Morning Financial Press Review 16/10/19
Below are the key morning press headlines, featuring the The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
Neil Woodford has announced the “highly painful” decision to close his investment firm, following a disastrous day for the once-star fund manager. Fund supervisor Link ousted the disgraced fund manager from his flagship equity income fund early on Tuesday morning, announcing it would be wound down after Mr Woodford failed to raise sufficient funds for it to safely reopen in December. The disgraced fund manager then went on to hand in his notice at sister operation , before announcing on Tuesday evening that Woodford Investment Management would close its doors completely as soon as the firm has fulfilled its commitments.
has warned that Britons are settling for a pint instead of splashing cash on eating out. The firm said that annual profits will be broadly flat as an increase in spending on drinks was offset by a poor performance on food. Shares fell almost 7% as Marston’s – which owns more than 1,500 pubs – warned profits will be lower than previously hoped over the next two years. Chief executive Ralph Findlay claimed that families are cutting back on restaurant trips amid belt tightening by consumers as political turmoil over Brexit takes its toll. He said: “People are very happy to go out and have drinks in pubs. “People going out to eat are being more cautious.”
reported a slump in profits and blamed weakening demand on the tough global economic environment. Renishaw said yesterday that its pre-tax profits had fallen by 85% to £5.1 million on revenue down 19% at £124.6 million in the three months to the end of September, its first quarter. The company said that its core business of high-precision measuring instruments for various industries, which represents most of group revenue, had benefited the year before from larger orders from consumer electronics manufacturers in the Asia-Pacific region, which “have not been repeated this year . . . Furthermore, we have experienced reduced demand for our products as a result of the challenging global macroeconomic environment.”
Investors in the were counting their winnings after the bingo and casino operator reported a 10% jump in like-for-like net gaming revenues in the three months to the end of September. Grosvenor Casinos delivered the “standout performance” with growth of 15% against weak comparatives, while digital revenues rose by 16% and its Spanish bingo business was up 4%. In the UK, Mecca bingo halls were flat as higher spend per visit was offset by lower customer numbers.
The market share of the Big Four supermarkets has tumbled to a 15-year low as the march of the German discounters Aldi and Lidl continues. , , Asda and now hold just 62.7% of the market. The last time it was that low was in November 2014 – piling pressure on the Big Four ahead of the crucial Christmas trading period. Aldi and Lidl have raked in an additional £1billion in sales over the past year, boosting their combined market share to 14.1%, data company Kantar said. Aldi, which has an 8.1% share, is now rapidly catching up with Morrison’s, which has slumped to under a tenth of the UK market. The discounter has been luring middle-class customers by selling high-end products such as yellowfin sole and Aberdeen Angus steaks under the banner ‘Luxury you can afford’. Sainsbury’s, the second-largest supermarket with 1,400 stores, performed better than its Big Four rivals, giving some relief to chief executive Mike Coupe after the failed merger with Asda.
has posted another rise in annual profits but warned that a slowdown in house price growth and higher building costs will squeeze margins further. The builder expects a ‘moderate volume of growth’ in the year ahead as the uncertainty about Brexit could have an impact on consumer confidence and the number of homes it sells. As the property market in London stalls, Bellway said it has started to shift its investments away from the capital towards other parts of the country, as areas like Manchester and East Midlands ‘performed well’.
surged more than 10% after it did a deal with Leonardo that commits the defence giant to using its Rizikon Assurance software to manage information about suppliers and other partners they work with, in bids for major contracts. Leonardo will now bid for a slew of contracts in 2020 across ‘multiple industries’. Jake Holloway, Crossword’s business development director, said: ‘This is a big step in our development.’
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