Ocado sued by Norwegian tech firm over alleged patent infringement October 1, 2020 Shares in online supermarket Ocado dipped this afternoon after Norwegian tech firm Autostore announced it is suing the firm for alleged patent infringement. Ocado’s share price fell more than five per cent after Autostore said it had filed lawsuits in the UK and the US to prevent the FTSE 100 firm using retail storage and [...]
State of the market: Mining October 1, 2020 It was the year that Bitcoin maximalists have been looking forward to for some time, all in hope that the infamous block reward halving will result in an aggressive price squeeze, causing Bitcoin to finally break out of years of doldrum price action. However, consensus market expectations do not always materialise, be that due to [...]
H&M to close 250 stores as pandemic accelerates shift online October 1, 2020 H&M has announced plans to close around 250 stores globally next year, as the Swedish retailer looks to bolster its online presence following a slump in bricks-and-mortar sales during the pandemic. The announcement comes on top of the 50 H&M stores already permanently shuttered this year, and will likely add to the “tens of thousands” [...]
Halfords shares surge a fifth as wheels keep turning October 1, 2020 Shares in Halfords jumped over 20 per cent this morning as the firm said that the continuing numbers of new people taking to two wheels meant its half year profit would be higher than previously forecast. The FTSE 250 firm, which sells motoring and cycling products and services, said that profit was now expected to [...]
Ferrero Group in £250m bid to buy British Fox’s Biscuits September 30, 2020 Italian confectionary giant Ferrero Group is planning a £250m bid to buy British-based Fox’s Biscuits. The owner of brands such as Kinder and Nutella is working on a takeover deal with advisers, according to Sky News. Demand for biscuits has risen since the coronavirus lockdown, halting a downward trend as consumers opt for healthier snacking [...]
Boohoo profit soars during pandemic despite factory scandal September 30, 2020 Boohoo saw profit rocket more than 50 per cent during the pandemic, as the fast fashion retailer shrugged off a factory scandal earlier in the year that threatened to alienate its customer base. The results Revenue for the six months to the end of August rose 45 per cent to £816.5m, up from £564.9m in [...]
London businesses show signs of recovery post-lockdown September 30, 2020 There are encouraging signs that businesses in the capital are on the road to recovery after emerging from lockdown. Despite a bleak year for firms across a broad range of sectors, a new poll of London businesses show a slight improvement in business conditions in the third quarter. The majority of the firms surveyed by [...]
B&M raises profit forecast as sales soar during lockdown September 29, 2020 Discount chain B&M has bucked the trend of struggling retailers after posting revenue growth of 25.3 per cent for the first half of its financial year and raising its profit forecast. The group saw sales jump between 29 March and 26 September as the coronavirus lockdown hit, citing its “well-attuned business model to the evolving [...]
Card Factory says second half sales recovering, gives no outlook September 29, 2020 Britain’s Card Factory said today it has had an encouraging start to the second half of the fiscal year as its stores reopened, but could not provide a forecast for the rest of the year as it faced the impact of a new wave of coronavirus lockdowns. “In the short term, as well publicised, recovery in the retail [...]
Pets at Home’s the pick of the litter as it lifts full-year profit expectations September 24, 2020 Pet retailer and vet service provider Pets at Home this morning said it expects full-year underlying profit to be ahead of current market expectations. Pets At Home shares surged 15 per cent to 351p on the news. The FTSE-listed pet supplies shop updated investors with the good news after assessing trading for the first eight [...]