Morrisons recovery continues September 13, 2018 Morrisons shares are lower today despite the company reporting a strong set of first-half figures. Same-store-sales for the six-month period jumped by 4.9% and second-quarter sales jumped by 6.3% – a nine year high. Stripping out one-off adjustments, profit increased by 9% to £193 million. When you factor in debt restructuring costs and charges relating [...]
Aston Martin set to hire experienced businesswoman Penny Hughes to lead £5bn float September 8, 2018 Former Coca-Cola executive and RBS director Penny Hughes has been lined up by Aston Martin to lead its £5bn float on the London Stock Exchange. Hughes, who has also been a director at Vodafone, Wm Morrison and Reuters Group, will become the first female chair of a British car maker, according to Sky News. The [...]
McColl’s sales still impacted by Palmer & Harvey collapse September 4, 2018 Sales at convenience retailer McColl's have struggled to pick up for another quarter as the company still grapples with the collapse of wholesaler Palmer & Harvey. The figures Total revenue in the 13 weeks to 26 August was up 0.6 per cent, but like-for-like sales slipped 0.9 per cent due to continued supply chain disruption. [...]
The revolving door of Australian Prime Ministers is a lesson for May August 30, 2018 You know the story: Australia has yet another Prime Minister. In fact, it has been 11 years since one has completed a full three-year term, and as of last week, five people have held the office in as many years. It is enough to make British politics look strong and stable. Read more: Lidington tells [...]
Drama down under as Aussies appoint new Prime Minister August 24, 2018 Australia appointed Scott Morrison as its sixth Prime Minister in less than 10 years in the early hours of this morning after Malcolm Turnbull was ousted from the role last night. Morrison was previously Australia’s Treasurer, equivalent to the UK’s Chancellor, having been first elected to Australia’s House of Representatives in 2007. He was elected [...]
Supermarket sweep: Which FTSE 100 grocer is the best buy? August 14, 2018 British supermarkets haven’t had an easy ride lately. There’s been plenty for them to worry about – the biggest being the rising cost of imports as sterling has continued to slide (the pound dropped to €1.11 and $1.28 last week). A weak pound has tightened profit margins. And with heavy competition from discount retailers, passing [...]
Ocado delivers mixed results July 10, 2018 Ocado revealed a mixed set of first-half results. Revenue rose by 12.1 per cent to £799 million, while EBITDA slipped by 13.9 per cent to £38.9 million. When you factor in depreciation, amortisation, impairments and net finance costs the company swung to a loss of £9 million. The CFO expects the full-year pre-tax loss to [...]
Mastercard and Visa lose battle with supermarkets over debit and credit card charges July 4, 2018 Mastercard and Visa have lost the latest round of an ongoing legal battle with a conglomerate of supermarkets after a court found their card charges were too high and had breached competition rules. The two credit card giants had been accused by a number of retailers of charging overly high fees – known as interchange [...]
Billionaire hedgie Crispin Odey looks to boot out bosses at struggling Tungsten July 1, 2018 Billionaire hedgie Crispin Odey is leading a charge to overhaul the board of beleaguered digital invoicing firm Tungsten. A notice from Tungsten confirmed that Odey Asset Management had demanded a shareholder vote to remove the company's chair Nicholas Parker, as well as chief exec Richard Hurwitz and two non-executive directors. The requisition aims to appoint [...]
Pub giant Marston’s signs five year deal with leading US craft brewer Founders Brewing Company June 26, 2018 UK pub giant Marston’s has made a distribution deal with an American craft brewer as it looks to corner a growing market for independent beer. Marston’s, which owns chains such as Pitcher & Piano and Two For One, will be hoping that the five-year deal with Founders Brewing Company will help the firm recover from [...]