Jet2 Hikes Dividend On Record Profit As Holiday Prices Rise Again

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GENERAL

Value of UK music industry hits record ￡7.6bn thanks to superstar tours - The value hit a record ￡7.6bn after superstar acts including Elton John, Beyoncé, Coldplay and Ed Sheeran embarked on Covid-delayed tours to cash in on pent-up fan demand for live shows.?UK Music, the umbrella organisation representing the commercial music industry from artists and record labels to the live music sector, said that the economic value of the industry to the UK economy surged by almost ￡1bn in 2023.

UK business openings fall to lowest level since 2010 - New business openings across the UK hit their lowest rate in more than a decade last year, official figures show.?Data from the Office for National Statistics (ONS) shows 316,000 new businesses were created in 2023, down from 337,000 the year before.?Data from the Office for National Statistics (ONS) shows 316,000 new businesses were created in 2023, down from 337,000 the year before.

ON?THE?UP?

Jet2.com and Jet2holidays hikes dividend on record profit as holiday prices rise again - Jet2 reported a record profit and revenue and its busiest-ever six month of passenger numbers. The airline and package holiday provider expects to pay an interim dividend per share of 4.4p, up 10% year-on-year. It came as operating profit increased 14% to ￡701.5m, alongside a 15% rise in revenue to ￡5.1bn.

Lidl GB returns to profit with record sales and booming shopper growth - In the financial year ending 28 February, pre-tax profits soared to ￡43.6m, compared to a loss of ￡76m in the prior year, while sales reached a record high, rising 16.9% to almost ￡11bn. The supermarket’s earnings before interest and tax (EBIT) also jumped seven-fold, from ￡28.5m the prior year to ￡220.8m.

Severn Trent announces profits worth millions as it seeks to increase cost of bills for customers - Another water company seeking to increase the cost of customer bills has reported increased profit and shareholder payouts. Severn Trent, the supplier to eight million people in Wales and the Midlands, booked ￡297.8m in pre-tax profit, ￡42.7m more than a year earlier. It wants to pay its shareholders 4.2% more than last year - 48.68 pence a share.

Sage profit booms sends FTSE 100 tech shares flying - Enterprise technology firm Sage has reported a boom in revenue and profit as the UK tech champion has capitalised on artificial intelligence.?Underlying operating profit at the Newcastle-based firm rose 21% the last year to ￡529m. Its operating profit margin grew 220 basis points to 22.7%.?Meanwhile, Sage’s annualised recurring revenue grew 11% to ￡2.3bn, with a 7% jump in statutory revenue.

J20-maker Britvic plc boosted by non-alcoholic shift before Carlsberg Group deal - A shift towards healthier drinking patterns has driven Britvic to new heights this year ahead of its acquisition by Carlsberg.?Britvic told markets revenue in the year to September 30 increased 9.5% to ￡1.89bn.?Adjusted earnings before interest and tax (EBIT) increased 15.2% to ￡250.9m, while EBIT margin increased 60 basis points to 13.2%.

IN THE DOLDRUMS

Ford UK to cut 800 jobs in UK over next 3 years claiming weak demand for electric cars - The move is part of a major restructuring programme, which will see 4,000 posts closed across Europe as a whole. The company said it had to act because of difficult trading conditions, including intense competition and weak demand for electric vehicles.

JD Sports Fashion shares slump as profit at FTSE 100 giant to be at lower end of expectations - The Greater Manchester-headquartered FTSE 100 giant had previously set a target for its pre-tax profit of between ￡995m and ￡1.035bn but it has now confirmed the total will be towards the lower end of the range. Its share price slumped more than 12% in early trades. The price has fallen by nearly 40% in the year to date.

Superdry warns of sales slump after stock exchange exit - Struggling fashion firm has warned its sales will continue to drop in its current financial year, after exiting the London Stock Exchange in July to begin work on its restructuring plan. The retailer’s latest annual results for the year to 27 April showed pre-tax losses improved slightly, dropping from ￡78.5m to ￡65.2m. While sales plunged from ￡622.5m the year prior to ￡488.6m, the brand warned it expected sales to sit between just ￡350m and ￡400m for its year to the end of April 2025.

Morrisons gears up to close Rathbones bakery business, 400 jobs at risk - The move comes after the supermarket giant explored all options for the facility with speculation around a potential purchase of the Wakefield factory by Hovis having circulated this year. However, the two companies did not reach an agreement.

Santander UK profits plunge after ￡295m motor finance hit - Banking giant Santander UK has revealed profits plummeted in its third quarter as it took a ￡295m hit following a major court decision on car finance commission.?The high street lender reported pre-tax profits of ￡143m for the three months to the end of September, down nearly 75% on the ￡558m notched up a year earlier and also a steep drop on the ￡413m posted for the previous three months.

Ann Summers cuts jobs as owners plough cash into loss-making chain -?Vanessa Gold, who was appointed chair last year following the death of sister Jacqueline Gold, spearheaded a ￡5m cash call as the lingerie and sex toy retailer continued to rack up losses.?Ann Summers made a ￡3.9m loss in its year to July 2023, although turnover edged up from ￡101m to ￡104m.

雀巢 ramps up cost-cutting by another ￡2.2bn in overhaul - KitKat maker Nestle has revealed plans to slash costs by at least another 2.5bn Swiss francs (￡2.2bn) and spin off its premium water and drink business as part of a turnaround being led by its new boss.?Recently-appointed chief executive Laurent Freixe said the Swiss group will make the mammoth savings by the end of 2027 – on top of an ongoing existing programme to trim costs by 1.2bn Swiss francs (￡1.1bn).

Mulberry England staff brace for job cuts after it reports sales slump and bigger losses - The beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.?The company, which last month rejected a ￡111m bid from 37% shareholder Mike Ashley’s Frasers Group, reported a 19% fall in revenues to ￡69.7m in the six months to the end of September. Losses widened by 23% to ￡15.7m.

ONES TO WATCH

谷歌 could be forced to sell its Chrome browser over internet search monopoly claims - The proposed breakup has been floated in a 23-page document filed by the US Justice Department. It also calls for lawmakers to impose restrictions designed to prevent its Android smartphone software from favouring its own search engine.

JLR unveils new logo ahead of electric relaunch - The British vehicle maker, owned by Tata Motors, will launch three new electric cars in 2026, having taken new cars off sale more than a year ago to focus on reinventing the brand.?As part of its rebrand, Jaguar revealed a brand new logo, alongside a new prancing "leaper" cat design and marketing slogans such as "delete ordinary".

SHEIN targets London stock market float in early 2025 - The Chinese-founded fast fashion firm is preparing to launch an initial public offering (IPO) on the London Stock Exchange in the first quarter of 2025. The blockbuster float is expected to value the retail giant at around ￡50bn.

凯度 - private equity groups circle media research firm - Private equity firms are circling the TV ratings data business Kantar Media in a move which could pave the way for a multibillion-pound sale of the wider Kantar Group.?Cinven, which owns names including footwear brand Kurt Geiger, and London-based Triton Partners are among the parties to have made bids for Kantar Media. A potential deal could be worth around ￡1bn and is expected to lay the groundwork for a larger sale of the market research group, the paper reported.?

Cineworld Cinemas Ltd owners screen plan for stock market comeback in New York - Cineworld's hedge fund backers are drawing up plans to return the cinema operator to the public markets amid continuing uncertainty about the future of dozens of its British sites. The company's owners are at the early stages of considering a New York listing for the business, with the first half of 2026 considered a likely window for it to take place. A flotation was likely to encompass Cineworld's operations outside the UK, with the group's board expected to consider a sale of the British operations at some point.

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