Filtronic: Defence Firm Pens Huge Deal With Elon Musk’s SpaceX

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GENERAL

London named Europe’s ‘unicorn capital’ for fintechs - London leads Europe in fintech ‘unicorns’, a title given to privately-held startups valued at over $1bn, reinforcing its dominance as a global breeding ground for tech unicorns. According to Hurun’s latest index, nearly 80% of the UK’s unicorns and future unicorns are based in London, with fintech being the most dominant sector. Of the 137 British companies included in the report, 52 operate in the fintech space, making it the best-represented industry in the UK’s unicorn landscape.

January sales give retail stores their strongest growth in almost two years - The January sales gave retail stores their strongest growth in almost two years in some good news after a dire Christmas, figures show. Total retail sales across the UK increased by 2.6% year on year in January, albeit against the weak 1.2% uplift of a year earlier, according to the British Retail Consortium (BRC) and KPMG. Sales of non-food items were up 2.5% year on year in January, against a decline of 2.8% a year earlier, as consumers took advantage of significant discounting on furniture, bedding and accessories to refresh their homes.

ON?THE?UP?

Barclays profit leaps by a quarter as investment activity booms - Barclays has revealed?its profits jumped by a quarter last year as the banking giant benefited from a rebound in global investment and deal-making. It reported a pre-tax profit of ￡8.1bn for 2024, a 24% leap from the ￡6.6bn profit generated in 2023. Income for its investment bank soared by 28% over the final quarter of the year amid stronger activity in equity markets and increased deal-making.

Heathrow set to announce multibillion-pound investment - as it prepares proposal for third runway - Heathrow is set to announce a multibillion-pound expansion plan to create extra capacity at the airport - as it prepares its proposal for a third runway. The UK's biggest airport has announced a "once-in-a-generation investment" beginning this year to improve existing buildings and boost passenger?numbers. The development is separate from a new runway - which the government recently announced support for - and will be funded by Heathrow shareholders with airlines and customers charged for the expanded services.

Travel group TUI grows sales as tailor-made package holidays take off - Travel group TUI has posted a jump in sales, with more travellers opting for tailor-made package holidays despite prices continuing to rise. The German business said people are prioritising their holidays “even in times of change and economic risks”. It reported a 13% increase in group revenues to €4.9bn (￡4.1bn) between October and December, compared with the same quarter the previous year.

Filtronic: Defence firm pens huge deal with Elon Musk’s SpaceX - British defence and telecoms firm Filtronic has penned a further multi-million-pound deal with SpaceX, the aerospace behemoth owned by Elon Musk. The company won a contract with SpaceX , worth almost ￡17m for the financial years 2025 and 2026, according to the firm. Filtronic, which designs?and makes products for the aerospace, defence and telecoms market, said after the contract that it is “now confident the business will exceed current market expectations for revenue and profit in both FY2025 and FY2026”.

Lidl increases hourly pay in near-￡15m investment into wages - Supermarket Lidl has said it will increase hourly pay for 28,000 workers next month before the minimum wage rise on April 1. The German-owned discount supermarket said its new rates, which come into effect in March, will be more than 50p higher?than the Government’s new National Living Wage (NLW), which was announced in last October’s Budget.

BP shares jump after activist investor reportedly buys stake - bp has seen its shares surge higher after an activist investor reportedly built up a stake in the oil giant. Shares in the FTSE 100 firm jumped more than 7% at one stage, hitting their highest level for six months, following weekend reports that US firm Elliott Investment Management L.P. had snapped up a stake. The reported stake-buying by Elliott has fuelled speculation over strategy changes at the group and an overhaul of the board.

IN THE DOLDRUMS

In The Style on verge of administration - In The Style is edging towards insolvency less than two years after the online fashion retailer was forced into a fire sale to a family office investor. FTS Recovery is being lined up to act as administrator to the business which was founded by Adam Frisby in 2013. One source told the outlet that a pre-pack insolvency potentially involving Baaj Capital was one possible outcome from the process.

Jim Ratcliffe plans 200 more redundancies at Manchester United - Sir Jim Ratcliffe will make another round of about 200 redundancies at Manchester United , part of a bid to counteract the club’s ￡300m loss over the past three years. While Ratcliffe cut around 250 staff in the autumn, he has made the decision due to the club’s stricken finances. United?employees are yet to be contacted formally by management regarding their jobs potentially being in danger, but it is believed they are braced for this to occur.

Multi-billion dollar Honda-Nissan merger talks collapse - Honda and 日产 have announced that they are ending talks of a merger, adding that they will continue their partnership on electric vehicles. The Japanese car makers, along with junior partner 三菱商事 , aimed to combine their businesses to fight back against competition from rival firms, especially in China.

Wood Group?shares plunge as Deloitte review finds ‘material failures’ - WOOD GROUP LIMITED shares have plunged 31% in early deals after a Deloitte review identified “material weaknesses and failures” across the business. The firm said it is initiating steps to “significantly” strengthen its financial culture, governance and controls after a review. In a trading update, the London-listed engineering giant also announced plans to extend a wide-reaching cost-cutting programme and said it now expects negative free cash flow in 2025.

Beales closes final store after 140 years amid tax rises - Beales is set to close its last remaining department store as it winds down the business after more than 140 years. The retailer, which first opened in Bournemouth in 1881, will shutter its store in Poole’s Dolphin Centre at the end of May.

ONES TO WATCH

Bitpanda set to shake up UK crypto market after FCA approval - European crypto platform Bitpanda is set to expand operations across the UK following approval from the City regulator. The Financial Conduct Authority (FCA) has permitted Bitpanda to bring its suite of 500 cryptocurrencies to the UK market. Bitpanda’s entry adds to the increasing pressures across traditional banks as they face competition from the modern abilities of fintechs and challenger banks.?

'We are not for sale,' ChatGPT?boss says after Musk bid - The chief executive of ChatGPT -owner OpenAI says it is "not for sale" after a $97.4bn (￡78.4bn) takeover bid from a consortium of investors led by Elon Musk. Sam Altman, who co-founded OpenAI with Musk before a public falling out led to Musk's departure, was speaking?at the AI Action Summit in Paris.

Palm Angels acquired by Bluestar Alliance - The Palm Angels luxury streetwear brand has been acquired by global brand management firm, Bluestar Alliance . The move follows Bluestar’s recent acquisition of Off-White from LVMH as it continues to expand into the high-end streetwear and luxury fashion sectors.

Hobbycraft owner in late swoop to snatch The Original Factory?Shop - The owner of Hobbycraft has made a late swoop to buy The Original Factory Shop (TOFS) after talks with a rival suitor stalled at the 11th hour. Modella Capital, which has also been pursuing WHSmith 's high street stores in recent weeks, is close to trumping rival bidder Baaj Capital with a solvent deal to buy TOFS. If completed, it would bring the curtain down on more than 17 years of ownership by Duke Street, the private equity firm.

Steve Madden to acquire Kurt Geiger in ￡289m deal - Steve Madden is set to acquire?Kurt Geiger in a ￡289m deal, marking the end of its seven-year ownership under private equity firm Cinven. Kurt Geiger, which has grown into a key player in the luxury footwear, handbags, and accessories market, operates more than 70 stores across the UK and US, and has a notable presence in Europe, the Middle East, and Asia.

Watchdog opens new probe into Thames Water over delays to environmental work - Water regulator Ofwat has launched an investigation into Thames Water over concerns it will not complete more than 100 environmental schemes funded by customers. The regulator said it will probe whether delays to the plans mean England’s largest water firm has breached its licence.

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