Ashtead: Profit down at equipment giant as revenue slows September 3, 2024 Equipment rental group Ashtead’s revenue grew just two per cent, and profit fell during the three-month period ending 31 July, as a construction slowdown across the US hit the company. The equipment hire giant, the FTSE 100’s 25th largest firm, reported revenue of $2.75bn (£2.1bn) for the period, up from $2.7bn (£2.06bn) in the prior [...]
Workers’ rights fines will harm growth and jobs, small businesses warn September 3, 2024 The government risks “reversing economic growth” and disincentivising hiring if it pursues plans to issue “punitive” fines to businesses that breach its workers’ rights plan, industry leaders have warned. Businesses face paying thousands of pounds in fines if they fall foul of the new protections that Labour are hoping to introduce, it was revealed on [...]
Neo Energy slows down £900m North Sea project due to windfall tax September 2, 2024 One of the North Sea’s largest oil and gas project has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil a [...]
Venture capital firm launches UK’s only fund for British pensions September 2, 2024 A venture capital firm has launched the first-ever fund devoted to helping UK pension funds invest in British start-ups and scale-ups. Future Planet Capital’s new British Co-Investment Fund (BCF) will channel pension investment into some of the UK’s fastest growing and most innovative businesses in a move that has been praised as “much-needed” by start-ups [...]
Workers’ rights: New agency to issue businesses with large fines September 2, 2024 Businesses face paying large fines from a newly formed agency if they are found to have breached Labour’s proposed workers’ rights laws. As Parliament returns this week, ministers are reportedly weighing up the practicalities of the far-reaching package that includes controversial reforms like a ban on “exploitative” zero hours contracts, granting day-one rights after probation, [...]
Oil and gas windfall tax increase may cost economy £13bn, trade body warns September 2, 2024 The government's changes to the windfall tax will have a £13bn hit to the economy, the sector's industry body has claimed.
Water firms’ industry body: Dividend payouts haven’t affected infrastructure investment September 1, 2024 Water companies would be in a similar state today even if they hadn't paid out millions in dividends, the boss of their industry body claimed.
Ashtead: Equipment firm looks to manage expectations ahead of results September 1, 2024 Expectations have been kept low for equipment hire specialist Ashtead Group as it reports its first quarterly results of the firm’s fiscal year on Tuesday. The FTSE 100-listed firm has seen its shares slump 12 per cent from the two-and-a-half-year highs it reached in the spring. It had been one of the big beneficiaries of [...]
Direct Line to report interim results in indication of turnaround plan September 1, 2024 Direct Line shareholders will get an early sign of whether the insurer’s turnaround plan is beginning to bear fruit as it posts its interim results on Wednesday. Shares in the insurer, which owns Churchill, Privilege and the breakdown recovery provider Green Flag, are down 12 per cent since May and its long-term record makes for [...]
John Lewis has ‘no plans’ to cut more jobs September 1, 2024 John Lewis has branded claims it is planning to cut more jobs and restructure its management team as "wholly inaccurate".