DEBATE: Is it time to accept the sunk cost and scrap HS2? May 21, 2019 Is it time to accept the sunk cost and scrap HS2? Andrew Bridgen, Conservative MP for North West Leicestershire, says YES. There is a saying that “your first loss is your best loss”. This is where we are with HS2, with its escalating costs and diminishing public support. Initially, the HS2 budget was set at [...]
Profits slip at Entertainment One after £61m write down May 21, 2019 Entertainment One said today that its profit before tax fell 43 per cent to £37m after one-off charges. The company behind children's TV favourite Peppa Pig said adjusted profit before tax was up 20 per cent at £156m from £130m. It said underlying earnings before interest tax depreciation and amortisation was up 21 per cent at [...]
Thomas Cook’s share price rises after last week’s massive market plunge May 21, 2019 Thomas Cook’s shares shot up in early trading today, but not enough to offset a huge stock market slump over the last week. Read more: Thomas Cook reassures customers as shares continue to crash The struggling travel agent’s share price rose 16 per cent this morning to 11.9p after falling to under 10p yesterday. However, [...]
Profit slips nearly 20 per cent at Topps Tiles in first half May 21, 2019 Topps Tiles said profit before tax fell nearly 20 per cent in the first half of its financial year. The specialist tile retailer said revenue slipped 0.2 per cent to £110.3m and profit before tax fell 18.8 per cent to £5.2m. Basic earnings per share fell 24 per cent to 2.03p. Read more: Topps Tiles recovers [...]
Falling rents help Shoe Zone walk to a profit in tough time for high street May 21, 2019 Falling rents helped UK value footwear retailer Shoe Zone hold steady in its interim half-year results, released today, in a tough trading environment. Read more: Shoe Zone shares soar as retailer posts record profits The figures The company’s profit before tax rose marginally to £1m in the half year ended 30 March. Shoe Zone’s revenue [...]
WH Smith chief executive to leave in October May 21, 2019 The boss of WH Smith is set to step down later this year after 15 years with the British retailer. Stephen Clarke will leave the role of chief executive at the end of October to be replaced by Carl Cowling, the managing director of the firm’s high street business, at the start of November. Read [...]
Troubled British Steel braces for insolvency in last-ditch loan talks May 21, 2019 Britain’s second-largest steel producer is preparing for an insolvency to occur within the next 48 hours, amid fears a bid for a rescue loan from the government will fall through. British Steel is said to be formulating a strategy to collapse into administration, with EY expected to be formally appointed to handle the process tomorrow [...]
Philip Hammond: No-deal Brexiters will cause deliberate harm to the economy May 20, 2019 Chancellor Philip Hammond is set to issue a stark warning over the dangers of a no-deal Brexit, stating those in favour of leaving without a deal are advocating a deliberate act of harm on the economy. In a speech to be made at the annual dinner of the Confederation of British Industry (CBI) tomorrow night, [...]
Life after Algy Cluff: North Sea doyen’s company looks for new licenses after founder leaves May 20, 2019 London-listed North Sea explorer Cluff Natural Resources is hoping to win more drilling licenses as it looks to a future without its eponymous founder. Chief executive Graham Swindells told City A.M. his firm is hoping to replicate its success from the government’s last licensing round when it won six licenses. Read more: Oil baron warns Brexit [...]
Solgold chief executive encouraged by new study May 20, 2019 The chief executive of a London-listed company that runs a promising gold and copper mine said he is encouraged by a new study showing the project will cost between $2.4bn (£1.9bn) and $2.8bn before it starts to produce. An assessment, released today, shows the president net value of Solgold’s Alpala project is estimated at between [...]