Finance news – Page 286
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NewsCity snapshot: M&S plunges to £88m first half loss despite ‘strong’ food performance
M&S has fallen to a pre-tax loss of £87.6m in the first half, the group’s first loss in its near century as a public company, as a COVID-driven sales plunge in general merchandise negated ‘strong’ performance in its food division.
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NewsMedia Bites 4 Nov: Supermarkets/business rates, Iceland, Deliveroo
Supermarkets are under mounting pressure to pay back £3bn in business rates after a leading retail entrepreneur questioned why their bills had been waived
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NewsCity snapshot: Primark closures drive ABF sales and profits plunge despite grocery growth
Associated British Foods has posted a double-digit drop in annual sales and profits as the strong performance of its grocery businesses was unable to fully mitigate the closure of its Primark stores during lockdown.
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NewsMedia Bites 3 November: Ocado, Lockdown
Ocado has sharply raised its forecast for full-year profits as the Covid-19 pandemic drives a surge in online food shopping. Plus, the papers are filled with the fallout for business for the new national lockdown starting on Thursday.
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NewsNestlé acquires $950m US meal delivery business Freshly
The world’s biggest food group Nestlé has bolstered its DTC credentials with the $950m acquisition of US meal delivery service Freshly
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NewsOcado’s robotic acquisitions will save £7m in labour costs per CFC
Figure based on costs associated with picking, packing and decanting
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NewsGousto achieves UK unicorn status with $1bn valuation
The recipe box provider has raised £25m of new equity from existing investors
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NewsCity snapshot: Primark owner ABF braces for huge sales impact of new English lockdown
Associated British Foods has warned a new national lockdown in England, along with renewed restrictions across Europe, would lead to a loss of almost £400m in sales at closed Primark stores. The CEO of the British Retail Consortium called the Prime Minister’s plans “the nightmare before Christmas” for retailers. Plus, Ocado upgrades profits outlook on more strong trading and announces proposed acquisitions of two US robotics firms for almost $300m.
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NewsMedia Bites 2 Nov: Retail/lockdown, Sainsbury’s, Brexit food standards
Swathes of customers have raced to bulk-buy household essentials ahead of a second national lockdown
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NewsUK petfood M&A boom continues with two more premium deals
The flurry of petfood dealmaking continued this week, with the completion of a further two acquisitions of premium UK-based petfood players.
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NewsLockdown Liquor raises £300k in first funding round to drive growth
Alcoholic drinks startup Lockdown Liquor & Co, which launched during the first peak of the coronavirus pandemic, has raised more than £300,000 in its first ever funding round
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NewsLow-alcohol brewery Small Beer smashes crowdfund campaign
Investors have rushed to pledge support to low-abv brewery Small Beer, which hit its £400,000 crowdfunding target in just two days this week
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NewsMinority investments drive start of UK food & drink M&A recovery
Minority investments in fast-growing brands helped lead to an uptick in UK food and drink M&A activity in the third quarter, though the impact of the coronavirus continues to weigh on deal volumes
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NewsCity snapshot: Lower Covid costs boost profits at Groupe Casino
French grocery giant Groupe Casino has posted a rise in sales and earnings in the third quarter as strong performance in Latin American was helped by improved profitability in France as Covid costs reduced. Plus, losses as Tasty mount, Carrefour sells payments arm for €300m and the rest of the latest news from the City.
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NewsMedia Bites 30 Oct: Business rates, AB InBev, Amazon
The bosses of three of Britain’s biggest supermarket chains have urged Rishi Sunak to use an overhaul of the business rates system to “level up” the economy
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NewsKraft Heinz reports Q3 coronavirus pandemic sales boost
Sales at Kraft Heinz have experienced a boost in the third quarter as consumers continue to drive growth at global food groups during the coronavirus pandemic.
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NewsKellogg upgrades sales forecast on demand for Pringles and cereal
Kellogg has become the latest global fmcg giant to reveal better-than-expected results as shoppers continue to buy more of its portfolio of brands while spending more time at home during the ongoing coronavirus crisis.
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NewsCity Snapshot: Glanbia 2020 sales edge up despite performance nutrition weakness
Glanbia has posted a ‘resilient’ performance so far in 2020 as a sharp drop in sales at its performance nutrition division was mitigated by growth in its nutritionals business. Plus Hilton Food Gropu benefits from COVID, Supermarket Income REIT buys Sainsbury’s supermarket and all the rest of the latest news from the City.
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NewsMedia Bites 29 October: EG Group, Christmas advertising, Heineken
The billionaire brothers buying Asda were dealt a fresh blow yesterday when Moody’s cut its credit rating on the debts of their petrol station group deeper into junk territory.
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NewsConsumer insight specialist Streetbees raises $40m to boost ‘human AI’ capabilities
Consumer insight firm Streetbees has today closed a US$40m funding round to accelerate the development of its ‘human intelligence platform’.