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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 …
Business
Sky News
Tesco boss makes food inflation prediction as big retailers report Christmas progress
Tesco’s boss says he “thinks and hopes” food inflation, which stood at a record high in December, will start to ease in the second half of the year.Ken Murphy was speaking after the UK’s largest retailer claimed it was the only one of the major supermarket chains to have grown its market share versus pre-pandemic …
Business
Sky News
Three million people ran out of credit on their prepayment energy meter last year
Three million people across Britain ran out of credit on their prepayment energy meter last year, the equivalent of one every 10 seconds, Citizens Advice has said. The service said it has seen more people unable to afford to top up their energy accounts in 2022 than in the entire last 10 years combined. This …
Business
Sky News
Royal Mail unable to despatch items abroad after ‘cyber incident’
Royal Mail has said it is facing severe disruption to its international export services after a “cyber incident”.“We are temporarily unable to despatch items to overseas destinations,” it said. “Some customers may experience delay or disruption to items already shipped for export.“Our import operations continue to perform a full service with some minor delays.”The firm …
Business
Sky News
What is a recession and what causes it?
The UK is officially in recession – but what does that mean?Warning bells have been sounding for months over the risk of the economy slipping into recession. The rule of thumb is that when the economy shrinks for six months in a row, it’s in a recession.But what happens during a recession, and how is …
Business
Sky News
Evidence suggests government seeking conflict over rail strike – but a window has still opened for a deal
The Transport Select Committee heard from two sides in the national rail dispute, but the most important voice – the third rail – was not even in the room.Mick Whelan, of drivers’ unions Aslef, put the chances of resolution at zero (on a scale of one to 10) while Mick Lynch, of the RMT, said …
Business
Sky News
Profit warnings at recruitment firms show unemployment is likely to rise
With recessions expected in many parts of the world during 2023, it is highly likely that unemployment will rise in a number of economies this year.Supporting that argument are twin profits warnings during the last 48 hours from two of the UK stock market’s best-known recruitment firms, Robert Walters and Pagegroup. Tuesday saw Robert Walters, …
Business
Sky News
Paperchase sale on the cards again just four months after takeover
Paperchase, the high street cards and stationery retailer, has been put up for sale just four months after its latest change of ownership.Sky News has learned that the chain, which was taken over in August by Steve Curtis, an experienced retail investor, is being auctioned by PricewaterhouseCoopers (PwC), the accountancy firm. Mr Curtis, who led …

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