Finance news – Page 153
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NewsCity snapshot: Supreme upgrades profit forecasts as it strikes ElfBar distribution deal
Vape manufacturer Supreme has significantly upgraded its profit expectations for its 2023/24 financial year. Plus, Science in Sport chairman John Clarke is stepping down after nine years
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NewsMedia Bites 5 July: Sainsbury’s, Morrisons, M&S
Food inflation is starting to fall but will not return to levels seen before the start of the cost of living crisis, the boss of Sainsbury’s has warned
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NewsSainsbury’s has ‘zero complacency’ on food inflation, says CEO Simon Roberts
Roberts admitted the supermarket was concerned over perceptions the sector was profiteering from the cost of living crisis
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NewsCity snapshot: Return to grocery volume growth boosts Sainsbury’s sales
Sainsbury’s has posted first quarter like-for-like growth of 9.8% as pricing and a return to grocery volume growth boosted revenues.
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NewsMedia Bites 4 July: Fuel prices, Unilever, plant-based, low & no
The CMA’s report on supermarket price practices at the forecourts makes headlines in this morning’s papers.
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NewsPricecheck export sales exceed pre-Brexit levels
The Sheffield-based business, which sells to more than 100 countries worldwide, achieved growth of 44% in export sales in the financial year to 30 April 2023
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NewsHeather Mills picks up Plant & Bean meat alternatives factory from administration
Mills – the founder of plant-based group VBites – purchased the Lincolnshire factory and associated equipment from administrators at Interpath for an undisclosed sum
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NewsMedia Bites 3 July: Tesco, M&S, Sainsbury’s
Tesco has drafted in City heavyweight Gerry Murphy as its next chair to replace John Allan
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NewsCity snapshot: Tesco confirms appointment of Tate & Lyle chairman to replace John Allan
Tesco has appointed Gerry Murphy as its new chairman to replace scandal-hit John Allan. Plus, shares in Science in Sport have been suspended, and Eagle Eye to enhance Morrisons loyalty offering following contract win.
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NewsWalgreens Boots Alliance shares slump on slashed forecasts
The group slashed its full-year guidance due to performance being hit by a slowdown of pharmacy sales post-Covid
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NewsVibrant Foods undertakes refinancing after heavy losses
World foods specialist Vibrant Foods has undertaken a multimillion-pound refinancing after ’operational challenges’ resulted in the group falling to significant losses.
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NewsCity snapshot: Fitch affirms Tesco’s investment grade debt rating
Fitch Ratings has affirmed Tesco’s investment grade debt rating, citing its ‘strong market position in a highly competitive core UK market’.
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NewsMedia Bites 30 June: B&M, WH Smith, artificial sweeteners
Discounter B&M European Value Retail has reported “strong profitable trading momentum” as it continues to benefit from shoppers seeking out bargains in the cost of living crisis
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NewsYum Bug to take insects mainstream with BrewDog backing
The business secured £200k from James Watt and topped up with another £101k from more than 320 investors on Crowdcube, with the round valuing the startup at £5m
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NewsCity snapshot: B&M UK first quarter sales up 9.2% on grocery and home growth
B&M Bargain’s owner B&M European Value Retail has posted double-digit first quarter growth driven by strong like-for-like growth in the UK
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NewsMedia Bites 29 June: Greedflation, Ocado/Amazon, Nestlé
A quiet morning in the papers that covers Chancellor Jeremy Hunt scrutinising profits in the food industry supply chain and Ocado Amazon rumours fading away.
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NewsFoodhak acquires The Pure Package and Balance Box from liquidation to expand offering
Ayurvedic ready meal business Foodhak has acquired healthy meal delivery business The Pure Package and sister company Balance Box out of liquidation
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NewsProject D closes crowd round to back rollout of doughnut stores
Premium doughnut maker Project D has raised close to £500k from the crowd to aid a retail store rollout
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NewsMedia Bites 28 June: Supermarket inflation, Boots, Diageo
Britain’s biggest supermarkets have rejected accusations from MPs that the industry is behaving like ‘a cartel’ and is fuelling inflation by profiteering from soaring food prices
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NewsCity snapshot: Dekel Agri-Vision profits fall despite record palm oil prices
Profits at Dekel Agri-Vision have fallen despite the company benefitting from record palm oil prices as a poor harvest hit production at the agribusiness group.