Mitchells & Butlers reports a drop in annual profits citing cost pressures and competition November 22, 2016 Pub and restaurant operator Mitchells & Butlers announced a drop in like-for-like sales as annual profits fell by more than a quarter for the year ended 24 September. The figures Like-for-like sales were down on the whole by 0.8 per cent, but the company is progressing toward growth with a rise of 0.5 per cent the last eight weeks' sales. Like-for-like food volumes [...]
Fancy some stargazing? Hop on a plane to La Palma, the most stellar of the Canary Islands November 17, 2016 The farthest of the Canary Islands from the coast of Africa has just 80,000 inhabitants, and 150,000 visitors per year. Unlike its rocky neighbours, there is enormous variety on the island, with mountains above the clouds, black sand beaches and a night sky that has made it a must see for astrology lovers the world [...]
Former chair of Northern Foods says consumers will see food prices rise “substantially” with inflation November 15, 2016 This is one of the most difficult times for the food industry in decades, according to Lord Christopher Haskins, former chair of Northern Foods. Haskins, who was the chairman from 1980 to 2002, said consumers will see food prices go up “substantially” in an interview this morning on BBC Today. With wages expected to stay [...]
Sterling falls back below $1.24 after a surprise fall in inflation – pushed down by tuition fees and clothes November 15, 2016 So much for the Trump rally. The pound fell back below $1.24 this afternoon after figures from the Office for National Statistics (ONS) showed prices rose 0.9 per cent in October – missing expectations. Economists had expected the weaker pound to push consumer price inflation (CPI) to a two-year high of 1.2 per cent, from September's one [...]
Inflation reaches two year high, as economists warn that the days of cheap food are over November 14, 2016 Inflation is set to reach a two-year high of 1.2 per cent this week, as consumers feel the effect of rising food costs and the weaker pound. Economists have predicted that inflation will continue to trend up over the next year, above the two per cent target set by the Bank of England. In fact, [...]
If you weren’t worried enough today, the European Commission has just cut UK growth expectations for 2017 by almost half November 9, 2016 The European Commission has today pointed the finger of blame squarely at the UK's vote to quit the European Union for its downgrade of European and UK growth. According to the EC, UK GDP is now expected to come in at 1.9 per cent this year, one per cent next year, and 1.2 per cent in 2018. You [...]
Punch Taverns shares froth up under the influence of preliminary results, despite effects of Pubs Code and Brexit November 8, 2016 Punch Taverns’ share price frothed up more than two per cent this morning despite a negative impact reported from new pub reforms and uncertainty over the UK’s Brexit vote. The figures In its preliminary results for the year to 20 August, the company said its performance was in-line with management expectations. Punch said average profit [...]
Consumer spending grows at record levels during October November 8, 2016 Consumer spending rocketed during October with Britons splashing out on visits to the cinema and drinking sessions in the pub. Spending grew at the fastest recorded levels during October according to Barclaycard. The 5.5 per cent year on year increase was driven by 20.9 per cent growth in movie going and a 12.9 per cent increase in [...]
Retail sales up in best month since January November 8, 2016 UK retail sales were up 1.7 per cent from last October, boosted by strong online sales of 11 per recent in the last three months. Shoppers appear to be unfazed by the prospect of Brexit and the declining pound and are continuing to spend. However, the drop in Sterling is likely to have led to [...]
Now Birds Eye and Walkers are putting up prices after Brexit November 6, 2016 Birds Eye and Walkers are following in the footsteps of consumer goods giant Unilever in raising their prices following a slump in the value of the pound after Brexit. Frozen food brand Birds Eye could raise prices by as much as 12 per cent in the next month according to the Sunday Times, and pack sizes [...]