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Sky News
Liberty Steel blames ‘unviable’ market as restructuring threatens hundreds of jobs
Liberty Steel UK has placed 440 jobs under threat through a series of actions to secure its future amid “unviable” market conditions.The company said high energy costs had combined with other uncompetitive factors such as cheap imports and it was vital its operations were “refocused”. Liberty, part of Sanjeev Gupta’s GFG Alliance, said its Newport …
Business
Business Live
Procook on target after Christmas sales boost despite dip in revenues
Business
Evening Standard
M&S hails strong Christmas sales across food and clothing arm
Retail giant Marks & Spencer has cheered strong Christmas trading as it revealed record food sales and its highest clothing and home market share for seven years.The retail bellwether reported a better-than-expected 6.3% rise in like-for-like sales across its food halls in the 13 weeks to December 31, with its largest Christmas sales of more …
Business
Evening Standard
Asos to slash office space and shut storage warehouses after sales fall
Asos plans to cut office space and close down storage warehouses after reporting a drop in UK sales.The beleaguered online retailer said it had embarked on a £300 million package of “cost mitigation measures” as it battles raging inflation and dwindling consumer demand.Office space will be “rationalised” and three storage facilities including one in the …
Business
Evening Standard
Three million ran out of prepayment meter credit last year – Citizens Advice
An estimated 3.2 million people across Britain ran out of credit on their prepayment meter last year, the equivalent of one every 10 seconds, because they could not afford to top it up, Citizens Advice said.The advisory service said it saw more people who were unable to top up their prepayment meter in 2022 than …
Business
Business Live
Green energy firm Exagen plans £350m battery energy compound in heart of the Midlands
A green energy company wants to build a £350 million battery energy storage compound in the heart of the Midlands. Exagen has put in planning for a 19 acre site which it said could hold enough green energy to power 235,000 homes for two solid hours. It said, pending approval, it would be 10 times …
Business
Evening Standard
Tesco cheers bumper Christmas sales as customers face budget squeeze
Tesco has hailed “strong” Christmas trading as it said it was boosted by investment to improve value as it sought to fend off competition from discount rivals Aldi and Lidl.Boss Ken Murphy cheered the retailer’s efforts to support shoppers “dealing with tough times this Christmas” amid the ongoing cost-of-living crisis.The chief executive warned that it …
Business
Sky News
Energy price surge prompts big earnings upgrade at British Gas owner Centrica
Centrica, the owner of British Gas, has raised its earnings forecast for 2022 on the back of soaring energy prices.Shares surged to levels not seen since May 2019 following the company’s update. Centrica credited its electricity generation and gas production activities for the upgrade – as opposed to profitability at its household supply arm.The company …
Business
Business Live
Simply Be, JD Williams and Jacamo owner N Brown expecting fewer customers in 2023 after Christmas sales fall
Fashion group N Brown has warned it is expecting to start its new financial year with fewer customers because of the “soft” UK discretionary consumer goods market and “difficult trading environment”. The owner of Simply Be, JD Williams and Jacamo also revealed its group revenue for the 18 weeks to the end of 2022 fell …
Business
Evening Standard
Asos sees sales drop amid delivery and consumer spending woes
Online fashion firm Asos has revealed sliding sales in its festive quarter as it took a hit from delivery disruption and slumping consumer spending.The group said UK sales tumbled 8% in the four months to December 31, in stark contrast to high street rivals such as Next that have benefited from shoppers returning to stores …
Business
Business Live
PlayStation 5 and Ninja air fryers help Christmas sales rise at Very but Littlewoods stumbles
Demand for games consoles and air fryers helped sales increase at online retailer Very over the Christmas period. The Liverpool-headquartered company has revealed the top selling gifts as its retail sales increased 2.2% in the seven weeks to December 23, 2022, compared to the same period in 2021. However, when including Littlewoods’ results, group retail …
Business
Business Live
Persimmon warns of falling sales as mortgage rises and economic woes weigh on consumer confidence
Housebuilder Persimmon has warned of multiple headwinds going in to 2023 as current sales of its homes had fallen by more than 36%. The York-based developer said higher mortgage rates, inflation, market uncertainty and the closure of the Help to Buy scheme in England had made a sharp impact on its sales in the fourth …

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