Ifa News Round-Up
Serco shares soar after profit upgrade amid demand for immigration services
UK government outsourcer Serco lifted annual guidance on Thursday after a strong first half, driven by higher demand for its immigration services.
B&M Q1 sales up 13.5% as shoppers hunt for bargains
B&M European Value Retail reported a 13. 5% rise to £1. 3bn in group first quarter revenue, in line with expectations, as consumers searched for bargains amid the cost of living crisis.
Direct Line sees no material hit from claim underpayment redress
UK insurer Direct Line said rectifying unfair motor claim payments over a five-year period to 2022 would not have a "material financial impact" on this year's results.
Unbound shares tank as group pulls sale after no offers emerge
Shares in Hotter Shoes owner Unbound Group tanked on Tuesday after the company said it had taken itself off the market after receiving no buyout offers.
AB Foods lifts outlook as Primark sales rise 13% on strong summer
Third-quarter sales at discount fashion chain Primark grew 13%, driven by strong summer sales and higher prices as customers seek value for money amid the cost of living crisis, leading parent company Associated British Foods to lift annual guidance.
Tesco holds guidance as Q1 sales up 8.8%; Sees signs of easing inflation
First-quarter sales Tesco surged 8. 8% as the supermarket giant held annual guidance and said there were “encouraging” signs that inflation was starting to ease for struggling customers.
Wizz Air expects to post net profit this year
Budget airline Wizz Air said it expected to post a net profit this year after posting a net annual loss due to higher fuel prices and the war in Ukraine.
OECD sees moderate GDP global growth; UK to avoid recession
The global economy is forecast to grow moderately this year as inflationary pressures ease, but a recovery was still some way off, the Organisation for Economic Co-operation and Development (OECD) said in its latest forecasts.
Diageo appoints Debra Crew interim CEO after Menezes emergency surgery
Drinks giant Diageo has appointed Debra Crew as interim chief executive after outgoing CEO Sir Ivan Menezes underwent emergency surgery on a stomach ulcer over the weekend.
Investors give Dr Martens a kicking after margin warning, profit slump
Shares in Dr Martens tanked on Thursday as the UK bootmaker posted a slump in annual earnings and said it expected lower core margins in 2024 as it incurred extra costs after blunders at its Los Angeles distribution centre.
German retail sales rise 0.8% in May
Retail sales in Germany climbed by 0. 8% month-to-month in April, partially reversing a 2. 4% decline in March, and slightly below consensus for a 1% increase, the Federal Statistics Office said on Thursday.