Strong demand for Italian designer Riccardo Tisci’s collections boosted profits at Burberry Group (BRBY), despite a sharp sales fall in Hong Kong amid ongoing political turmoil. Pre-tax profits rose 11% to £193m for the six months to September while revenue increased 5% to £1.28bn, beating analysts’ estimates. Marco Gobbetti, Burberry chief executive, said he was pleased with the first-half performance, which was in line with guidance despite the decline in Hong Kong. The firm was boosted by the popularity of clothes from Mr Tisci, who was unveiled as creative director last year.
Troubled transport company Eddie Stobart Logistics (ESL) said on Thursday night that it has asked the Takeover Panel for extra time to discuss a possible rescue deal with its former owner. The business is considering a cut-price offer from the buyout firm DBay Advisors. “The board of Eddie Stobart has requested that the panel extend the date by which DBay must either announce a firm intention to make an offer for the company … or announce that it did not intend to make an offer for the company,” the statement said. Eddie Stobart said that talks with DBay were ongoing.
Despite a change at the top last year, the transport company’s travails with its US Greyhound coaches division continues apace. It’s reassuring to see that months of boardroom wrangling hasn’t dented the ambition at the headquarters of FirstGroup (FGP). The transport operator has declared that it is “intent on realising value for shareholders”. It would certainly mark a change from the previous regime who seemed determined to destroy as much value as possible. The share price crashed 70% during the seven-year tenure of former boss Tim O’Toole who finally got the message and hopped off the bus last November, shortly followed by Wolfhart Hauser, the equally hapless chairman.
The energy network “operated as intended” during an August blackout that left more than one million customers without power and caused railway chaos, the boss of National Grid (NG.) has claimed. John Pettigrew said he was unhappy about the turmoil unleashed by Britain’s biggest power cut in a decade. However, he insisted the grid operator had behaved correctly when problems struck, leaving swathes of homes without power across England and Wales, stranding thousands of commuters and plunging Newcastle airport into darkness. The blackout is believed to have been caused by the simultaneous failure of a gas power plant and a wind farm after a suspected lightning strike.
