UK news
- Tesco says its Chief Financial Officer Alan Stewart will retire next year in April.
- Ken Murphy to replace Dave Lewis as Tesco's CEO in October 2020.
- The retailer will consider both internal and external candidates for its new CFO.
Latest UK news
PayPoint (LON: PAY) released its full-year earnings report on Thursday that posted a 5.6% increase in its pre-tax profit to £56.8 million. The figure did not account for exceptional items. The company attributed this increase to its decision of suspending management bonuses due to the ongoing Coronavirus pandemic that resulted in a variable pay benefit of £2.1 million. Excluding variable pay benefit and exceptional items, PayPoint’s pre-tax profi...
Daily Mail and General Trust (LON: DMGT) announced on Thursday that its revenue came in flat in the first half. The company posted a roughly 33% decline in revenue from its consumer media business in April. For May, it estimated a 30% decline in revenue from the media segment. Following the release of its half-year (HY) earnings report, shares of the company were reported 4% down in premarket trading on Thursday. At 708 pence per share, the Londo...
In its Q1 trading update on Wednesday, Provident Financial (LON: PFG) announced business volumes to have declined in April ascribed to tighter underwriting rules. The company, however, expressed confidence in early signs of recovery that it saw in May. The UK-based company is currently 10% up on Wednesday. At 201 pence per share, Provident is presently about 55% down year to date in the stock market. Learn more about volatility in the stock marke...
Germany’s flagship air carrier, Lufthansa (ETR: LHA) recently struck an £8.05 billion bailout package with the government. The transaction is likely to complete in June. On Tuesday, however, Ryanair (LON: RYA) condemned the aid package calling it a threat to fair competition. Shares of the company are currently less than 2% up on Wednesday. At £10.85 per share, Ryanair is roughly 20% down year to date in the stock market. Learn more about...
EDF (EPA: EDF) announced on Wednesday that it has filed an application to build Sizewell C nuclear plant in the United Kingdom. The company told Britain’s regulators that it will cost £17 billion to £18 billion in total to build the facility in the east of England. As per sources, the application that is commonly referred to as a development consent order was originally expected to be submitted to the UK’s Planning Inspectorate in March. It was,...
The UK’s blue-chip FTSE 100 index posted a 1.2% increase on Tuesday as Prime Minister Boris Johnson announced further easing in Coronavirus restrictions that will allow more retailers to reopen stores. The British government also said that it plans on slowly easing restrictions on tourism that fuelled a wave of celebration in travel stocks. The blue-chip index opened at 5993.28 on Tuesday and closed the regular session on 6,069.66 after hitting 6...
In a statement on Tuesday, Metro Bank (LON: MTRO) reported a significant increase in bad loans this year ascribed to the Coronavirus pandemic that has fuelled novel financial struggles for clients. In the annual investor meeting, the British lender said that impairments will be spelt in terms of the magnitude of COVID-19 impact and for how long does it weigh on the economy. As per the bank, transaction volumes have tanked sharply in recent months...
As the Coronavirus pandemic weighed on global businesses, several companies resorted to increasing digitalisation to cushion the associated economic blow. In its statement on Tuesday, Kainos Group (LON: KNOS) highlighted its commitment to enhanced digitalisation worldwide. The company also said that digitalisation benefits are likely to persist even after the health crisis subsides. COVID-19 has so far infected more than a quarter-million million...
The ongoing management shake-up at Aston Martin (LON: AML) is likely to see the departure of CEO Andy Palmer. As per the sources, Tobias Moers will be joining the British car manufacturer as its next Chief Executive. Moers is currently serving as the CEO of Mercedes-AMG. The luxury automaker highlighted in its emailed statement that the management team is under review but refrained from commenting on specifics of Palmer’s fate. Palmer and...
As per the Daily Telegraph report on Friday, Prime Minister Boris Johnson is considering minimizing the role of Huawei Technologies in rolling out a nationwide 5G network in the United Kingdom. The Prime Minister has further instructed authorities that he wishes to see the role of Chinese telecommunications equipment maker’s involvement in the U.K. infrastructure to be reduced to zero by the year 2023. The U.S. restrictions resulted in a loss of...
The U.K.’s blue-chip FTSE 100 index remained downbeat on Friday as China proposed new security laws to be imposed on Hong Kong that weighed on Asia-focused banks and added to the already complicating trade tensions between the United States and China. As per research analyst Ian Williams of Peel Hunt: “Investors may have been more focused on the continued unhelpful dialogue between the U.S. and China, hence they chose to trim some risk exposure.”...
Burberry (LON: BRBY) warned on Friday that the impact of the Coronavirus pandemic will take time to subside in the UK’s luxury industry. The company said that its comparable sales in the fourth quarter came in 27% lower. It concluded the final quarter with roughly 60% of its nationwide retail stores remaining closed amidst the health crisis. The British company cited the rising COVID-19 uncertainty as it suspended its final dividend. Future payou...
United Utilities (LON: UU) said on Friday that it saw an unexpected increase in its annual operating profit. Owing to the Coronavirus pandemic, however, the company announced its plan of re-evaluating the dividend policy for the next five years. The British water supplier proposed a 28.40 pence per share of final dividend that was reported higher than 27.52 pence a share last year. Thanks to stable dividend payments, water utilities...
AstraZeneca (LON: AZN) is collaborating with the University of Oxford to develop its COVID-19 vaccine. In a statement on Thursday, the company said that results of its clinical trial (early stage) are expected presently. Upon successful testing, the drug manufacturer said, it will commit to supplying at least 1 billion doses in 2020 and 2021. The announcement also highlighted the British pharmaceutical company to have signed the 1st agreeme...
Aviva (LON: AV) said on Thursday that its life business posted a 28% increase in new sales in the first quarter to £12.3 billion. The company attributed upbeat sales to bulk annuities in Q1. The British multinational insurance company, however, forecast £160 million in claims primarily on travel insurance and business interruptions due to the Coronavirus pandemic. At £2.4 billion, the UK insurer announced a 3% increase in its net written premiums...
British pharmaceutical company, AstraZeneca (LON: AZN) collaborated with the U.S-based Merck & Co. (NYSE: MRK) on Lynparza drug as a treatment option for prostate cancer. On Wednesday, the two companies gave a joint statement that Lynparza received approval from the United States Food and Drug Administration (FDA). According to the FDA, Lynparza is now authorised to be used to treat a form of prostate cancer that is known to not respond to th...
Experian (LON: EXPN) warned on Wednesday that the ongoing Coronavirus pandemic is likely to hit its full-year financial performance. The health crisis has pushed the company’s primary markets, including North America into a near halt. The blue-chip company that is offering three free credit reports to its clients each week in fiscal 2021, announced a 5% decline in its revenue last month. If the existing trends persist, Experian added, its organic...