Royal Mail has been fined £10.5m by the communications regulator Ofcom for failing to meet delivery targets for first and second-class mail in the 2023-2024 financial year. The penalty was nearly double last year’s fine of £5.6m for failing to meet obligations under the Universal Service Obligation. Under Ofcom’s standards, …
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International Distribution Services – the parent company of Royal Mail – said on Monday that subsidiary GLS has agreed to buy a 20% stake in Greek courier firm ACS Postal Services from Quest Holdings for €74m (£62m). ACS is the largest parcel carrier in the domestic Greek parcels market and …
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Wall Street stocks were in the red early on Monday as market participants looked ahead to key inflation data due out later in the week. As of 1450 BST, the Dow Jones Industrial Average was down 0.33% at 39,367.84, while the S&P 500 lost 0.16% to 5,355.70 and the Nasdaq …
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Landscaping and building products and supplier Marshalls reported a 13% decline in revenue for the first half on Monday, amounting to £306.7m. The FTSE 250 company said adjusted EBITDA fell 14% to £50.6m, and adjusted operating profit dropped 19% to £34m. Its adjusted profit before tax was down 20% to …
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Royal Mail parent International Distribution Services (IDS) announced on Monday that its parcel services subsidiary, GLS, would sell its US freight divisions to California-based DC Logistics. The move was part of GLS’ strategic focus on enhancing its core parcel services. According to Reuters, the divestment would include GLS US Freight …
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Mobile payments and messaging technology provider Fonix Mobile reported a strong full-year financial performance in a trading update on Monday. The AIM-traded company said it exceeded market expectations, with an 18.5% increase in gross profit to £17.9m, compared to £15.1m in the prior year. Adjusted EBITDA also saw an 18.1% …
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Investors’ focus on Tuesday will be on the corporate space as US tech giant Alphabet and carmaker Tesla release their latest quarterly results. In the case of the former, the spotlight will be on the whether Google’s parent company’s results live up to the recent mania around artificial intelligence or …
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Clean energy technology business Ceres Power said on Monday that it has inked a global long-term licence agreement for the manufacture of its proprietary solid oxide electrolyser cell technology with an original equipment manufacturer based in the Asia-Pacific region. Ceres said the agreement meant it had secured another partner with …
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The new Labour government is set to look closely at the £5.3bn takeover of Royal Mail-owner International Distribution Services by Czech billionaire Daniel Kretinsky. Business secretary Jonathan Reynolds said it would be “reasonable to expect [the deal] to be called in”, as ministers had intervened when Kretinsky increased his stake …
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The Financial Mail on Sunday‘s Midas column tipped shares of LondonMetric to its readers, highlighting its long record of dividend payouts, focus on the fast-growing bits of the economy and “rude” financial health. LondonMetric had been paying out dividends for nine years and Midas expected the current year to be …
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