Profits slide at Royal Mail as it promises to deliver on turnaround strategy November 15, 2018 Shares fell as Royal Mail promised a “clearer focus” on financial performance and management accountability today after its profits dropped by over a quarter for the opening half of the year. Chief executive Rico Back said the company will renew its focus on customers just a month after issuing a profit warning that saw shares tumble, [...]
Debate: Following a share price dive, should we be worried about Interserve’s future? November 15, 2018 Debate: Following a share price dive, should we be worried about Interserve’s future? Yes – John Tizard is an independent strategic adviser. Interserve’s story seems to have some parallels with Carillion. Construction firms appear to find public service outsourcing challenging, with problems caused by clashes in culture and different expectations for margins. Contracts must be [...]
New Crossrail boss to be paid £45,000 more than predecessor Simon Wright amid ongoing project troubles November 14, 2018 Incoming Crossrail boss Mark Wild is set to earn £415,000 – a £45,000 increase on the earnings of his predecessor, Simon Wright. Wild, the current managing director of the London Underground, will retain his Transport for London (TfL) salary of £285,000 on top a non-consolidated allowance of £130,000 for his role as Crossrail CEO. He [...]
Easyjet marks milestone in efforts to get more women piloting jets November 14, 2018 Easyjet has reached a key point in its journey to increase its proportion of female pilots, as it sets a course for one-fifth of its new recruits being women by 2020. Over the past year, 15 per cent of its newly-recruited pilots have been women. In 2015, just six per cent were female. The airline [...]
Market jitters post-Carillion collapse hit Interserve shares November 14, 2018 Market jitters over the stability of outsourcing firms following the high-profile collapse of Carillion sent Interserve’s share price plummeting this week. The company’s share price was volatile today after falling to the lowest level in more than 30 years on Monday following a statement from joint venture partner Renewi which revealed that Interserve had experienced [...]
Taxi firm Addison Lee loses appeal against drivers earning national minimum wage and holiday pay November 14, 2018 Taxi firm Addison Lee lost its appeal against an employment tribunal decision today, which found that drivers were not self-employed contractors running their own businesses but in fact employees of the taxi company. The Employment Appeal Tribunal (EAT) upheld the Employment Tribunal’s September 2017 ruling that drivers were entitled to receive the national minimum wage [...]
TfL to lose £200m from Crossrail delay next year November 14, 2018 The delay to Crossrail will cost Transport for London (TfL) nearly £200m in lost passenger fares and advertising revenue next year, the London Assembly has found. Cash-strapped TfL, which is facing a £1bn operational deficit this year, was relying on the £15.4bn Elizabeth Line to shore up its balance sheet. After months of assurances, the project [...]
Shares take flight as Flybe confirms it is seeking sale in face of plummeting profits November 14, 2018 Flybe's share price soared 28 per cent this morning as the budget airline confirmed it is seeking a sale after revealing plunging profits. The airline told investors that “it is in discussions with a number of strategic operators about a potential sale of the company”. Flybe has appointed Evercore as its financial adviser, and the airline [...]
Only one in five Govia passengers happy with handling of complaints, says watchdog November 14, 2018 Govia Thameslink Railway (GTR) is feeling the heat after a consumer survey shows only one in five passengers who filed a complaint were happy with how it was handled. Consumer watchdog Which looked at 12 months' worth of data from rail regulator the Office of Road and Rail (ORR), which received 42,000 responses from consumers. According to Which, only [...]
Interserve shares collapse by another 20 per cent after hitting 30-year low November 13, 2018 Shares in outsourcing firm Interserve have recovered slightly after a second day of turmoil which saw the price plummet by more than 20 per cent. The price was down to 31.19p this afternoon, from opening at 40.19p, after hitting a 30-year low yesterday. Shares had recovered to 38p after the company issued a statement insisting that its [...]