seven
View comments
Host commentator
Host commentator
Primark is expected to open at least 4 more outlets in the UK, creating around 850 jobs.
New outlets will open at Bury St Edmunds in Suffolk, Salisbury in Wiltshire, Teesside Park in Thornaby-on-Tees and Craigavon in Northern Ireland.
The retail giant said it expected to see thriving grocery shopping on the streets and malls as it committed to investing £140 million in its UK retail outlets over the next two years.
There will also be investments in existing retail outlets, with plans to move Bradford and High Wycombe retail outlets to more prominent locations.
The announcement comes at a time of tension in the retail sector, with many stores reporting they have suffered weakening customer demand as shoppers cut non-essential expenses.
ScS shares rose more than 10% after the furniture store reported an improvement in recent trading.
After falling more than 14 percent between last July and early October, orders have especially recovered since then, the company said.
Between 7 October and 19 November, order intake on a comparable basis increased by up to 1. 3%.
This meant that the overall drop in orders was 9. 1% in the 16 weeks since the end of July.
The company said the drop in the past era was largely due to the strong turnout of the previous year, when the shutdowns ended. ScS said it was operating as expected.
Scottish company Devro, which makes the most of its business selling sausage skins, has agreed a £540 million acquisition through German company Saria.
The company said the deal is “attractive” and values Devro at 65% more than its final value on Thursday, or £667 million.
Devro shares are up 61. 5% at 310p today.
One of Saria’s subsidiaries, Van Hessen, also manufactures sausage casings and already distributes Devro in Brazil.
Saria is also part of Rethmann, one of Europe’s largest companies.
Devro President Steve Good said:
Under Saria’s ownership, the combined company will have an enhanced product offering; be a more powerful and varied scale group; and seek to drive long-term sustainable growth.
New Zealand-based East Imperial has had a year but surged this week after naming a U. S. bottling partner. The U. S. government is expected to meet its growing demand in the U. S. U. S.
To learn more about this week’s increases and greenbacks at AIM, read below. . .
France’s Schneider Electric has acquired Aveva, one of Britain’s biggest generation companies, after minority shareholders approved a bid that valued the commercial software company at £9. 9 billion.
Schneider, who already owned about 60 percent of Aveva, raised his offer to 3225 pence last month after several major investors threatened to reject his previous offer of 3100 pence, which they called “opportunistic”.
The successful bid will leave a handful of primary tech corporations indexed in London. About 83. 49% of the shares voted at a judicial meeting this afternoon to approve the acquisition, crossing the required threshold of 75%.
The company’s shares rose 0. 3 percent to 3,192 pence following approval of the offer by Aveva’s board.
Schneider acquired a majority in Aveva, one of Britain’s largest software companies, in an opposite acquisition in 2017 that allowed it to retain its London board.
Chicken restaurant chain Nando’s cut its losses largely amid a “rebound” in visitor demand over the past year.
However, he said his return to profit had been held back by wage inflation, emerging freight prices and disruption of the company’s supply chain.
Chief Executive Rob Papps said the company expects 2023 to be “another volatile year” as the economic backdrop continues to weigh on consumers.
It came as the chain, which has 898 catering sites, presented its annual accounts for next year in its main global markets, South Africa.
That Nando profit jumped to £1. 07 billion in the year to Feb. 27, up 60. 3% from £664. 9 million at the same time last year.
It said it had returned to “almost pre-pandemic” levels despite continued closures throughout the year due to staff isolation or product shortages.
As a result, the company drastically reduced its losses, but remained in the red as sky-high prices weighed on the restaurant sector.
Nando’s pre-tax loss to £99. 5 million for the year from £241. 8 million for the year to February 2021.
Sales Manager at Close Brothers Motor Finance Lisa Watson:
“Although the root disorders persist, the stress turns out to be decreasing in car production.
“The road to pre-pandemic recovery will still have some bumps and a giant order e-book is still pending, but positive symptoms are emerging, as October produced the first year-on-year improvement in 2022. Manufacturers like Volvo have been repairing production levels, and there are signs of an improved outlook for the first quarter of 2023.
“But even as the deadlines start to fade, they’re still long, and the second-hand market remains hungry for almost new quality stock, meaning consumers still have the choice of facing an extended wait for a new car or having to buy a slightly older used car.
“The focus is on distributors to ensure they use all available data and equipment to better meet existing demand and maximize sales opportunities. “
Victoria Scholar, Chief Investment Officer, Interactive Investor:
“SSE shares are trading higher after the utility announced plans to sell a 25% minority stake in SSEN Transmission, its electric power transmission system, to the Ontario Teachers’ Pension Plan Board. The sale begins early next year.
“The agreement can offset some of the pressures resulting from the accumulation of the exceptional energy tax from 25% to 35%. SSEN Transmission posted adjusted operating profit of 72% to £380. 0 million at 31 March with gross assets of £4720 million. .
“SSE percentages are trading with higher gains with now a 15% gain in percentage value over the last month. “
Sophie Lund-Yates, Senior Equity Analyst, Hargreaves Lansdown:
“Britons are expected to spend £8. 7 billion over Black Friday weekend, but it’s a smart chance that the cost-of-living crisis will reduce sales. This is a real blow to retailers. This is your third Christmas facing decreased intake behavior.
“There’s a broader awareness in those days that not all Black Friday deals have great value, meaning sales aren’t enough to attract suffering consumers. To attract more customers, stores could also be located by making larger discounts than usual. While this can lead to transaction volumes, it can wreak havoc on profits, especially in today’s world, where businesses are already suffering with a growing charge base.
“For high street and online spaces that will see a backlog in the coming days, this is more likely an accumulation of expenses from other times than an additional source of profit overall. Especially when you take a look at the U. S. , where buying power is being retained through savings and credit, and it’s temporarily transparent that customer discretionary spending might not be sustainable as we start the new year.
British power manufacturer and network operator SSE has reached an agreement for a 25% stake in its transmission formula business, SSEN Transmission, with the Ontario Teachers’ Pension Plan Council for £1470 million.
Ofgem has put forward new proposals to reform larger consumers and make certain energy suppliers more resilient to market shocks, with capital adequacy requirements between the watchdog’s plans.
The comments below have been moderated.