Pension tax relief: Reeves warned of ‘backlash’ – but offers up roadmap for firms September 3, 2024 Chancellor Rachel Reeves has declined to rule out increasing taxes on pensions in the upcoming Budget, sparking fresh warnings over “anti-growth” policies. Speaking in the Commons on Tuesday, Reeves refused to “speculate about what will be in the Budget” when asked to give savers “peace of mind” over rumoured annuity levies. Despite failing to give [...]
City deals advisers gear up for rebound after election pushed M&A to four year low September 3, 2024 The City’s deals advisers are gearing up for a rebound in activity in the closing months of the year after election uncertainty pushed mergers and acquisitions (M&A) to a four-year low in June, according to fresh figures today. The value of total deals involving UK firms, as either targets or buyers, slumped to £11.8bn in [...]
How retailers like ASOS, H&M and Zara are fighting back against ‘serial’ returns September 3, 2024 ASOS has become the latest retailer to change their returns policy as firms increasingly try to fight back on costly high-frequency takebacks – as well as outright fraud. In an email to its premier and non-premier members, the popular fashion giant shared that it would be updating its Fair Use Policy foe “select customers” in [...]
How Rightmove became London’s (and the FTSE 100’s) most profitable company September 3, 2024 From an unknown tech start-up to the undisputed king of the UK’s online property sector, Rightmove is a shining example of how to turn a simple idea into a whole lot of profit. In its most recent full-year results, the London-listed property portal astounded investors by revealing it had achieved a record 71 per cent operating profit margin – [...]
Rightmove speaking to UBS and Morgan Stanley after REA takeover interest September 3, 2024 Rightmove is reportedly speaking to UBS and Morgan Stanley on its response to the unsolicited takeover bid from Rupert Murdoch’s REA Group, according to Bloomberg. REA announced its intention to explore a possible cash and share offer for the UK’s biggest property portal in a statement yesterday to the Australian Stock Exchange. It has said [...]
Getbusy: Productivity software firm’s shares sink as growth slows September 3, 2024 Shares in productivity software provider Getbusy plunged nearly 11 per cent on Tuesday morning after it disappointed investors with its half-year results. Annual recurring revenue (ARR) grew less than £1m in the first six months of 2024 to £21m and net cash tumbled to £0.2m, down from £1.7 last year, which Getbusy said reflected “a [...]
Zilch: London fintech unicorn hits monthly operating profit ahead of planned listing September 3, 2024 Zilch has reported its first month of operating profit four years after launching, as the fintech unicorn made progress on its financial targets ahead of a much-anticipated stock market listing.
Not everyone is suffering: Insolvency expert Manolete booms as more companies go bust September 3, 2024 The poor state of the economy hasn’t been bad for everyone, as insolvency litigation financing firm Manolete Partners has returned to profit thanks to the withdrawal of government support for failing businesses during the pandemic. The AIM-listed company reported an operating profit of £2.5m for the financial year to 31 March, up from a loss [...]
Workers’ rights fines will harm growth and jobs, small businesses warn September 3, 2024 The government risks “reversing economic growth” and disincentivising hiring if it pursues plans to issue “punitive” fines to businesses that breach its workers’ rights plan, industry leaders have warned. Businesses face paying thousands of pounds in fines if they fall foul of the new protections that Labour are hoping to introduce, it was revealed on [...]
‘The mood change is palpable’: UK firms feel Labour lift despite looming tax raid, says Peel Hunt September 3, 2024 The UK economy is “rebounding solidly” and the City of London is reaping the benefits of the Labour government’s ‘growth agenda’ despite fears of an looming round of swinging tax cuts, one of the Square Mile’s top investment banks has said.