BUSINESS LIVE: REA ups Rightmove bid; Galliford Try secures contract; Oxford Biomedica losses narrow

Oxford Biomedica narrows operating loss by around a third in H1 2024 following strong revenue growth.

The biotechnology company said its revenue was boosted by “stronger levels of manufacturing and commercial development activity.”

Construction company Galliford Try has won contracts from Wessex Water for work that could be worth more than £400m.

The company secured deals with Southern Water worth around £500m.

Bill Hocking, Chief Executive of Galliford Try, commented: “We are delighted to be working with our partners at Wessex Water.”

He added: “The significant increase in activity anticipated in the water sector is a key part of our Sustainable Growth Strategy, and we look forward to delivering for Wessex Water customers and stakeholders.”

REA Group has raised its takeover bid for Rightmove to £6.1bn after two previous offers were rejected.

The online property advertising company, majority-owned by Rupert Murdoch’s News Corporation, has submitted a new offer valuing Rightmove shares at 770 pence each.

More than 50 pubs were lost on average every month in England and Wales during the first half of 2024, analysis of government data revealed today.

Property intelligence firm Altus Group said the total number of pubs, including those that were empty or offered for rent, fell to 39,096 at the end of June.

Nervousness is palpable in the City ahead of the Budget with apprehensions about possible tax raids by Rachel Reeves on pensions.

As my colleague John-Paul Ford Rojas reported in our sister paper, the Mail on Sunday, the bosses of major pension companies are imploring the Chancellor of the Exchequer not to launch a tax crackdown on those saving for retirement.

The Labour Party is facing growing calls to block financial support for Drax after the “green” energy firm was fined for air pollution in Mississippi.

Drax, which has received more than £6bn in subsidies for its North Yorkshire power station, is currently waiting for ministers to decide whether to extend the subsidies beyond 2027.