Sales at Dixons Carphone (DC.) languishing despite surge in demand for flat-screen TVs during World Cup. The retailer, which issued a profit warning in May, said sales stagnated in the 13 weeks to July 28. Though Dixons Carphone experienced strong demand for televisions as England made it to the semi-finals, electrical sales still came in flat as it struggled to shift PCs and laptops.
Millions of pounds in compensation to be dished out to Govia Thameslink customers after timetable shambles as operator Go-Ahead posts profit hike. The FTSE 250 listed operator of the train companies, Go-Ahead Group (GOG), confirmed it will be writing to the tens of thousands of customers affected by the bungled changes, which led to a spate of cancellations, delays and overcrowded trains this summer.
Months after seizing control of engineer GKN, Melrose Industries (MRO) chiefs install crony as chairman. The man who signed off a £170m pay deal for fat cat bosses at Melrose was yesterday named the firm’s chairman. In a move that raised eyebrows in the City, Justin Dowley was promoted from head of the remuneration committee to chairman of the company as part of a boardroom shake up designed to quell concerns about corporate governance.
Bovis Homes becomes latest housebuilder to book a profit surge thanks to Help to Buy as it tries to improve its widely criticised homes. saw its pre-tax profits surge by 41% to £60.2million in the six months to 30 June, while sales rose 1% to £432.2million. Investors with shares in Bovis will receive an interim dividend of 19p per share, marking a 27% increase on a year ago.
One of Britain’s best-paid female bosses has been hit by a backlash from shareholders over her £29m bonus. Avril Palmer-Baunack, chief executive of used car business BCA Marketplace (BCA), saw 23% of investors refuse to back her lavish pay packet in a vote at the firm’s annual meeting. Meanwhile, 12% failed to back the 54-year-old’s re-election to the board.
Melrose Industries suffers £300m loss as hostile takeover of engineering group GKN earlier in year hits its books. Months after taking over GKN in April, Melrose Industries (MRO) today confirmed that it is looking at ‘strategic options’ for GKN’s Powder Metallurgy arm. A sale of GKN’s Powder Metallurgy arm has the potential to be worth around £1.5billion and Melrose said it had appointed advisers to explore its options.
SSE (SSE), Centrica (CNA) – New energy price cap will save 11 million households £75 a year by limiting rip-off tariffs to £1,136 says watchdog Ofgem. This will force them to scrap excess charges for people on poor value default deals and save millions of customers money every year.
Banknote maker De La Rue (DLAR), which lost the contract to create Britain’s post-Brexit blue passports this year, is still in the crosshairs of activist investor Crystal Amber. Shares in De La Rue climbed 4.5%, or 21.5p, to 494.5p amid rumours that Crystal Amber was upping its stake, as it continues to pressure the firm for change. Crystal Amber, headed by City veteran Richard Bernstein, is currently the third-largest shareholder in De La Rue. It has said it is prepared to increase its stake until it gets to the top spot.
Weir Group (WEIR) warned it had spotted a weakness in its business as it met with investors. The firm, which specialises in servicing oil and gas rigs and mining infrastructure, said that there had been a ‘considerable softening in demand’ for its equipment towards the end of the summer.
Brave Bison Group (BBSN) – which produces video adverts for social media – shot up as it made a major breakthrough in China. It sealed a deal with Tencent, one of the world’s largest internet companies, allowing it to post videos on WeChat, the major messaging, payments and social media app in China.
Velocys plc (VLS) took a nosedive. It is a major lender and shareholder to Envia, a US biofuel plant which is under threat of being closed if it does not become profitable. Velocys’s shares ended the day down 13.9%, or 1.2p, at 6.71p.
