Profits jump at Conviviality July 14, 2014 BARGAIN Booze’s owner Conviviality Retail yesterday posted a jump in profits in its first annual results as a listed company, although the closure of 61 loss-making stores hit sales. Pre-tax profits before exceptional items jumped 31.5 per cent to £9.3m while revenues were down 4.3 per cent to £355.7m after closures wiped £15.7m off sales. [...]
City Moves for 15 July 2014 | Who’s switching jobs July 14, 2014 Quindell David Currie has been appointed non-executive director at the software, consultancy and technology-enabled outsourcing provider. He recently established Codex Capital Partners, and is a former head of Investec Bank’s investment banking division. PwC Mark Pugh has been appointed asset management leader in the UK at the professional services firm. He has been an assurance [...]
London Report: FTSE 100 lifted by Sports Direct and Shire talks July 14, 2014 BRITAIN’S top equity index rose for a second straight day in thin trade yesterday, helped by rises in bid-target drugs firm Shire and retailer Sports Direct. Shares in Shire hit a record high of 5,045 pence – before paring back gains into the close – after its board said it was ready to recommend a [...]
Conviviality Retail drinks up pre-tax profits boost July 14, 2014 Conviviality Retail, the group behind Wine Rack and Bargain Booze, released its preliminary full-year results today, showing profits before tax slightly ahead of market expectations. The AIM-listed group is fighting in an endangered marketplace with many high-street alcohol retailers going out of business in recent years. Today the company reported pre-tax profits had risen 31.5 per [...]
Ashley’s Sports Direct plans on Australia launch July 14, 2014 Sports Direct is set to make its first foray into Australia through a tie-up with MySale after buying a stake in the flash sales site last month. The sports retail giant, controlled by billionaire tycoon Mike Ashley, plans to open three stores in Australia and one in New Zealand through a joint venture with MySale. [...]
London Report: Unemployment figures set to show recovery July 14, 2014 UNEMPLOYMENT figures this week are expected to show that the number of people out of work has dropped again, as the UK recovery takes hold. Jobs data is likely to show an unemployment rate of 6.5 per cent in the three months to May, down from 6.9 per cent in the quarter to February. Despite [...]
New data shows card transactions reached 990m in May July 11, 2014 Credit card transactions rose in the UK last month, at the fastest rate since 2005. At 990m, the number of transactions reached almost 1bn and totalled £47.1bn. The rise equates to an annualised increase of 9.1 per cent. Of that total, 70 per cent was spent on debit cards, with debit spend up 8.5 per [...]
Author Allan Ahlberg turns down award because it is sponsored by Amazon July 11, 2014 Revered children's author Allan Ahlberg has turned down an award for lifetime achievement because it is sponsored by Amazon, saying “the idea that my 'lifetime achievement' should have the Amazon tag attached to it is unacceptable". The award was offered to him by the Booktrust at its Best Book Awards earlier this month, and [...]
Mothercare’s American bidder Destination Maternity rattled by profit warning July 10, 2014 Destination Maternity saw its share price tumble more than eight per cent yesterday, weakening its proposal to take over Mothercare, after it issued a profit warning following weak third quarter sales. The US-based baby retailer, which made two attempts to take over British business Mothercare last week, warned that quarterly takings were “considerably weaker than [...]
Burberry hopes to avert a pay row with forecast-beating sales July 10, 2014 Luxury goods group Burberry yesterday appeased investor concerns over its chief executive’s pay after posting bigger than expected rise in first quarter sales. Retail sales jumped 17 per cent to £370m in Christopher Bailey’s first three months at the helm, beating analyst forecasts for around £350m. Like-for-like sales were 12 per cent up from the [...]