Reckitt Benckiser: Dettol demand has spiked due to coronavirus worries February 27, 2020 Consumer goods giant Reckitt Benckiser said today it had seen a spike in demand for its Dettol and Lysol disinfectant brands in the wake of the coronavirus outbreak. Pictures of the Dettol label went viral recently because of claims it can kill the coronavirus. Reckitt Benckiser cautioned that as Covid-19 was a novel virus it [...]
Aston Martin finance chief quits as firm falls to £100m loss February 27, 2020 Aston Martin fell to a loss of over £100m today as the luxury carmaker announced it would use 2020 to “reset” the business in order to compete in the supercar market. The firm said that the release of the new DBX and Valkyrie models, which are scheduled for the summer, would be critical to fulfilling [...]
Topps Tiles shares plunge on half-year profit warning February 27, 2020 Topps Tiles issued a warning today that first half profit will fall “materially” below market expectations due to Brits dodging home improvement and a 2019 full of Brexit uncertainty. Shares plunged 25 per cent in early trading, after investors had expected a profit in the range of £13.5m to £14.5m. The home improvement retailer said [...]
StanChart lowers growth target over coronavirus and economic slowdown February 27, 2020 Standard Chartered has reported a 46 per cent jump in annual profit, but warned that operating income growth would be lower than expected this year due to the impact of the coronavirus epidemic in key Asian markets. The figures StanChart’s statutory pre-tax profit jumped 46 per cent to $3.7bn (£2.9bn) in 2019, up from $2.6bn [...]
Walmart in talks to sell controlling stake in Asda February 26, 2020 Asda’s owner, the US retail titan Walmart, is in early-stage talks about selling a controlling stake in the UK supermarket, the two firms revealed today. Walmart, the world’s largest retailer, said the discussions had begun after “inbound interest” from a small number of firms. The announcement came just under a year after Asda’s planned £7.3bn [...]
Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
Capital & Counties net asset value slides on Covent Garden revaluation February 26, 2020 Capital & Counties has reported a decline in net asset value (NAV) after the property group was hit by a decline in value of its Covent Garden holdings. The figures The real estate investment trust, which is listed in London and Johannesburg, said its EPRA NAV per share declined 10 per cent in 2019 to [...]
Coronavirus: Guinness owner Diageo warns on £200m profit hit February 26, 2020 Drinks manufacturing giant Diageo has warned it expects to take a profit hit of up to £200m due to the impact of coronavirus, which has seen bars and restaurants close and events cancelled across Asia. Diageo – the owner of Guinness, Johnnie Walker whisky and Smirnoff vodka – this morning said group organic sales could [...]
McColl’s suspends dividend as it swings to £100m loss February 26, 2020 Convenience store McColl’s sank to a huge £100m loss in 2019 as it warned investors it will cancel their dividend today. McColl’s swung deep into the red last year, falling to a loss of £98.6m before tax, down from a 2018 profit of £7.9m. The retailer warned in December that it would miss profit expectations [...]
City Moves for 26 February – Who’s switching jobs at Lunson Mitchenall, Record and Alvarez & Marsal? February 26, 2020 Today’s City Moves includes Lunson Mitchenall, Record and Alvarez & Marsal Lunson Mitchenall Niche retail and leisure agent, Lunson Mitchenall, has extended its London team with the appointment of Zaz Robb as a surveyor. Zaz previously worked at Shackleton and will join the firm’s new office in Covent Garden, where she will be working on [...]