Hilton Foods welcomes ex Co-op chief to replace boss of 30 years as profits nosedive April 5, 2023 Meat packer Hilton Foods has blamed “significant” challenges in its seafood wing for nosediving profits, as it welcomes a former Co-op boss to head up the business. The FTSE 250 firm’s share price was down 1.25 per cent this morning, as it witnessed a steep decline in profits down to £29.6m from £47.4m the previous [...]
Co-op warns cost of living crisis will eat into future profits as food to funeral care firm feels pain of inflation April 5, 2023 The Co-operative Group has warned that ongoing inflation and economic uncertainty is likely to reduce its profits in 2023. The food, insurance and funeral care provider revealed its underlying profit remained flat at £100m for the year while EBITDA was down £15m to £490m compared to £505m in 2021. Group revenue for the year was [...]
Bank needs to ‘see the job through’ on inflation, says Pill – but divisions remain April 4, 2023 The chief economist at the Bank of England, Huw Pill, has suggested that more work is needed to tame price rises because there is a danger of high inflation becoming embedded in the UK economy. “The onus remains on ensuring enough monetary tightening is delivered to ‘see the job through’ and sustainably return inflation to [...]
Let’s face it: Profiteering is feeding the inflation beast, not just pay rises April 4, 2023 Inflation is a pernicious beast that is plainly bad for people and businesses. It can ease governments’ debt burdens by (artificially) boosting tax revenues, but that can lead to severe bouts of price rises that, often, lead to societal decay. So it’s easy to see why policymakers in the UK are sweating over the rate [...]
How Aldi boss intends to see off supermarket rivals and bring discount store within reach of all UK shoppers April 3, 2023 Aldi will not stop the “relentless” roll out of its value supermarkets across the UK, despite attempts by rival supermarkets to scupper its growth, its chief executive has said. Giles Hurley, the head of UK and Ireland operations for the German discounter, told The Telegraph that they are going to bring stores within easy reach [...]
Banks, inflation, recession, gold AND Ocado: Five lessons the markets taught us this week March 31, 2023 It’s spring. The days are longer, the sun is shining, and fears about the imminent implosion of the global financial system are fading, for now anyway. Markets appeared to calm down after several weeks of banking-related aftershocks and both the FTSE 100 and FTSE 250 were on course to end the week on a positive [...]
Broadband, mobile bills and council tax rises threaten ‘awful April’ for householders already facing cost of living crisis March 31, 2023 Households battling the cost of living crisis are facing an onslaught of price hikes that could leave the average family hundreds of pounds a year worse off. From April 1, millions of people will face increases to their broadband, mobile, water and council tax bills. Most local authorities are putting up council tax by 5 [...]
Can online favourite Ocado make a comeback, or will its share price sink lower? March 28, 2023 Ocado’s share price fell nearly six per cent in afternoon trade as the “magic” of the online retailer’s venture with Marks and Spencer did little to buoy the confidence of investors In its start of year trading update Ocado revealed that retail revenue grew slightly by 3.4 per cent, although a 7.5 per cent decrease [...]
Supermarket wars: Lidl and Aldi gain ground on Tesco as bargain-hunting Brits battle grocery inflation March 28, 2023 Lidl is the UK’s fastest growing supermarket as bargain-hunting Brits turn to the discount grocer during the cost of living crisis. With grocery inflation now at 15 per cent, new figures published by Kantar this morning show value outlets have seen an uptick in sales last month. Sales in the German supermarket Aldi rose 25.8 [...]
Cheers to that! Diageo chief quits after decade at the top, as firm appoints FTSE 100’s tenth woman CEO March 28, 2023 Spirit maker Diageo has announced its chief executive Sir Ivan Menezes is to retire following ten years leading the firm. The London-listed drinks giant will step aside from the firm’s board in June of this year and be replaced by Debra Crew, who is currently its chief operating officer. Meneze joined the firm from the [...]