Retail sales increased by 2 per cent year-on-year in the UK last month, according to the British Retail Consortium, as the cold and wet weather encouraged consumers to purchase warm clothing.
Among the companies with reports and trading updates today are Imperial Brands, Vodafone, Vistry Group, Loungers, Angling Direct, and Unite Group.
John Lewis chief executive ousted as chairman tightens grip
John Lewis has abolished the chief executive’s job just weeks after the departure of Sharon White.
Nish Kankiwala will step down in March after just two years in the role and become a non-executive director.
Protein shake firm flexes its financial muscle with £500m London float
A protein powder company set up by a scaffolder who grew up on a Liverpool council estate is joining the London stock market with a value of £500million.
In a major boost for the City, sports health brand Applied Nutrition confirmed plans to list its shares in the UK this month.
TGI Fridays rescue deal sees 1,000 jobs axed and 35 restaurants close
More than 1,000 staff members have lost their jobs at TGI Fridays after a rescue deal failed.
Breal Capital and Calveton UK have bought 51 restaurants after the group’s previous operator fell into administration.
Vistry boosts profits amid outsized demand for affordable housing
Housebuilding giant Vistry has warned over a hit to profits after discovering higher-than-forecast build costs for nine developments across its southern division.
Shares in the group plunged by around a third after it revealed it had “recently become aware” that costs for nine out of 46 developments in the division, including some large scale schemes, have been understated by around 10%.
It is set to leave this year’s underlying pre-tax profits around £80 million lower than expected, at about £350million – a 16% drop on the £419.1million reported for 2023.
It will also impact profits for the next two years, with the group forecasting a hit of around £30million in 2025 and £5million in 2026.
Vistry – formerly known as Bovis Homes – said it has launched an independent review into the issue, adding that it is overhauling management in its southern division following the revelation.
HP pursuit of Lynch’s widow adds to tech giant’s list of controversies
Mike Lynch’s death in the Bayesian superyacht disaster was the tragic event of the summer.
The vessel sank off the coast of Sicily on August 19, resulting in the deaths of Lynch, his daughter and five other people.
Imperial Brands boosts shareholder returns
Derren Nathan, head of equity research, Hargreaves Lansdown, comments on Imperial Brands’ results:
Imperial Brands is managing to drive growth not only in its fledgling next generation brands, but also in ‘legacy’ tobacco products which still make up the lion’s share of the business.
In aggregate, tobacco volume pressures have eased across the company’s focus markets, and despite slowing price hikes for the pleasure of lighting up, pricing has been strong. However, market share declines in Germany and the UK remain a source of concern.
In Next Generation Products, net revenue growth is expected to land between 20-30%, suggesting a significant acceleration over the second half, boosted by a swathe of new product launches in vapes, non-tobacco options and oral pouches.
Imperial’s execution and narrowed focus on core markets are helping it keep organic growth moving when larger rivals have been going in reverse. It’s confident of meeting expectations for the year just ended, with underlying operating profit growth firmly in the mid-single digit range.
Ofwat orders water companies to pay £157.6MILLION back to customers
Water companies have been ordered to return nearly £158million to customers after falling short of standards, the regulator has said.
Ofwat has said that water firms in England and Wales will have to pay a £157.6million fine after missing key targets on reducing pollution, leaks and supply interruptions while customer satisfaction continues to fall.
Why has orange juice become so expensive in recent years?
While market watchers agonise over rising oil prices, amid escalating conflict in the Middle East, the soaring price of another commodity beginning with O has largely escaped the attention of headlines.
But shoppers are unlikely to have missed the astronomical rise in the cost of OJ in recent years – and experts warn prices at the checkout could continue to climb.
Britons cut costs on essential spending to fund luxury purchases
Britons cut back on buying ‘essential’ items last month but splurged on treats like Oasis tickets, according to new data.
Barclays’ consumer spend report, which analyses millions of customer transactions, reveals overall spending increased 1.2 per cent annually in September.
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BUSINESS LIVE: Retail sales rose 2% last month; Imperial hikes shareholder returns; Vistry cuts profit outlook
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