Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted “record” results for the 2010 year. The group said underlying operating profits before significant items surged 48% to £545.7 million compared with £367.9 million the year before. Group sales were 10% higher at £13.7 billion. Earnings at the group have been boosted by its acquisition [...]
Supermarket giant, Morrisons has reported a modest increase in third quarter sales. The grocer, which is Britain’s fourth largest, said like-for-like sales grew 1.3% in the 13 weeks to 31 October – representing a rise of 1% from the second quarter. Meanwhile, total sales in the third quarter were up by 2.8% and 4.7% higher [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, has today provided an upbeat statement as it continues its recovery from the global financial crisis. The bank, which had to be bailed out in autumn 2008, said it remains on track to deliver a “good financial performance” for 2010 as it continues with its [...]
From January next year, restrictions on bankers’ bonuses will take effect, the European Parliament has announced today. Under the deal agreed by the EU members last month, cash bonuses will be capped at 30% of the total bonus. 60% of bonuses should be variable and for future payment only, with at least 40% having to [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the Government, is set to unveil plans to toughen performance targets at its AGM in Edinburgh later this week, after consultations with shareholders. According to reports, RBS chairman, Sir Philip Hampton, is expected to agree that the share price target element of the long-term [...]
A strong performance at discount clothing retailer Primark has boosted parent group, Associated British Foods (ABF), which today reported an 8% rise in sales in the past six months. According to ABF, like-for-like sales at its 196-strong Primark chain, which strip out the impact of new stores, were boosted by “exceptionally strong performance” from the [...]
Official figures have revealed further evidence of a strong recovery within India’s economy after industrial output surged by 16.8% in December compared with a year earlier – beating analysts expectations. According to analysts, the Government is likely to withdraw its stimulus measures as a result of the strong performance. The country’s central bank has injected [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, urged shareholders today not to let Kraft “steal your company with its derisory offer“. Cadbury chairman, Roger Carr, delivered the statement after it said it had enjoyed an “outstanding” performance in 2009, which exceeded market expectations. It said underlying revenues were up 5% in 2009, with a [...]
A survey by the Confederation of British Industry (CBI) has today revealed a poor performance among services companies in the July to September period. The group said a net 13% balance of service firms said profits had increased annually for the quarter, less than the 19% expected. Business services firms such as accountancy and law [...]
Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted a 17% increase in profits for the six months to 25 July of £228.8 million. The retailer, which is the UK’s fifth largest following its acquisition of Somerfield, said sales of its re-launched and extended ‘Simply Value’ range were up almost 80% on the year. [...]
Marks and Spencer (M&S), which is Britain’s largest clothing retailer, has reported a strong performance by recording its best quarter for two years. The retailing industry overall has suffered in the wake of the economic downturn as consumers rein in their spending. However, today the retailer said like-for-like sales in the UK (which exclude new [...]
Telecoms giant BT has today announced plans to axe 15,000 jobs this year – with the majority being in the UK. The group also announced a full-year loss of £134 million due to a poor performance within its Global Services unit – which has written down £1.3 billion within the division. The loss of £134 [...]
Leeds Building Society yesterday posted its 2008 results, with profits remaining strong despite the global financial downturn. Assets of the UK’s seventh largest building society grew by over £900 million to £10.1 billion. End of year operating profit was £68.6 million, compared to £69.4 million in 2007. Savings balance increased by more than £500 million [...]
Shares in Barclays have received a much-needed boost this morning after it reassured investors that it was on target to announce profits of over £5.3 billion for 2008. Shares in the banking giant were up 19.7p (38.5%) at 70.9p in early trading today as an open letter from chairman Marcus Agius and chief executive John [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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