Card Factory completes £225m refinancing as reopening sales soar May 21, 2021 Card Factory today said it had completed a £225m refinancing deal with its existing commercial bank syndicate. The increased bank facilities will provide extra liquidity above the original £200m it replaces. The facilities will provide Card Factory with the necessary financial resources to focus on future growth, such as boosting its online presence. Darcy Wilson-Rymer, [...]
Investec sees annual profit drop but second half resurgence boosts outlook May 21, 2021 Investec today said its financial year was a ‘tale of two halves’, with a strong earnings recovery in the second half supported by a resilient client base. Adjusted earnings per share for the year ended 31 March was 28.9p, almost 15 per cent lower than the previous year. Second half earnings shot up to 58 [...]
Trainline shares tumble a third as government announces new ticket platform May 20, 2021 Shares in train ticketing app Trainline fell nearly a third this morning after the government unveiled plans for a new ticketing platform as part of sweeping rail reforms. By the early afternoon shares in the FTSE 250 firm had recovered slightly, but were still down 21.6 per cent at 335.25p. The move from the government [...]
FTSE 100: Early gains fade as mining stocks drag down index May 20, 2021 London’s FTSE 100 fell 0.3 per cent this morning as declining mining stocks cut out early banking gains. The blue-chip index had advanced 0.4 per cent in early trading, with home retailer Kingfisher adding 3.6 per cent after raising its first half profit outlook. But those gains were dragged down by mining stocks including Fresnillo, [...]
Watches of Switzerland eyes first £1bn year after pandemic fails to dampen desire for posh watches May 20, 2021 Appetite for posh watches and luxury jewellery has not waned during the pandemic, as Watches of Switzerland reported a group revenue increase of 18 per cent in its 2021 financial year. Luxury watches at the company – the UK’s biggest Rolex retailer – were responsible for £788.4m in revenue, while luxury jewellery pulled in £60.8m. [...]
Games Workshop pays staff £12m share bonus after impressive year May 20, 2021 Staff at Games Workshop will have received a share bonus totalling £12m this year, after lockdown restrictions and subsequent new hobbies helped profits at the games retailer soar. Games Workshop’s staff were paid £10m more in bonuses in 2020/21 than in the previous financial year. Bonuses are paid on an equal basis to each member [...]
Boohoo to link £150m bonus pot for directors to supply chain improvements May 19, 2021 Boohoo plans to link multimillion-pound bonuses for its directors with improvements in its supply chain following allegations of poor working conditions and corporate governance. The online retailer faced criticism from investors last year over its long-term incentive scheme, which could see founders and directors paid up to £150m. Boohoo has said it will now link [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
Creativity in the kitchen drives ‘outstanding’ year at Premier Foods May 19, 2021 Creativity in the kitchen drives 'outstanding' year at Premier Foods
Dunelm sales better than expected thanks to lockdown living space upgrades May 19, 2021 Homeware’s retailer Dunelm enjoyed a better-than-expected sales lift over the tail end of the UK’s third national lockdown, the group said today, despite only being able to trade for five weeks after the 12 April easing of restrictions. Customers were able to flock to stores in mid-April after a winter lockdown, despite the reduced trading [...]