Floored: Victoria shares plummet 18 per cent as profit projections slip October 29, 2018 Flooring company group Victoria suffered an 18 per cent drop in its shares this morning after revealing that profit margins would be lower than market expectations. First-half revenue had risen “in a challenging market” by more than three per cent in the six months to the end of September when compared with the same period [...]
Consumer credit growth stutters to three-year low as UK house purchases fall back October 29, 2018 Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 per cent, the Bank of England revealed today. The annual growth rate of consumer borrowing hit 7.7 per cent last month, the lowest it's been since June 2015, and far below the 10.09 per cent growth rate in [...]
Editor’s Notes: Brexit can’t mean an end to good governance, respite for Grenfell survivors, and from pulling pints to pitching policy October 26, 2018 There are complaints that Brexit is taking up so much time in Westminster that parliament doesn’t have the energy or the space to focus on anything else. In reality, legislators are as busy as ever but they may well be too distracted to offer effective legislative scrutiny. Last night, no fewer than nine human rights [...]
Debenhams shares rise despite £500m loss: Industry reaction October 25, 2018 Debenhams’ share price rose 15 per cent this morning despite the high street department store posting a £500m loss, its worst in 240 years of trading. A £491.5m loss for its 2018 financial year was down from a £59m profit it recorded in 2017, while revenue fell 1.8 per cent to £2.9bn and like-for-like sales [...]
High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
Finncap brushes off market negativity to launch surprise takeover of Cavendish October 24, 2018 City broker Finncap, chaired by veteran venture capitalist Jon Moulton, today confirmed it was taking over M&A sell-side advisory firm Cavendish. Finncap plans to raise £6m by floating the combined group on London's junior alternative investment market (Aim) in early December in a listing that will value it at £46m. Lord Leigh, former Conservative Party treasurer [...]
As Laing O’Rourke is late filing its figures, is it another major contractor we should be concerned about? October 24, 2018 Pinning down the finances of private companies can be a tricky task for City stakeholders. Public companies, however, are mandated to keep investors and other interested parties entertained with a steady stream of financial updates. When it comes to filing financial statements – the audited figures upon which financiers hang their hats – listed firms [...]
What can we expect from a pre-Brexit Annual Budget? October 24, 2018 The Budget is the biggest date in the UK’s financial calendar where the Chancellor, Philip Hammond, will deliver the government’s plans for tax and spending for the 2019/2020 financial year, starting in April next year. The Budget is a little unconventional this year as it usually falls on a Wednesday, but all you trick-or-treaters will [...]
Ranked: Sports Direct tops poll of UK’s most loathed brands October 23, 2018 House of Fraser owner Sports Direct is the UK’s most loathed brand, according to consumer finance website Money Saving Expert. However, billionaire Mike Ashley's bottom-placed retail giant may have been hurt by a social media campaign against the company, admitted the website, which asked 7,600 readers to rank 52 household name brands. Read more: Mike [...]
Wembley Stadium sale: Why Shahid Khan’s £600m offer for the national stadium met such resistance October 23, 2018 England’s unexpectedly successful World Cup summer created an atmosphere of togetherness that captured hearts and minds. Despite failing to deliver the trophy the nation craved, it brought a greater prize back to our shores. Amid the beer sloshing, waistcoat wearing and anthem singing, football had come home. It was soon back to business for the [...]