Dunelm revenues reach £1.63bn as price cuts lure customers in July 20, 2023 Dunelm reported a revenue rise of six per cent over the past year, with the homeware retailer predicting profits to be “slightly ahead” of current market expectations. The Leicester born business said revenues reached £1.63bn in the 52 weeks to July up from £1.55bn in the same period last year. Sales growth declined -8.3 per [...]
UK profit warnings hit highest yearly level since 2008, outside of pandemic July 19, 2023 The proportion of UK-listed companies that issued profit warnings in the past year was higher than any year since 2008, outside of the pandemic, according to new analysis. It comes as higher borrowing costs and a tougher sales environment have weighed heavily on businesses. Companies listed on the London Stock Exchange issued 66 profit warnings [...]
Grocery inflation remains ‘incredibly high’ but falls for fourth straight month thanks to supermarket promotions July 18, 2023 Grocery price inflation has seen the biggest drop since its peak in March but remains “incredibly high”, figures show. Supermarket promotions helped the figure fall to 14.9 per cent in the four weeks to July 9, down from 16.5 per cent over the previous month, according to analysts Kantar. It is the fourth month in [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]
Rail strikes: Lynch says government hasn’t spoken to RMT since January July 16, 2023 Rail strike misery looks set to continue for commuters after Mick Lynch, the RMT’s general secretary, said the government had not spoken to him about finding a resolution since the start of the year. Speaking on Sky News’ Sophy Ridge on Sunday Programme, Lynch said that there has been “no contact. They seem to pick [...]
Mark Kleinman: What’s next for BT and the City’s ugliest row of 2023 July 13, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. Germans could be on the line at Jansen-less BT Hanging-up time is fast-approaching for Philip Jansen, whose plan to step down as CEO of BT Group next year – revealed by me last weekend – was confirmed on Monday. Sources have told me [...]
Superdrug profits soar 71 per cent as budget beauty buys boost sales July 12, 2023 Superdrug has reported a surge in profits in its full year results thanks to a jump in sales of its own-brand products on top of strong Christmas trading. The medicine-to-beauty seller recorded pre-tax profits of £77.8m, up 71.1 per cent compared to the same period the previous year, as the retailer welcomed its first full [...]
Investor Terry Smith ditches Amazon stake over concerns with grocery business July 11, 2023 Top investor Terry Smith has revealed that he ditched his fund’s stake in Amazon due to concerns with the company’s grocery business. In a letter to investors, released yesterday, Smith revealed that the primary catalyst behind Fundsmith’s decision to drop its holding in Amazon last month was due to a “concern over potential capital misallocation”. [...]
British Land overcomes uncertain landscape with leasing spree across London July 11, 2023 British Land provided investors with a cheery update on the outlook for the commercial property sector, as the firm was boosted by leasing activity across London and strength of retail parks. In an update ahead of its AGM later today, the property developer secured 552,000 sq ft of leasing across its portfolio in the first [...]
Jaguar Land Rover reports sales boost as chip shortage eases July 7, 2023 Jaguar Land Rover reported a big sales increases for the first quarter on Friday, with wholesale volumes up 30 per cent compared with the same period a year ago as the global chip shortage and supply constraints “continue to improve.” The luxury car marque said it also expects free cash flow – what a business [...]