Home Money LIVE BUSINESS: B&M boosted by new stores; Workspace portfolio value plummets; WH Smith travel sales soar

LIVE BUSINESS: B&M boosted by new stores; Workspace portfolio value plummets; WH Smith travel sales soar

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 LIVE BUSINESS: B&M boosted by new stores; Workspace portfolio value plummets; WH Smith travel sales soar

The FTSE 100 will open at 8am Companies with trading reports and updates today include B&M, Workspace, WH Smith and STV Group. Read the Business Live blog from Wednesday June 5 below.

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‘It’s hard to bet against’ B&M, but ‘softer financial conditions may prove more challenging’ for discounters

Adam Vettese, eToro analyst:

‘B&M’s latest update has shown no signs of letting up with an almost 10% rise in profits. The company that offers consumers well-known brands at the lowest possible prices has the perfect audience when consumers may be feeling the effects of the higher cost of living.

‘Not only that, but they are looking to capitalize by increasing new store openings to reach a long-term target of 1,200 in the UK, adding no less than 45 by the end of next year. This will increase the company’s earnings on its current trajectory.

“There is always a risk that opening too many will overextend itself, but given the resilient performance we have seen in these tougher times, it is arguably difficult to bet against it.

“With potentially more benign financial conditions on the horizon, maintaining this momentum may prove more difficult.”

LSE boss Julia Hoggett dismisses Shein’s human rights reaction

The head of the London Stock Exchange has ruled out a backlash against controversial plans for Shein to list in London, saying the criticism is pointless.

Julia Hoggett was responding to claims that the UK risks becoming a “last resort for companies with poor human rights records” if it opens the door to a £50bn float by the giant chinese online.

ALEX BRUMMER: A first-class fiasco: politicians prepare to move on from disastrous Royal Mail takeover

Amid the furor of an election campaign, in which the desire to be seen as pro-business and pro-economic growth have been the dominant themes, the future of Royal Mail, a vital part of the country’s infrastructure, is barely has stood out.

Royal Mail’s board of owners, International Distributions Services (IDS), accepted a £3.6bn offer from Czech billionaire Daniel Kretinsky as if there was no other option.

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WH Smith travel sales soar ahead of summer trading peak

WH Smith has said it is well prepared for the peak summer holiday season as buoyant sales on its travel sites continue to offset weakening trade in its core division.

The group recorded like-for-like sales growth of 4 per cent for the 13 weeks to June 1, with a 5 per cent rise in global travel stores and a 1 per cent fall in its high street business.

But the figures showed a slowdown from the 15 percent sales growth recorded in the first half at its travel stores located in train stations, airports and hospitals.

The group faces stark comparisons from a year earlier, when trade was boosted by a post-pandemic rebound in global travel.

WH Smith said that while sales fell overall in its UK high street business, including online, its physical stores “performed well” with stable like-for-like revenue during the third quarter.

The value of the workspace portfolio falls by 9.5%

Flexible office working provider Workspace saw the value of its property portfolio fall 9.5 per cent last year to around £2.4bn, partly reflecting the sale of non-strategic assets to strengthen the company’s balance sheet and invest in more profitable areas.

But the group’s net rental income rose 8.2 per cent year-on-year in the 12 months to March 30 to £126.2m, helping its trading profits grow 8.7 per cent. up to £66 million.

And the head of the workspace, Graham Clemett He noted that the pace of portfolio devaluation slowed in the second half of the period and said he expects the decline to mark “the lowest point of the current cycle.”

He cited expectations of falling interest rates, as well as the group’s “ability to continue to generate price growth and value-added asset management activity.”

He added: Looking ahead, the future is bright for Workspace as London’s leading provider of flexible and sustainable workspaces for SMEs.

“Our scalable operating platform, combined with more than three decades of experience in the flex space, puts us in a strong position to maintain our leadership position in this growing market and continue to generate long-term income and dividend growth for our shareholders. “.

Digital marketing company Mission Group considers £32.3m bigger takeover bid from Brave Bison

Digital marketing firm Mission Group has said it is considering a £32.3m-plus acquisition strategy by a rival.

Brave Bison, owner of the Social Chain agency founded by Dragons’ Den star Steven Bartlett, said on Monday it had tabled a potential increased offer worth around 35.1 pence per Mission share on May 25 after that his first proposal was rejected.

It is an increase on Brave Bison’s potential initial share offering, which was worth around 29p per share, valuing rival Aim-listed Mission Group at around £27m.

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B&M boosted by new stores

B&M’s profits rose almost 10 per cent to £629m last year as the discount chain’s results were boosted by the opening of 78 new stores.

The FTSE 100 retailer, which sells everything from garden furniture and electrical goods to toys and food, has proven to be a resilient performer during the cost of living crisis.

B&M’s revenue soared 10.1 per cent to £5.5bn in the 53 weeks to March 30.

“Despite more challenging comparisons, with continued new store openings and a laser focus on low prices and best-in-class retail standards, we remain confident in our prospects for cash generation and profit growth,” said boss Alex Russo.

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