm in £30m buyout September 5, 2024 British travel agency Thomas Cook has been acquired by a Polish tech firm, marking its return to Europe after spending four years under Chinese ownership. The acquisition by eSky, a Katowice-headquartered search engine and reservation system provider for airlines, will see its current owner, Fosun, hand over all but the Chinese arm of the business [...]
Ashmore: Mixed results as emerging market withdrawals remain sky-high September 5, 2024 Emerging markets investment manager Ashmore reported a 12 per cent drop in adjusted profit before tax for the year to 30 June 2024. The group reported an adjusted profit before tax of £105.4m, below expectations of £113m and 2023’s figure of £119.4m. Ashmore has experienced years of withdrawals from investors, and the trend has shown [...]
Prudential hopes sluggish first half won’t stand in the way of ambitious targets August 28, 2024 The firm reported that new business profit fell three per cent in Hong Kong compared to last year, when there was strong growth in the wake of the pandemic.
Temu owner PDD shares plunge after profit warning August 27, 2024 Shares in Pinduoduo (PDD Holdings), the Chinese owner of discount retailer Temu, have plunged by nearly 29 per cent in New York in a move that has wiped $55bn (£41.6bn) off the company’s market value. The steep decline followed a warning from management about an impending nosedive in profits, causing investors to reassess the company’s [...]
BHP: World’s largest miner reports profit slump due to ‘uneven’ China recovery August 27, 2024 "In the near term, we expect volatility in global commodity markets," BHP said.
Gatwick Airport profit jumps as long-haul expansion drives growth August 22, 2024 Gatwick Airport's chief executive said the hub was experiencing its "busiest ever" summer as passenger numbers hit 19.9m.
Shein considers selling shares to public in potential £52bn London listing August 21, 2024 Fast fashion giant Shein is reportedly considering selling its shares directly to the British public as part of a potential £52bn listing on the London Stock Exchange. The company’s bankers, including JP Morgan, Goldman Sachs and Morgan Stanley, are pushing for plans to sell to retail investors along with institutional investors, according to The Telegraph. [...]
Falling number of London taxi drivers leads to LEVC losing more than £100m August 21, 2024 LEVC is attempting to boost its net worth by £100m to combat the falling number of taxi drivers in central London and the expected further decline in its sales this year. The Coventry-headquartered electric taxi maker, which is also known as London EV Company, is in the process of increasing the value of everything a [...]