Superdry back in the black after pandemic-induced loss October 7, 2022 Superdry is back in the black with a profit before tax of £22m, recording from a loss of £12.6m last year. The British clothing giant’s statutory profit was up to £18m following a loss of £36.7m last year, while its revenue was up almost 10 per cent to £609.6m, from April 2021 until 2022. Buoyed [...]
Diageo toasts ‘good start’ to year as drinkers’ thirst resilient despite economic slump October 6, 2022 Guinness owner Diageo has raised a glass to resilient demand for drinks despite a consumer spending slowdown. In a brief trading update on Thursday morning, the London-listed beverage giant said it had made a “good start” to its 2023 fiscal year. Chief executive Ivan Menezes noted “organic net sales growth across all regions” as the [...]
Victorian Plumbing bucks trend as bathroom retail sales surge October 6, 2022 Victorian Plumbing has defeated the trend amid a subdued bathroom market and lauded rising sales this year. In full year results, the AIM-listed firm said it was trading ahead of consensus market expectations, both revenue and earnings wise. Its second-half revenue was up around per cent on last year, with sales performing especially well in [...]
High street spending slumps amid retail’s Covid recovery October 6, 2022 The high street’s Covid recovery has been slowed by the economic slump, with shoppers cutting back on shopping sprees last month. According to freshly published statistics from Springboard, the recovery of retail footfall slowed for the third month in a row. Footfall increased just 6.8 per cent, compared to a 15.6 per cent boost in [...]
PCF Bank shares tank after emergency lending freeze October 5, 2022 Shares in London-listed PCF Bank have tanked more than a third today after the firm announced it would halt lending activity as it struggled with cash levels following a failed takeover.
Tesco: Shoppers ‘watching every penny to make ends meet’ October 5, 2022 Tesco has warned of “tough times” as Brits are “watching every penny to make ends meet” this winter. The grocery giant reported a slimmer profit for the first half, after customer behaviour has normalised after lockdown and the supermarket has invested in keeping its prices competitive for shoppers. The country’s largest supermarket posted a £413m [...]
Topps Tiles tops full year expectations as the DIY boom continues October 5, 2022 Sales continued to climb for Topps Tiles as the DIY boom shows no signs of stopping beyond the pandemic. Group sales in the 52-week period were approximately £247.3m, a second consecutive record year of turnover, with year on year sales growth of 10.6 per cent. Topps Tiles said it continued to perform well against a [...]
HSBC mulls ditching Canadian business amid Ping An breakup pressure October 5, 2022 HSBC is mulling hiving off its Canadian business in a move that could raise billions for Britain’s biggest bank. The banking giant has asked JP Morgan to identify possible buyers of its Canadian arm. Sky News first reported the news today. If HSBC did leave Canada – where it has built up a sizable £6bn [...]
Made.com begins talks with suitors over sale as cash injection of £70m needed October 4, 2022 Made has said it has started talking to a number of potential suitors about a sale of the furniture retailer. After previously declaring the beleaguered online retailer would be looking to sell itself to shore up funding to clinch its survival, Made.com said it had now entered into non-disclosure agreements with various parties. The potential [...]
Great Portland Estates sells London’s 50 Finsbury Square freehold for £190m October 4, 2022 Great Portland Estates (GPE) has sold the freehold of 50 Finsbury Square to German family office Wirtgen Invest Holding for £190m. The deal, in which proceeds will be pumped into GPE’s credit facility, represents a capital value of £1,471 per square feet. The Fosters & Partners designed office block will have its “comprehensive” refurbishment completed [...]