Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]
Ofgem risks losing public trust after British Gas’ profit bonanza July 31, 2023 Four years of heavy losses and instability in the energy industry were upended last week when British Gas posted record profits.
The Notebook: Andy Silvester on suppressed British success stories, why Global Airlines could raise the game and Bazball July 31, 2023 Where the City’s movers and shakers get a few things off their chest. Today, City A.M. editor Andy Silvester takes the pen British cynicism can mean we overlook our success stories Heading east out of the City towards the Strand one passes the ugly, brutalist facade of King’s College London, nobody’s idea of an architectural [...]
UK lost 6,000 store fronts due to covid and ‘crippling’ business rates July 28, 2023 Britain has lost 6,000 storefronts in five years amid Covid and cost-of-living pressures and “crippling” business rates, according to figures. The overall vacancy rate increased to 13.9 per cent across Britain in the second quarter of this year, a 0.1 percentage point drop on the first quarter but 0.1 points up on the same period [...]
FTSE 100 close: British Gas owner propels to top of London index after record profit July 27, 2023 London’s FTSE 100 bumped higher today after a manic morning of company earnings gave a lift to market sentiment. The capital’s premier index added 0.21 per cent to reach 7,692.77 points, while the domestically-focused mid-cap FTSE 250, which is more aligned with the health of the UK economy, climbed 0.45 per cent to 19,273.37 points. [...]
Westfield owner reports solid earnings as shopping centres show signs of recovery July 27, 2023 The owner of London’s Westfield shopping centres today reported a 1.6 per cent bump in earnings in the first half year, with net rental income across its property portfolio reaching €1.15bn (£989bn). Unibail-Rodamco-Westfield, which is headquartered in Paris, said EBITDA rose slightly by 1.6 per cent to €1.157bn (£993m). In its shopping centre division, which [...]
Tory peer’s CMC Markets blames ‘quiet’ conditions as trading falls sharply July 27, 2023 The trading shop run by Tory peer Lord Peter Cruddas said it had suffered a sharp slump in trading activity today as “quiet market conditions” failed to excite investors and revive booming interest seen through the pandemic.
London money managers reveal toll of turmoil as Jupiter and St James’s assets rise July 27, 2023 Fund house Jupiter reported a bump in assets and a sharp rise in profits in the first six months of the year in a mixed morning of results for London’s big money managers. The London investment firm said its assets ticked up two per cent to £51.4bn in the first half of the year while [...]
British Gas rakes in almost £1bn as Centrica unveils near ten-fold earnings increase July 27, 2023 British Gas has posted record profits, fuelled by Ofgem's lucrative allowances in the energy price cap, totalling nearly a billion pounds.
Loss of tax-free shopping costing the UK £4.1bn, say London bosses July 26, 2023 Scrapping the tourist tax could generate £4.1bn annually for the UK economy, new research suggests, as a cluster of prominent business owners call for the government to reinstate VAT shopping for international tourists. Rishi Sunak scrapped the tax which saw international shoppers able to claim 20 per cent back with their purchases. It was largely [...]