Countrywide says slowdown in sales volumes will continue next year January 13, 2017 Countrywide's share price climbed three per cent in morning trading despite a drop in the estate agency group's income in the fourth quarter. The figures In a trading update for its performance in 2016, Countrywide said its revenue edged up to £737m from £734m the year before, but that the estate agency's income fell slightly in the [...]
Why banks could actually prove a less stressful part of your portfolio January 13, 2017 Market consensus tells us the banking sector remains a risky place for investors to put their money. After all, the prevailing wisdom runs, banks are cyclical, poorly capitalised and in lousy shape for the next downturn, as and when it comes. Of course, as contrarian investors, we believe market consensus and prevailing wisdom primarily exist [...]
Now the London party is over, housebuilders must help tidy up January 13, 2017 Barratt Homes said yesterday it is struggling in London – an admission that came as no surprise. The housebuilder is one of several to have jumped on the London bandwagon in the first half of this decade, merrily buying up land all over the capital as house prices whooshed upwards. But its first half results, [...]
Government comes under fire for Green Investment Bank sale after claims Macquarie is planning asset-strip January 11, 2017 The government has come under scrutiny today over the privatisation of the Green Investment Bank. The Commons Environmental Audit Committee today raised concerns about the proposed sale to Australian investment bank Macquarie, which is believed to be the favoured bidder. It was reported over the weekend that Macquarie is planning to strip the bank of its [...]
Cineworld announces a blockbuster year in 2016 as consumers look for entertainment in spite of weak pound January 11, 2017 The force was with Cineworld this year as top-performing films like Star Wars: Rogue One and Fantastic Beasts and Where to Find Them boosted admissions to break the 100m milestone. The cinema operator reported revenue growth of 8.3 per cent on a constant currency basis and said it is in line with current market expectations. Retail sales boomed, [...]
House of Fraser cashes in on Christmas sales January 11, 2017 House of Fraser capitalised on the Black Friday and Boxing Day week sales in November and December, boosting its like-for-like sales by 2.7 per cent in the festive period. The department store said that during its six-day Black Friday sales event, total sales increased 2.7 per cent on the same period the year before. Unsurprisingly, a hefty [...]
Foxtons shares have fallen again as the mean streets of London continued to take their toll January 11, 2017 Estate agent Foxtons said tougher stamp duty rules and harsh trading conditions in London caused earnings to almost halve last year. The figures In a trading update this morning, Foxtons said revenues hit £133m in the year to the end of December, down from £150m the year before. Meanwhile, quarterly revenues fell to £26m, from £35m the year before. Adjusted earnings before interest, [...]
Another huge win for post-Brexit UK: Snapchat sets up international HQ January 10, 2017 Snap, the newly formed parent company of huge hit messaging app Snapchat, has chosen to set up its international headquarters in the UK in another boost for a post-Brexit UK. The multi-billion-dollar valued firm which is expected to go public this year will book its UK sales here, and those from countries where it has no [...]
Tesco to shed 1,000 members of staff from distribution business in streamlining move January 9, 2017 Tesco is set to lay off 1,000 members of staff from its distribution network as part of a wider streamlining programme. The proposed changes will reduce the number of its distribution centres in the UK from 25 to 23 and will result in 1,000 redundancies. However, the move will also create 500 new jobs, leaving a net [...]
Is this London’s most exclusive piece of real estate? One of Royal Albert Hall’s £2.5m Grand Tier boxes has gone on sale January 9, 2017 Here's the ultimate gift for the culture vulture who has everything: a Grand Tier box at the Royal Albert Hall has gone up for sale. The only catch? Its owner is accepting offers in excess of £2.5m. It's the first time in a decade a box on the grand tier, the same level as the royal box, [...]