Not all retailers have seen their sales wilt in the summer heat. Dixons, which also owns Currys, The Link and PC World, said sales over the summer were flat - a creditable performance given the lower 'footfall' in Britain's high streets.
Woolworths also did well – the company, long plagued by poor margins, shoplifting and wayward availability of goods, cut losses to £36.4m in the first half from £46.2m last year. It’s busy planning for the crucial Christmas period, which accounts for around 40% of its annual turnover and as much as 90% of profits.
Kingston Communications, the phone company privatised by Hull city council during the technology boom, has warned on profits again. Although it said overall full-year revenues would be within the current range of forecasts, it conceded that revenues in the key business-to-business division will be below expectations. The company’s chief executive has done the decent thing and resigned. It’s disturbing that, at a time when other operators are sounding more upbeat, Kingston is still losing business, and our previous advice to sell the shares still stands.
Another casualty of a profit warning was Jo Stewart, chief executive of Northern Foods. The company said higher raw material costs and hot weather will knock around 15% off profits this year, prompting Mr Stewart’s departure and a reappraisal of strategy. The company is to sell some of its smaller and lower-growth divisions, starting with Fox’s Confectionery, which was bought by its managers for £9.4m.
The third chief executive on the way out this week was Peter Kenyon, who is leaving Manchester United for a slice of Chelsea’s new-found riches. Chelsea must be hoping that his commercial skills will help create a strong brand image for the club, which would help generate revenue from merchandising and sponsorship. The Blues have a long way to go, though – you don’t see Thai teenagers wearing Jimmy Floyd Hasselbaink shirts very often.
Directories business Yell, which listed in July, is to join the FTSE 100 index after the latest quarterly reshuffle. The company dropping out is Kelda, once known as Yorkshire Water. Shares in water utilities generally have been under pressure since United Utilities unveiled a huge rights issue.
The importance of UX in accounts payable: Often overlooked, always essentia...
1y
Kloo
The importance of UX in accounts payable: Often ov...
Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
8 Key metrics to measure to optimise accounts payable efficiency
1y
Kloo
8 Key metrics to measure to optimise accounts paya...
Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
Azets has promoted Claire Needham to regional managing director for Yorkshire and the North East, placing her in charge of more than 500 employees acr...
Affinia acquires Platt Rushton in regional expansion push
1m
Accountancy Age
Affinia acquires Platt Rushton in regional expansi...
Affinia has acquired Leigh-on-Sea accountancy firm Platt Rushton, marking the integrated advisory group’s tenth office and continuing its expansion ac...
Xeinadin prepares for potential £800m sale to private equity
1m
Accountancy Age
Xeinadin prepares for potential £800m sale to priv...
Xeinadin Group, the fast-growing UK professional services network, is reportedly preparing for a private equity sale that could exceed £800m, accordin...
BDO is relocating its Edinburgh staff to 30 Semple Street after signing a 10-year lease on 8,176 sq ft of space in the new Grade A development. The fi...
Johnston Carmichael boosts Newcastle team with senior tax hires
2m
Accountancy Age
Johnston Carmichael boosts Newcastle team with sen...
Leading UK accountancy and business advisory firm Johnston Carmichael has strengthened its tax offering in the North East with a series of senior tax ...