Covid winner weighs selling as inflation bites: London rush

Here are the top trade news from companies listed in London this morning.

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(Bloomberg) – Here’s the top trade news from London-listed companies this morning. The online furniture retailer plans to go on sale as busy consumers cut discretionary spending, causing inventory to pile up in its warehouses.

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  • At the same time, soaring global freight costs that squeezed its margins
  • The company said it would carry out a “strategic workforce review” to reduce costs, and is considering a possible capital increase, as well as a sale

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Investec Plc: The South African bank and wealth manager said its net interest income had benefited from rising global interest rates in recent months.

  • The company also said that its fixed operating expenses have increased, in part due to inflationary pressure on wages, investments in technology and the normalization of “certain business expenses as related restrictions to Covid-19 have been removed”.

Revolution Beauty Group Ltd: The beauty products maker’s auditor has informed the board that it has identified a number of ‘serious concerns’ and is unable to sign off on an audit report. audit concerning the financial statements for the 2022 financial year.

  • The company has now appointed Macfarlanes LLP and Forensic Risk Alliance to launch an independent investigation, which could take “several months” to complete.
  • Shares in Revolution Beauty were suspended a few weeks ago after the company said it would not be able to release its final results for the fiscal year ending February 2022.

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Outside of the city

Kwasi Kwarteng will deliver its “mini budget” around 9.30am today. The Chancellor is expected to announce a series of measures, including the cancellation of the planned rise in corporation tax next year. Kwarteng could also give more details on how the government’s multi-billion pound energy cap package will be paid for.

The Treasury confirmed yesterday that this year’s 1.25 percentage point hike in National Insurance will be reversed from November and reversed planned tax increases on dividends and workers’ wages.

The chancellor’s expected statement comes as UK consumer confidence fell to a new low this month.

In case you missed it

This week’s In the City podcast examines Truss and Kwarteng’s economic vision for the UK and asks whether the city will accept the government’s new budget plans.

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Finally, Britons have just a week left to spend the last £11billion worth of paper banknotes that remain in circulation before the money ceases to be legal tender.

Look forward

Next week, clothing retailers Next Plc and Boohoo Plc are expected to update the market. These companies will provide valuable insight into how the spending habits of UK shoppers may have changed over recent months.

Next raised its profit forecast for the year in August, but scorching retail sales figures indicate that the UK’s worsening cost of living crisis is starting to force consumers to cut back on spending.

For a news fix when the day is over, sign up for The Readout with Allegra Stratton, to make sense of the day’s events.



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