Picture is ‘bleak’ for business as insolvencies rise again in June July 18, 2023 Insolvencies increased again in June as businesses continued to struggle under the weight of rising costs and falling customer demand. According to new figures from the Insolvency Service, there were 2,163 insolvencies in June. Although this was down on last month’s record figure of just over 2,500, it was still 27 per cent higher than [...]
Darktrace share price spikes after EY review finds ‘no skeletons in the closet’ July 18, 2023 Shares in Darktrace shot up over 20 per cent this morning after it revealed that a review of its accounts found a “number of areas” for improvement but were not “material” to its financial reporting. The London-listed cybersecurity company hired EY in February to review its books after a short seller questioned its accounts. New York-based hedge [...]
The ESG Data Quality Story July 18, 2023 Handle with caution: ESG data is plagued with gaps and holes – and we must treat it as such In times gone by, the main problem with data on companies’ impact on the planet and its people, on their internal culture and governance, was that we didn’t really have any. For the first stint of [...]
Thames Water’s biggest investor slashed stake in troubled utility firm by £300m July 18, 2023 Thames Water’s biggest investor significantly cut the size of its stake last year, renewing concerns over its financial stability.
Arbuthnot shares soar after profits leap from £3.4m to £26.4m – but it warns of risks ahead July 18, 2023 Arbuthnot Banking Group’s pretax profit soared in the first half of the year as rising interest rates helped it record a huge increase in profit. Pretax profit multiplied to £26.4m in the six months to June, up significantly from the £3.4m it recorded last year. On the back of this it upped its interim dividend [...]
Wise makes more interest rate hay as income surges 66 per cent July 18, 2023 Wise, the money transfer firm, said the amount of interest income it was raking in on customer balances has continued to rise after it made hay from rising rates last year. In a trading update today, Wise said balances in its customers’ accounts had grown to £11.5bn in the first three months of its financial [...]
Renting office space near Monument is second most pricey in London Zone 1 – but what’s top? July 17, 2023 Renting office space near Monument station in the heart of the City means you’ll be forking out the second-highest rates in London’s zone one, new research has claimed. The figures from office rental agency Freeofficefinder shows top of the list is the Victoria area with average rents of approximately £900 a week for private office [...]
New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]
FTSE finance chiefs: Rates, inflation and growth squeeze C-suite confidence July 17, 2023 Ratcheting up interest rate expectations and intense fears about sticky inflation has hobbled FTSE finance chiefs’ optimism, a closely watched survey out today shows. Confidence among chief financial officers (CFO) of FTSE-listed companies has tumbled over the last quarter, according to consultancy Deloitte. Optimism among money managers at Britain’s largest businesses has eroded to net [...]