Royal Dutch Shell ‘B’ (RDSB) has revealed that it paid no corporate income tax in the UK in 2018 despite raking in $731m (£557m) of pre-tax profit on revenues of $108bn in the country. The new report, published on Tuesday, is the first time the oil and gas titan has released public details of the corporate income tax paid in countries and locations across all its businesses. Shell said it would disclose the amount paid in an attempt to be “more transparent”. It also admitted that it did not pay any corporate income tax in the Netherlands last year, apart from at its gas joint venture with ExxonMobil, as its profit was offset with losses from previous years.
Investors should cash in on Tory plans to boost the North of England by wading into housebuilding and property stocks, stockbroker Peel Hunt has said. The firm has unveiled its top picks as Boris Johnson plans to splash up to £100bn on the region over five years, in a spending spree aimed at shoring up the so-called “red wall” of formerly safe Labour constituencies which he seized in last week’s election. This investment bonanza is expected to boost property markets – offering the potential for investors to make a bumper profit. Peel Hunt’s top choice is Harworth Group (HWG), a brownfield developer aiming to become the leading land and property regeneration specialist in the North of England.
More than £1.8bn was wiped from the value of private hospital firm NMC Health (NMC) after a hedge fund launched an assault on the firm over claims of financial mismanagement. Shares plunged 32% to £17.47 following an attack in which US short-seller Muddy Waters accused the FTSE 100 company of understating its debt by about $320m (£242m). Muddy Waters said NMC had failed to properly report leases in its 2018 accounts associated with British hospital operator Aspen Healthcare, which it bought for £10m last year. The hedge fund has taken out a short position on NMC shares, meaning it makes money if their price falls, but did not disclose the size of the stake.
Unilever (ULVR) has been accused of failing to take responsibility for its own problems after it blamed poor sales growth on challenging market conditions. Shares in the Anglo-Dutch maker of Marmite and Domestos fell more than 7% as it warned sales this year will be lower than expected. The company blamed the forecast cuts on an economic slowdown in south Asia – one of its largest markets – and tough trading in west Africa. Its problems will pile pressure on boss Alan Jope, who took over from Paul Polman in January following a shareholder rebellion which forced the firm to ditch a plan to shift its headquarters out of London and into the Netherlands.
Ted Baker (TED) departing bosses are in line for a £600,000 pay-off, the ailing fashion brand said as it parted ways with another executive. The chain stunned the City last week with a shock profit warning – its fourth this year – and the departure of its chief executive and chairman. Lindsay Page – Ted Baker’s long-standing finance chief, who was promoted to chief executive in April after founder Ray Kelvin stepped down amid sexual harassment allegations – could get about £500,000 after his departure, but no bonus. Chairman David Bernstein also stepped down and is in line for about £100,000, half of his annual salary.
Questor: Serco Group (SRP) record £5bn order book gives it a powerful springboard for next year. Questor share tip: the company has a record of hitting its targets and profits are expected to jump by 30% this year
