Irn-Bru maker AG Barr’s share price crashes after profit warning July 16, 2019 Irn-Bru maker AG Barr’s share price plummeted this morning after it warned of a sharp drop in full-year profits amid worse-than-expected trading. The Scottish-based fizzy drinks maker warned that profits for the full-year would slump by 20 per cent, after predicting that the firm is unlikely “to recover fully from the volume impact in the [...]
Recipe box company Gousto secures £30m funding July 15, 2019 Recipe box delivery company Gousto has secured £30m in a funding round led by London private equity firm Perwyn. Gousto will use the investment, which takes its total funds raised to more than £100m, to develop artificial intelligence technology. Read more: Gousto cooks up £18m funding and signs up body coach Joe Wickes The company [...]
Proven success: Finsbury Food hails bread sales for rising revenue July 15, 2019 Thorntons maker Finsbury Food credited rising bread sales for an annual 3.8 per cent in group sales to £315.3m in the 12 months to the end of June. Read more: Icing off the cake: Finsbury Food drops as butter prices skyrocket Cake, bread and pastries pushed the Aim-listed baker higher, which saw a three per [...]
Sports Direct’s share price plunges as it delays results amid House of Fraser uncertainty July 15, 2019 Shares in Mike Ashley’s Sports Direct dived this morning after the firm pushed back the publication of its financial results. The retailer blamed the delay on troubles in its recently-acquired House of Fraser business along with increased regulatory scrutiny over auditor Grant Thornton’s inspection of its books. Read more: Sports Direct expected to post 20 [...]
Retail footfall drops as June fails to hit 2018 temperatures July 15, 2019 Retail footfall fell again in June in the latest blow for the high street as cooler weather failed to live up to last summer’s heatwave. Retail footfall declined by 2.9 per cent in June this year compared to a dip of 0.9 per cent in 2018, according to the latest data from the British Retail [...]
British luxury fashion sales break £5bn barrier July 15, 2019 The British luxury fashion industry saw sales break through the £5bn barrier in the past year, driven by the rising popularity of newer, younger brands. Sales hit £5.25bn as designer brands established after 1990, such as Lulu Guinness and Stella McCartney, saw average turnover growth of seven per cent. Read more: Private equity firm buys [...]
Travis Perkins accelerates plans to sell Wickes July 14, 2019 Builders merchant Travis Perkins has stepped up its plans for a £500m spin-off of DIY retailer Wickes. Travis Perkins has begun to prepare to demerge Wickes next year by separating the retailer’s IT systems from the rest of the group, the Sunday Times reported. Read more: Travis Perkins investors cheer first quarter sales growth The [...]
Heston Blumenthal’s restaurant empire sees losses deepen July 14, 2019 Celebrity chef Heston Blumenthal’s restaurant business posted deepening losses in its latest financial results as it works through an “efficiency program”. The group, which owns the three Michelin star The Fat Duck, suffered a post-tax loss of £1.7m in the year to 31 May 2018, compared to a loss of £700,000 in 2017. Read more: [...]
Sports Direct expected to post 20 per cent profit drop July 14, 2019 Sports Direct is expected to report a 20 per cent drop in profit following an acquisition spree by billionaire owner Mike Ashley. Profit before tax could slip from £152.9m to £122.06m, according to data from S&P Global Market Intelligence. Read more: Top Sports Direct executive leaves Mike Ashley’s firm Analysts said revenue is expected to [...]