‘Zombie’ firms set to fail as pandemic leaves 527,000 businesses on cliff-edge July 24, 2020 A record 527,000 businesses were in significant financial distress at the end of June, an increase of 33,000 since the beginning of the year. It represents a seven per cent increase since the start of the year, and nine per cent year-on-year, according to new research from corporate restructuring firm Begbies Traynor. While the coronavirus [...]
UK retail sales surge close to pre-lockdown levels in June recovery July 24, 2020 UK retail sales almost recovered in June from their staggering drops during Britain’s coronavirus lockdowns, official data showed today. The volume of retail sales jumped 13.9 per cent from May to June as shops and non-essential stores opened their doors to customers once again following a lockdown that started on 23 March. Non-food store sales [...]
Pub and restaurant sales jump in second week of trading July 24, 2020 Pub, bar and restaurant sales started to improve in the second week after lockdown was lifted as more sites reopened, the latest research showed. Hospitality businesses in England were allowed to reopen from 4 July as the coronavirus lockdown was eased, but sales jumped in the week beginning 13 July as more venues opened and [...]
Countryside Properties taps investors for £250m after lockdown July 23, 2020 UK housebuilder Countryside Properties has tapped investors for £250m to strengthen its balance sheet following the coronavirus lockdown. The developer said the funds will pay its revolving credit facility, which will then be used to invest £150m in its partnerships division as well as £100m to strengthen its current balance sheet position. “The fundraising is [...]
US jobless claims rise for first time in four months as coronavirus spreads July 23, 2020 The number of Americans making new jobless claims climbed last week for the first time since the economy began to crash at the end of March, in a sign the US’s recovery is cooling off. Slightly more than 1.4m Americans made a new jobless claim last week, up 109,000 from the week before. It was [...]
Unilever beats sales forecasts as it retains India tea arm July 23, 2020 Unilever beat analyst expectations of a drop in sales in its latest half-year results, it revealed today, as home and food sales offset declines elsewhere, it said today. The consumer goods behemoth beat analyst expectations of a 4.3 per cent drop in underlying sales, posting just a 0.3 per cent decline for the second quarter. [...]
Microsoft surprises investors in sales and profit beat July 22, 2020 Microsoft topped analyst estimates for both sales and earnings in its fourth fiscal quarter, but shares still dropped slightly in after-hours trading. Microsoft reported earnings per share of $1.46 in the three months to the end of June, compared to an average estimate of $1.34. However overall its net income was $11.2bn, down 15 per [...]
Londoners spark online shopping revolution during lockdown July 22, 2020 Londoners have catalysed an online shopping revolution, according to new research, after shoppers in the capital contributed the biggest spike in online sales in the UK during the Covid-19 pandemic. A new report by packaging firm DS Smith showed that 62 per cent of 2,000 Londoners surveyed increased their online shopping habits during lockdown, helping [...]
Eve Sleep shares soar as group posts strong revenue July 22, 2020 Shares in mattress maker Eve Sleep hiked as much as 45 per cent this morning as the group posted revenue ahead of expectations, after a spike in sales during lockdown. Eve reported group revenue of £12.2m for the six months to 30 June, as sales smashed expectations, buoyed by strong e-commerce sales and increased demand [...]
B&Q owner Kingfisher forecasts higher profits as demand continues July 22, 2020 DIY retailer Kingfisher has forecast higher interim pre-tax profits as strong demand continued as lockdown restrictions started to ease. The figures Kingfisher, which owns B&Q, said like-for-like sales in the second quarter jumped 21.6 per cent, while year to date sales were down 3.7 per cent. The group, which also owns Screwfix, said based on [...]