Finance news – Page 240
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NewsCity snapshot: Tesco raises profit expectations on strong sales growth
Tesco has hiked its profits expectations after strong UK sales and the sharp recovery of Booker boosted its first half performance.
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NewsMedia Bites 6 October: Greggs, Hotel Chocolat, PepsiCo, supply chain shortages
The papers cover trading updates from Greggs, Hotel Chocolat and PepsiCo, with all three warning about soaring costs.
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NewsCity snapshot: Hotel Chocolat sales and profits rise on digital growth
Hotel Chocolat has posted a financial year ahead of the board’s expectations, with strong revenue and profit growth despite the impact of the pandemic
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NewsMedia Bites 5 October: Sainsbury’s/Tesco/Morrrisons, HGV crisis, Caffe Nero
Morrisons featured heavily again today as the papers digested the CD&R deal and looked at who might be next on the PE hit list.
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NewsUK food and drink deal activity surges to ten-year high
UK food and drink M&A activity jumped to its highest level since 2010 in the fourth month period between May and August as the 2021 rush of dealmaking continued.
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NewsSamworth Brothers revenues take hit from food to go slump
The Ginsters and West Cornwall Pasty Co owner said Covid’s impact on buying habits had led to a “very difficult and challenging”
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NewsEG Group buys bakery chain Cooplands
UK forecourt giant EG Group has expanded its foodservice portfolio with the acquisition of bakery business Cooplands.
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NewsCity Snapshot: CD&R wins £7bn Morrisons takeover auction
US private equity firm Clayton, Dubilier & Rice prevailed in the one-day auction for Morrisons over the weekend
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NewsMedia Bites 4 Oct: Morrisons, Tesco, Pig cull
Private equity giant Clayton, Dubilier & Rice is poised to buy Morrisons for £7 billion after emerging victorious from a three-month bidding war for the supermarket chain
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NewsHovis falls to takeover-driven pre-tax loss despite revenue uptick of 8%
Hovis revenues were up 8% in 2020 to £360.7m despite the ‘highly competitive’ nature of the wrapped bakery category
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NewsFood shortages cost big four supermarkets £2bn in lost sales
The cost is expected to increase further in the run up to Christmas
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NewsCity snapshot: Greencore fourth quarter sales back above pre-Covid levels
Greencore has seen further recovery in its fourth quarter to take revenues back above pre-Covid levels and full year operating profits at the upper end of expectations
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NewsMedia Bites 1 October: Fuel crisis, Furlough, Sainsbury’s
There has been no improvement in petrol supplies at independent petrol stations since Wednesday, according to industry body the Petrol Retailers Association
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NewsMedia Bites 30 September: Caffè Nero, Morrisons, SSP Group, fuel crisis
A High Court judge has dismissed an attempt to overturn the restructuring of Caffè Nero, in a ruling that in effect kills off the takeover hopes of Asda and Euro Garages owners Mohsin and Zuber Issa.
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NewsCity snapshot: Diageo points to margin recovery as hospitality sector reopens
Diageo has said it has made a ‘strong start’ to its financial year, forecasting an improvement in operating margins despite supply chain constraints. Plus, Parsley Box warns on sales and profits and all the rest of the latest news from the City.
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NewsHundreds of jobs at risk as 2 Sisters explores Uttoxeter biscuit factory closure
2 Sisters Food Group is exploring the closure of its own-label biscuit factory in the Midlands as cost pressures facing the food industry intensify putting more than 500 jobs at risk.
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NewsWelsh milk to be bottled in Wales with launch of startup Pembrokeshire Creamery
The business, which is backed by the directors of veg supplier Puffin Produce, hopes to start bottling next year
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NewsPilgrim’s drives Tulip back to black in pork turnaround
US meat giant Pilgrim’s Pride has completed a turnaround of Tulip, with the pork supplier bouncing back into the black for the first time in years, according to newly filed accounts
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NewsInflation hits food industry as rising costs and supply chain pressures bite
Food prices have jumped up for the first time in six months as the barrage of cost pressures and supply chain challenges started to filter through to consumers.
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NewsCity Snapshot: CD&R and Fortress auction for Morrisons to go ahead on Saturday
The City’s Takeover Panel has set out the terms of the forthcoming Morrisons auction between Clayton, Dubilier & Rice (CD&R) and Fortress Investment Group. Plus, food prices rise for first time in six months, SSP Group updates on trading, and SIS signs partnership with NBA champions.