Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
UK service sector slows to weakest growth for six months August 3, 2023 The UK’s services sector grew at its slowest rate for six months in July as subdued consumer demand and higher interest rates weighed on businesses, according to new data. The influential S&P Global/CIPS UK services PMI survey showed a reading of 51.5 last month, down from 53.7 in June. Any reading above 50 indicates growth [...]
FTSE 100 close: Markets in the red as Bank of England hikes interest rates to 5.25 per cent August 3, 2023 London’s FTSE 100 stayed in the red through most of Thursday on a day which saw the Bank of England confirm a 14th consecutive interest rate hike of 25 basis points. The capital’s premier index was down 1.27 per cent by midday and closed at -0.51 per cent. The domestically-focused mid-cap FTSE 250 index, which [...]
Profits wag for Pets at Home as revenues up 10 per cent thanks to Brits splurging on furry friends August 3, 2023 Pets at Home made a profit during the first quarter with revenues rising 10.2 per cent to £568.2m, as the animal care brand was bolstered by new store openings. The pet store, which operates 453 sites across the UK, said that total group revenue reached £436.8m, up 7.9 per cent when compared to last year, [...]
London Stock Exchange: Buybacks to sweeten shareholders despite profit fall August 3, 2023 The London Stock Exchange Group expects to hand out as much as £750m to shareholders in buybacks by next April.
Asda facing £1.2bn bill to 44,000 staff as leaked email piles pressure on pay dispute August 2, 2023 Asda is at risk of losing £1.2bn in historic compensation payouts according to the union representing staff, after a leaked email appeared to strengthen their case today. The email, which was obtained by ITV news, from lawyers Leigh Day compared the knowledge and responsibility of female workers – who traditionally work on shop floors – [...]
Climate investors will flock to the EU if we keep dulling our green ambitions August 2, 2023 As Rishi Sunak quietly dampens green policies, Britain's business community will lose faith in our tepid climate ambitions and flee to other countries, writes Ted Christie-Miller.
Steady as she goes: Virgin Money launches further buyback after solid third quarter August 2, 2023 Virgin Money’s margin remained stable, despite increasing competition in the market, as Richard Branson’s bank said it anticipates a £175m share buyback at its end of year results. The challenger bank launched a £50m buyback today, after it passed the Bank of England’s stress test, and expects to deliver a £125m buyback with its full [...]
Haleon: Chinese re-opening powers GSK spin-off to ‘consistent’ growth August 2, 2023 Strong sales of toothpaste and painkillers contributed to healthy results for Haleon, the newly-formed consumer healthcare firm spun out of GSK last year. In the first half of 2023, the Surrey-headquartered company’s revenue increased to £5.7bn, up 10.6 per cent compared to the same period last year. This was driven by Haleon’s ‘power brands’, such [...]
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]