Investec set for profit boost despite challenges in the UK September 20, 2024 Investec delivered an upbeat trading update for the first half, with profit on track to increase compared to last year despite challenges in the UK. The bank expects adjusted operating pretax profit in the six months to September to be between £450m and £482m, up from £441m in the same period last year. Headline earnings [...]
Use Budget to urgently review UK’s tax system, accountants urge Reeves September 20, 2024 Rachel Reeves should use the Budget next month to urgently review the UK’s tax system, including business rates and VAT, a chartered accountants group has urged. The Chancellor has been called on to set out the government’s plans to reform business rates, VAT and employment status by the end of the year in the fiscal [...]
Hawkish Bank of England? Don’t be so sure. September 19, 2024 "The economy has been evolving broadly as we expected," Bailey said. "If that continues, we should be able to reduce rates gradually over time".
S4 Capital: Revenue down and debt up at Sir Martin Sorrell’s ad giant September 19, 2024 Sir Martin Sorrell’s S4 Capital’s post-pandemic struggles have carried through into its latest results, which revealed a sharp decline in revenue and ballooning debt. The London-listed media holding group, which ad guru Sorrell founded after a sudden exit from WPP in 2018, saw its net revenue reduce by 15.6 per cent from £445.5m to £375.1m [...]
Close Brothers to sell asset management arm as motor finance bill looms September 19, 2024 Close Brothers' shares are down by around a third since the Financial Conduct Authority announced in January that it would review whether customers were overcharged via now-banned discretionary commission arrangements on car loans.
The Capitalist: The Lord Mayor’s (self-funded) clothes; Old Street Non-Roundabout slammed; Tories party; and Clegg gives advice September 19, 2024 A look into the Lord Mayor's wardrobe, Old Street's new "non-roundabout" and Nick Clegg dishes out some career tips in this week's diary.
Worst corporate jargon of the week: The roadmap September 19, 2024 "Get in losers! We’re going to lift sales by five per cent in quarter four!"
UK banks giving savers better value but still ‘room for improvement’, FCA says September 18, 2024 The City regulator has said savers are an estimated £4bn better off following improvements to easy access rates in recent months, but still put pressure on banks to offer more value.
Quooker: UK sales kept on the boil at hot water tap brand September 18, 2024 The UK arm of instant hot water tap brand Quooker has hailed “heightened market acceptance” for its continued rise in its sales. The Manchester-headquartered division has posted a turnover of £80.6m for 2023, up from the £72.4m it achieved in 2022. According to newly-filed accounts with Companies House, the firm’s pre-tax profit also nudged up [...]
LSL: Mortgage and valuation giant bounces back on restructure and activity picking up September 18, 2024 LSL Property Services, one of the largest providers of mortgage and valuation services, has reported significantly improved results due a company restructuring and improved sentiment in the housing market. Revenue rose by 18 per cent year on year, from £72.5m to £85.4m, while underlying profit rose by 354 per cent year on year, from £3.2m [...]