Sir Philip Green lashes out at MPs over “bizarre” report that branded him the “unacceptable face of capitalism” October 18, 2016 Sir Philip Green has published a report from a top lawyer that criticises MPs for branding him the "unacceptable face of capitalism". The 82-page report from Lord Pannick QC, a human rights lawyer, says the joint select committee inquiry into BHS made conclusions that were "bizarre" and "unsupportable". Read more: Sir Philip Green hires top lawyer to [...]
Gear4music proves that buying musical instruments online is the way to go October 18, 2016 Shares in Britain's largest online musical instrument retailer fell by two per cent despite posting half-year results that showed it had grown revenue and profit by over 70 per cent. The numbers Aim-quoted Gear4music's revenue increased from £12.5m to £21.6m with gross profit rising from £3.3m to £5.8m. The company's gross margin percentage – the percentage of [...]
Amaya tells Will Hill shareholder where to stick its Ebitda cash conversion October 18, 2016 Canadian online gambling company has hit back at William Hill shareholder claims about its business after merger talks between the companies collapsed. Last week, after Will Hill confirmed talks between the companies, the UK company’s largest shareholder, Parvus Asset Management, said a deal would have “limited strategic logic and would destroy shareholder value”. Read more: [...]
Take that, Aldi: Tesco gains market share for the first time in years but Morrisons, Sainsbury’s and Asda decline further October 18, 2016 It looks like Tesco is beginning to win the battle of the supermarkets, after new figures showed it won supermarket share in the last three months – for the first time in five years. Figures by Kantar Worldpanel showed Tesco increased sales by 1.3 per cent in the 12 weeks to 9 October, which pushed its [...]
Ladbrokes grows revenue in third quarter as it revs up for Gala Coral deal October 18, 2016 Ladbrokes said today that revenue grew for the fourth consecutive quarter in the three months to 30 September. The bookmaker reported a 12.1 per cent increase in group net revenue in the third quarter, and said it remains on track to meet full-year expectations. The company announced the figures as it prepared to sell off 185 [...]
Burberry shares drop despite reports designer could be in for £125m windfall from sterling decline October 18, 2016 British designer brand Burberry said today that the fall in sterling could help boost its profit for the year by up to £125m – but its share price dropped 6.9 per cent at the open. Sterling has dropped significantly since the UK voted for Brexit in June – and in recent weeks, the pound has [...]
Asos reports soaring sales despite fashion industry woes October 18, 2016 Online fashion giant Asos has reported soaring sales despite the widespread struggles of the fashion industry. The figures Retail sales came in at £1.4bn, up 26 per cent, in the year to 31 August, with £603.8m coming from the UK. Read more: Asos set to bag a Brexit win this week Pre-tax profit for the year [...]
Bets off: William Hill ends merger talks with Canadian online gambling group Amaya October 18, 2016 William Hill’s £4.5bn merger talks with Canada’s Amaya have come to an end. The bookmaker said this morning that it had ended discussions after consulting shareholders. Read more: Ex-William Hill boss says bookie should abandon Amaya merger plans The FTSE 250 company said in a statement: After canvassing views from a number of William Hill's major [...]
Merlin builds on global growth with launch of Dubai Legoland October 17, 2016 Theme park operator Merlin Entertainments is set to open a Legoland park in Dubai at the end of the month. The park will include a Lego model of the world’s tallest building, the Burj Khalifa. Standing at 17 metres tall – compared with the real thing’s 830 meters – the Burj Khalifa model took more than [...]
Pepsi set to suck the sugar out of its drinks October 17, 2016 One of the world’s biggest soft drink producers Pepsi has set itself targets to reduce the amount of sugar in its drinks. The move is part of plans to try and tackle a range of issues, from obesity to climate change. By 2025 Pepsi wants more than 60 per cent of its drinks to have [...]