Finance news – Page 449
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NewsCredit Suisse downgrades consumer giants over stagnant sales prospects
Broker Credit Suisse has downgraded global fmcg giants Reckitt Benckiser and Kraft Heinz amid concerns a lack of product innovation and foreseeable sales growth will eat into earnings.
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NewsHop grower Brook House selling direct to brewers online
The Herefordshire grower is selling on the Lupulin Exchange, with plans for its own sales portal ‘in the near future’
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NewsDunbia to close Felinfach factory as lease is terminated
Some 34 jobs will be lost as a result of the closure. It follows warnings of job losses at Tulip and 2 Sisters during the past week
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NewsMajestic Wine warns of earnings hit as it looks to lure new customers
Majestic Wine plans to plough up to £12m into attracting new customers
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NewsEU sugar quota abolition hits profits at Associated British Foods
Associated British Foods’ sugar arm suffered a first half slump in sales and profits as sugar prices were hit by the abolition of EU quotas.
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NewsCity snapshot: First half pre-tax profits dive 30% at ABF
Associated British Foods has announced pre-tax profit down 30% to £603m on group revenue up 2% to £7.4bn in the 24 weeks to 3 March as profits dived in its sugar division. Plus, Majestic Wine plans to accelerate growth “by materially increasing investment in new customer acquisition” in 2019, a new CFO for Tate & Lyle and all the latest news from the City.
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NewsMedia Bites 17 April: Whitbread, Diageo, Jamie Oliver
Whitbread faces increasing pressure to pursue a demerger amid speculation that activist investor Elliott Advisors is preparing to buy further shares in the business.
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News£60m government fund to fight plastic pollution in the oceans
Prime Minister announces new £60m fund to fight plastic pollution in the oceans
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NewsRetailers suffer worst drop in footfall since 2010
Footfall was down 6% year on year in March, with the high street seeing an 8.6% drop
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NewsCarr's Group first half pre-tax profits jump 22%
Carr’s Group has reported a 22% increase in adjusted interim pre-tax profit from £9m to £10.9m on revenue up 13.2% from £176.8m to £200.1m.
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NewsBestway annual profits up 8.5% ahead of Bargain Booze swoop
New Bargain Booze and Wine Rack owner Bestway has posted an 8.5% increase in pre-tax profit from £413.3m to £448.4m in the year ended 30 June 2017.
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NewsMedia Bites 16 April: Waitrose, Whitbread, Conviviality, Unilever
Waitrose staff have complained in the John Lewis Partnership in-house magazine that managing director Rob Collin’s restructure of the grocer has crippled the business
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NewsPotato storage problems eat into UK profits at McCain Foods
Frozen potato market leader McCain Foods GB grew sales by 3.1% in the year to 30 June 2017
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NewsElla's Kitchen soaring sales offset by currency and cost woes
The company’s most recently filed accounts for the year to 30 June 2017 show a 15.5% rise in sales to £65.7m
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NewsTesco progress surprises market
Tesco beat expectations on almost every measure as it announced its final annual results before the £3.7bn Booker acquisit…
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NewsTayto owner Manderley profits hit despite sales rise
The owner of Northern Irish crisps supplier Tayto has reported a £10m-plus jump in annual sales
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NewsCentral England Co-op reports 46% rise in profits
Sales increased to £848.3m for the year ending 27 January 2017, up by 0.6% from the previous financial year
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News2 Sisters to close Cambuslang plant with loss of 450 jobs
The poultry giant said its loss-making factory would close in August after a consultation failed to present any ‘credible proposal to change our view’
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NewsTesco urges suppliers to cut prices and feel Booker benefit
New UK CEO Charles Wilson and chief product officer Jason Tarry have already confronted its 39 biggest suppliers over “anomalies” in their price files
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NewsCity snapshot: Russell Hume creditors hopeful of returns from collapsed meat wholesaler's £23.2m assets
Creditors of scandal-hit meat wholesaler Russell Hume are set to receive 60p-80p in the pound on their debts as the collapsed business had assets of £23.2m before its collapse.