Countryside Properties (CSP) has seen a surge in interest for new homes, the company revealed. The firm said its forward order book is up 65% to £1.57 billion in the three months to December 31, compared with the same period a year earlier. The reservation rate was also up 29% on the same basis, with strong demand for both private and affordable homes. The sector has faced a tough year, with house prices stalling and the economy weakening following the 2016 Brexit referendum. But businesses have said they feel more stable and confident for the future following the General Election result last month, which returned a decisive majority.
The new boss of BP (BP.) is plotting a major shake-up of the energy giant that will see it introduce tough new climate goals. Incoming chief executive Bernard Looney, who takes over from Bob Dudley on February 5, is also mulling a restructuring to cut costs. This could include merging parts of the division that oversees oil and gas production with other activities, such as refining. And it may sell its most carbon-intensive businesses such as oil and gas fields in Canada and Angola. Looney could expand carbon reduction goals to include emissions from the products it sells, as well as emissions from its operations.
Record Black Friday sales helped online fashion retailer ASOS (ASC) experience a 20% boost in revenues over the four month period covering Christmas. Sales in all markets, except the UK, rose by around 20%, with the majority of the increase coming from international retail sales, which jumped by £118.8million to £666million. Total group revenue over the period soared above £1billion, with UK retail sales figures experiencing a £61.1million jump to £408.9million, while slightly lower growth of £56.6million was registered in the EU market. The London-based e-tailer says it had managed to ‘rebuild customer momentum,’ especially due to its best Black Friday on record. It did not reveal what proportion of its clothes were sold at a discount, or what sales were on the day.
Morrison (Wm) Supermarkets (MRW) confirmed plans to axe around 3,000 managerial roles across its stores as part of a restructure which will see it create more shop floor jobs. The supermarket said it will have 4,000 more employees as part of plans which will see the creation of 7,000 new hourly-paid roles. Many of the new jobs will be on Morrisons’ Market Street counters – where butchers, bakers, fishmongers and other fresh food specialists serve customers. The chain said jobs would be available for all who wanted to continue working for Morrisons. It added that managers who are retained will ‘concentrate on helping frontline colleagues to do their job and run their stores’.
British chocolatier Hotel Chocolat Group (HOTC) achieved an 11% sales lift in the last quarter of 2019 as the firm was boosted by a strong Christmas period. The firm said an ‘encouraging performance’ in its new stores and a boost in the numbers joining the VIP-Me rewards scheme enabled it to expand by 14% in the six months to December 29. Its chief executive Angus Thirlwell said the growing popularity of the company’s ‘Velvetiser’ in-home hot chocolate system also drove revenue growth. The machine is said to create ‘barista-grade’ hot chocolate in your kitchen within a couple of minutes. Fourteen new locations were opened by the company over the six-month period, nine of which were in the UK, three in Japan and two in the USA, which the cocoa grower said contributed around a fifth of the 14 percentage point increase. It added that ‘inefficiencies in the supply chain’ meant the costs of delivering this revenue rise was ‘modestly higher,’ but are focused on tackling them over the coming year.
The £6billion takeover of Just Eat (JE.) could be delayed because of a surprise competition probe by regulators. The Competition and Markets Authority (CMA) last night confirmed it was examining the company’s tie-up with Dutch rival Takeaway.com despite previously indicating it posed no concern. The inquiry is looking at whether Takeaway.com would have re-entered the UK food delivery market were it not for the deal. Takeaway.com said its ‘unsuccessful’ UK business was closed in August 2016 and only had revenues of £76,000, because it was ‘unable to compete’ with rivals.
Avacta Group (AVCT) technology creates antibody-like proteins called Affimers that can be used to target cancer cells. It has a drug that is heading into human trials, and yesterday it told investors that revenues from licensing out its technology were a better-than-expected £5.5million for the 17 months ended last year. Crucially for a company early in its commercial journey it has plenty of cash – £8.7million at the last count.
