Related Articles
Here’s the key business news from London-listed companies this morning.
Article content
(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Article content
Inflation: UK inflation hit yet another new 40-year high in June, intensifying the cost of living crisis and piling pressure on the Bank of England to deliver an aggressive interest-rate increase next month.
- Consumer prices rose 9.4% from a year earlier, the biggest increase since February 1982, according to ONS data
Royal Mail Plc: The delivery service is considering separating the units of Royal Mail and GLS, if Royal Mail’s performance in the UK doesn’t improve.
- The holding company will also be rebranded to International Distributions Services Plc from Royal Mail Plc to “reflect the group structure of two separate companies”
- Royal Mail is losing a million pounds a day, the company said, after the pandemic boom in parcel volumes and test-kit delivery faded and efficiency improvements have “stalled”
Article content
Premier Foods Plc: The food business has “made good progress” in recovering its input cost inflation by improving efficiencies and increasing prices.
- Its overseas sales increased 12% from what it called a “particularly strong cake performance” where Mr Kipling (the cake brand) grabbed its largest ever market share
Bloomsbury Publishing Plc: American fantasy author Sarah J. Maas continues to deliver for the book publisher, selling more than a million copies to date and having particular success on TikTok.
- The company’s revenue grew 27% in the first four months of the financial year, following what the company has said is a lasting post-pandemic boom in people reading
Outside The City
Tory MPs will today decide which two candidates face off in the battle to replace Boris Johnson, with Foreign Secretary Liz Truss now the favorite to join Rishi Sunak in the final ballot. The result of the fifth and final ballot will be announced at 4 p.m.
Article content
Meanwhile, the government is moving forward with policies to ramp up Britain’s nascent green hydrogen industry that uses renewable energy as it looks for ways to reduce dependence on imports of natural gas.
In Case You Missed It
British consumers are starting to lose faith in the quality of food sold by UK supermarkets as they adapt their buying habits to cope with inflation.
And cool air for 24 hours can set back cash-strapped UK consumers more than £18 as energy costs soar. Those extra expenses may become more frequent.
Looking Ahead
Ocado Group Plc is set to report results tomorrow, with investors focused on how the online retailer is navigating rising grocery price inflation. Miner Anglo American Plc is also scheduled to update the market on Thursday.
For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.
Source link
