Demand for new iPhone sees Apple post record quarterly revenue April 28, 2021 Apple has posted record quarterly revenue on surging demand for new iPhone and pandemic-induced buying for its other profits. Revenues more than doubled from $23.6bn to $89.6bn this quarter. Apple earned $1.40 per share, beating expectations of 99 cents. It follows a record performance in the first quarter when the company broke the $100bn quarterly [...]
Exclusive: Private equity firms strike £10bn of carve-out deals as pandemic drives sale of non-core units April 28, 2021 Private equity firms made £10.1bn of corporate carve-out acquisitions in the UK last year, up from just £765m in 2019 as the Covid-19 pandemic drove more corporates to sell non-core business units, according to new data shared with City A.M. this evening. The economic disruption of the past year has forced many large businesses to [...]
Gridserve: we visit London’s electric filling station of the future April 28, 2021 Described as the ‘world’s first electric forecourt’, Gridserve is an EV charging hub powered by sustainable energy. We discover how it works.
City Moves: Who’s switching jobs in the Square Mile this week? April 28, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Cazoo bolsters board after $7bn NYSE listing After its $7bn New York Stock Exchange listing through its AJAX merger, UK online car retailer Cazoo has confirmed that a new non-executive director [...]
WPP returns to revenue growth as UK ad market bounces back April 28, 2021 WPP today reported a surprise return to revenue growth in the first quarter as clients began to increase their marketing spend after a frugal pandemic year. The London-listed ad giant posted a 3.1 per cent rise in revenue less pass-through costs — its key metric — to £2.3bn for the first three months of the [...]
Antonio Horta-Osorio signs off at Lloyds with a £1.4bn post-tax profit April 28, 2021 Lloyds bank posted a £1.4bn after tax profit for the first quarter, up nearly 200 per cent on the same time last year, in boss Antonio Horta-Osorio’s final results at the helm. The banking giant’s statutory profit after tax for the three months to 31 March 2021 was £1.39bn compared to £480m this time last [...]
Britain’s top bosses call for ‘national prosperity’ plan to boost growth post-pandemic April 28, 2021 Some of the UK’s top business leaders have called on the Government to set out a plan to boost growth as the country deals with the devastating impact of the pandemic. The Covid Recovery Commission, a group set up by last summer which includes top executives from Tesco, Shell and Heathrow Airport , has set [...]
Exclusive: Remote working is just as effective, but it can hurt pay and promotion, HR execs warn April 27, 2021 As the City is gradually coming out of lockdown, a range of large companies and financial institutions announced in recent weeks that hybrid working is here to stay. HSBC became the latest big financial services firm to confirm it is making some sweeping structural changes to its working pattern as it adjusts to the post-pandemic [...]
Mayor of London election: Minor candidates create a race within a race April 27, 2021 This year’s mayor of London election has set a record for the most ever candidates – a 20-strong field of career politicians, chancers, grifters, oddballs, cranks, culture warriors and earnest small party hopefuls. The race itself has provided little interest for the public at large, with a Sadiq Khan victory a foregone conclusion at a [...]
Pandemic legacy: This is just the beginning for online shopping as sector sees five years of growth in 12 months April 27, 2021 The vast majority of UK consumers who bought online for the first time during the pandemic will continue to buy online, despite the High Street having reopened earlier this month. The pandemic is the main reason for this shift, with 56 per cent of clothes shoppers telling digital marketing agency MullenLowe Profero they bought more [...]