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Kromek wins £4.9m Government deal for biological threat detection systems
Detection tech innovator Kromek has landed a UK Government contract worth £4.9m to create systems that identify biological threats. The County Durham-based firm said it will start work next month on the three-year programme that comes with the possibility of extended maintenance services after that period. In a brief update to investors offering few details …
Business
Business Live
Spirax-Sarco Engineering updates investors on full-year guidance
FTSE-100 engineering company Spirax-Sarco has maintained its full-year guidance amid what it described as a “weakening macro-economic climate”. In a trading update for the four months ending October 31, the Cheltenham-headquartered firm reported “strong” growth in sales, and said it expected group full-year adjusted operating profit, excluding contributions from the recent acquisitions, remained on track. …
Business
Business Live
Tekmar Group considers offer from global strategic investor
North East offshore specialist Tekmar has announced it is considering an offer from a global investor. The Darlington business, which provides technology and services for the global offshore energy markets, announced in June that it was seeking a “strategic partner” as it did not have enough cash to turn around a loss-making position. The group …
Business
Evening Standard
Royal Mail asks Government to cut letter service to five days under overhaul
Royal Mail has asked the Government for an early move to cut its letter service to five days a week as it unveiled hefty losses after a hit from crippling strike action.Boss Simon Thompson vowed to do “whatever it takes” to turn the group around after half-year results showed it tumbled to a £219 million …
Business
Evening Standard
Lidl’s profits quadruple as shoppers switch to cheaper supermarkets
Profits at the British arm of supermarket chain Lidl have more than quadrupled with it having undertaken an ambition expansion of stores and customers over the year, it said.Pre-tax profits reached £41.1 million in the year to February 28, surging 319% from the £9.8 million posted the same time last year.It also saw revenues edge …
Business
Business Live
Grainger sees continued growth on the back of rental demand
Demand for rental properties amid the pandemic has helped boost Grainger plc’s revenue and operating profit, new results show. The Newcastle based group said it recognised that many people’s dreams of home ownership had been put on hold but said it was committed to making renting “life enriching and fun”. Announcing performance in the year …
Business
Business Live
Former owners of UK’s biggest microchip firm Newport Wafer Fab poised to reacquire the plant
The UK Government’s decision to block the acquisition of the UK’s biggest microchip plant on national security grounds paves the way for its former owners to reacquire the business. With investment they would aim to triple production capacity at the Newport-based fab with a focus on silicon carbide chips needed for electric vehicles. After a …
Business
Sky News
Royal Mail seeks to reduce letter deliveries as strikes plunge parent firm to first half loss
Royal Mail is seeking to reduce its commitment to letter deliveries as an estimated £70m impact from strike action is blamed for plunging its parent firm into the red.International Distributions Services, which includes its GLS global delivery division, reported pre-tax losses of £127m for the 26 weeks to 25 September. That compared to profits of …
Business
Sky News
Key announcements from chancellor’s autumn statement at a glance
Here are all the main announcements from Chancellor Jeremy Hunt’s autumn statement to MPs: • Energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500. Amounts to around £500 support for households.• Additional cost of living payments next year …
Business
Sky News
Energy bills help and other key announcements from chancellor’s autumn statement at a glance
Here are all the main announcements from Chancellor Jeremy Hunt’s autumn statement to MPs: • Energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500. Amounts to around £500 support for households.• Additional cost of living payments next year …
Business
Evening Standard
Chancellor vows tax hikes and spending cuts needed to ‘face economic storm’
Chancellor Jeremy Hunt will promise a plan to weather an economic “storm” as he risks a backlash by unveiling a £54 billion package of tax hikes and spending cuts.He will insist to MPs on Thursday that his autumn statement puts the UK on a “balanced path to stability” as he tackles the “enemy” of inflation, …
Business
Evening Standard
Shapps blocks sale of British microchip manufacturer to Chinese-owned firm
Business Secretary Grant Shapps has blocked the sale of British microchip manufacturer Newport Wafer Fab to a Chinese-owned company on national security grounds.The company is one of the UK’s largest manufacturers of semiconductors and there was concern over its reported £63 million purchase by Nexperia, a company said to be linked to the Chinese Communist …

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