Asos has warned that full-year profits are set to be towards the bottom end of guidance after weaker-than-anticipated summer sales.

The online fashion retailer, which has struggled in recent times with sliding demand, anticipates underlying earnings of £40million to £60million for the 53 weeks ending 3 September.

It reported like-for-like turnover fell by 11 per cent on a constant current basis during the period following a continued slowdown in orders across multiple markets.

Forecast: ASOS, which has struggled in recent times with sliding demand, anticipates underlying earnings of £40million to £60million for the 53 weeks ending 3 September

Although warm weather drove strong sales in June, fourth-quarter revenues declined by 15 per cent as rain damaged trade in July and August.

Asos has also been affected by elevated cost-of-living pressures, higher customer returns, supply chain troubles, and a widespread post-pandemic drop in the e-commerce sector.

Still, it expects the final three-month period to be profitable thanks to £300million of recent cost savings and improvement in core profitability as part of its ‘Driving Change’ turnaround programme.

Lower duty and freight costs helped the London-based firm more than double its second-half gross margins, although they came in below guidance because of significant discounting activity to reduce inventory levels.

Despite slashing its stock by 30 per cent last year, the business expects price cuts to remain until late 2024 as it aims to eliminate inventory from last year’s autumn/winter season.

José Antonio Ramos Calamonte, chief executive of Asos, said: ‘We continue to focus on bringing the best fashion and the most engaging proposition to our customers as we make progress on our journey to sustainably profitable and cash-generative growth.’

Asos was relegated from the FTSE 250 Index in June, having seen its market cap plummet in the previous two years from over £7billion to less than £500million.

Sales on its website soared during the height of the pandemic when the temporary closure of apparel stores due to lockdown restrictions produced a major windfall for online retailers.

Growth subsequently slowed as customers returned to purchasing their clothes on the high street, and cost-of-living problems hurt its young-adult target audience.

The company has also faced stiffer competition from the likes of Marks & Spencer, Next and Chinese fast fashion giant Shein.

Pressure on Asos has seen it become a potential takeover target, with Turkish online retailer Trendyol putting forward a £1billion approach last December.

Another potential suitor is Mike Ashley’s Frasers Group, the owner of Sports Direct and Evans Cycles, which has built a near-17 per cent stake in the brand.

Russ Mould, investment director at AJ Bell, said: ‘The danger for Asos is it is just no longer as relevant in a world where people can buy clothes in stores again and where the tide has turned away from the whole fast fashion concept.

‘And by failing to fix the roof while the sun was shining bright for it during the pandemic, the business is left really exposed.’

ASOS shares were 1.5 per cent, or 5.8p, lower at £3.81 on Tuesday morning.

Warpaint London revealed record sales and profits in its interim results with the group believing it is ‘very well positioned for further growth’.

The company’s group sales increased by 46 per cent to £36.7million for the six months to 30 June, with UK revenue increasing by 28 per cent to £13.3million.

The firm’s adjusted earnings before interest, taxes, depreciation, and amortisation increased to £7.9million, up from £4.4million.

The company’s group sales increased by 46 per cent to £36.7million for the six months to 30 June, with UK revenue increasing by 28 per cent to £13.3million 

The cosmetics company said that statutory profit from operations had increased to £6.3 million, up from £3.5 million. 

It also revealed that its W7 brand sales were up by 67 per cent and Technic brand sales over the same time period.

Sam Bazini, chief executive of Warpaint, said: ‘I believe the group is very well positioned to achieve further growth and I remain confident that margins can be maintained going forward.

‘Warpaint is a global business with the capacity, expertise and strategy, coupled with balance sheet strength, to drive future growth from both our existing and new customers. 

‘As in previous years, the group’s sales are expected to remain second half weighted, reflecting Christmas seasonal sales as well as ongoing momentum.

‘We look forward to updating further as the year progresses, and with significant opportunities for continued growth, both already secured with our existing retailers and in discussion with additional major retailers globally, I am confident that the group will continue to perform well for the remainder of the year and beyond.’

Founded by Eoin Macleod and Samuel Bazini three decades ago, Warpaint’s initial business model involved purchasing and selling surplus stock from top brands such as Revlon and Max Factor to high-street firms, wholesalers and discounters.

In 2002, the company launched W7, which now provides over half of all revenues and is popular among younger people with smaller budgets.

Its other brands include Man’stuff, Chit Chat and Retra Holdings, a make-up gift business acquired by the group in November 2017 for £18.2million. 

Warpaint shares were down by 0.68 per cent to 300.45p in morning trading on Wednesday.

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Construction group Henry Boot saw profits decline in the first half of the year despite a growth in revenue, as uncertainty in the housing market increased.

The business saw a 24.5 per cent increase in revenue year-on-year to £179.8million, in the six months to 30 June.

However, underlying profit fell to £23.3million from £37.8million over the same time period, with the group saying that ‘uncertainty in our markets has increased’.

The business saw a 24.5 per cent increase in revenue year-to-year to £179.8million for the first six months to 30 June 

The Sheffield-based company’s revenue growth was partly boosted by strong property sales of £129.3million which was led by land promotion, development and housebuilding business, despite weakening markets.

Tim Roberts, its chief executive officer, said: ‘The first half of the year has seen our markets slow as interest rates have continued to rise, but, as these results show, our focus on prime strategic sites, high quality development and premium homes has provided us with a degree of resilience. 

‘This has helped us to report a very respectable underlying profit before tax of £23.3m, an increase in NAV of 3 per cent, plus the confidence to grow our interim dividend by 10 per cent.’

Sentiment on housebuilders has been hit as rising interest rates have significantly impacted the housing market, with City forecasters saying the Bank of England’s base rate could peak as high as 6.25 per cent as it tries to bring inflation to heel. 

Roberts added: ‘Whilst uncertainty in our markets has increased, we believe we have enough momentum to carry us through the year, although the outlook for 2024 for the time being is not so clear. 

‘However, we have conviction in our three markets which are driven by structural trends and I am pleased to report that we remain on track to hit our strategic growth and return targets over the medium term.’

Earlier this month, Britain’s largest home builder Barratt Developments revealed a slump in demand driven by the mortgage crunch, with new home reservations sliding by a third.

The housebuilder’s annual results revealed an increase in its pre-tax profits and revenue but it flagged that new home reservations had tumbled since July from an average of 0.6 homes per week to 0.42 homes per week.

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DP World has warned of an ‘uncertain’ outlook after the port operator revealed a drop in half-year profits.

The Emirati-state run firm, which owns P&O Ferries, saw profits attributable to its owners decline by 9.7 per cent to $651million (£510million) for the six months ending June.

Profits fell despite shipping freight rates continuing to fall back from record levels in mid-2021 amid improving supply chain issues and a global economic slowdown.

Logistics giant: Headquartered in Dubai, DP World’s ports include Jebel Ali (pictured), the busiest in the Middle East, and Southampton and London Gateway in the UK

DP World cautioned that the immediate outlook remained mired by geopolitical factors, high inflation, recent interest rate hikes, and currency fluctuations.

The group is owned by Dubai World, an investment company that operates on behalf of the Government of Dubai. 

DP World still managed to boost total turnover by 13.9 per cent to just over $9billion, thanks to solid performances from its Imperial Logistics and Drydocks World businesses.

Container volumes also bucked the broader market, increasing by 3.1 per cent to 39.9 million 20-foot equivalent units (TEUs), with the Asia-Pacific region driving growth and offsetting weaker trade across the Americas and Europe.

Sultan Ahmed Bin Sulayem, chief executive and chairman of DP World Group, said: ‘While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results.

‘We remain optimistic about the medium to long-term prospects of the industry and DP World’s capacity to consistently generate sustainable returns.’

The global container fleet is expected to expand by 6.3 per cent in 2023 and 8.1 per cent next year, according to the Baltic and International Maritime Council, a trade association representing shipowners.

Headquartered in Dubai, the logistics giant’s ports include Jebel Ali, the busiest in the Middle East, and Southampton and London Gateway in the UK.

It handled around 79 million containers across its network last year and plans to boost its capacity by another 3 million TEUs by the end of 2023.

DP World invested $910 million across its estate during the first half of this year and anticipates spending $2billion overall by the end of December. 

The company sparked public anger in 2022 when P&O Ferries, which it initially bought for £3.3billion in 2006, abruptly sacked 800 British-based employees without notice and replaced them with agency workers.

P&O’s boss, Pete Hebblethwaite, admitted the action was unlawful because the firm did not give 45 days’ notice to authorities before planning to make redundancies and failed to consult with unions.

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Plus500, Lok’nStore Group and L’Occitane. Read the Monday 14 August Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

Nigel Farage accuses NatWest of delaying debanking review

Nigel Farage has accused NatWest of kicking its review into the closure of his bank account ‘into the long grass’.

The banking sector is continuing to feel the fallout of the debanking scandal, which came to light when Coutts closed the former Ukip leader’s account without warning due to his political views.

Cheers, Graham! sales of Norton’s own wine hit 3.7m

Sales of Graham Norton’s wine are fizzing as drinkers increasingly seek out celebrity alcohol brands.

The TV host’s GN label, which he launched a decade ago, sold more than 3.7million bottles last year, according to its New Zealand maker Invivo.

The firm had to buy more vineyards this year to meet demand.

Plus500 profits slump as trading volumes fall

Plus500 profits slumped 43 per cent in the first half as the online platform suffered a drop in trading volumes.

Core profit for the six months to the end of June fell to $174.1 million, from $305.3 million a year earlier.

Separately, the London-listed company announced a $60million share buy back.

‘In the first half of the year, we executed on our strategy to produce a strong performance, thanks to the power of Plus500’s market-leading proprietary technology and our consistent ability to attract and retain higher value customers over the long term.

‘Our increasingly diversified revenue streams, broadened product offering, deep customer relationships and the structural growth drivers in our end markets, mean we are able to deliver both growth and attractive shareholder returns.

‘With continued operational and financial momentum being achieved, we also made substantial progress in delivering against our strategic priorities, particularly in harnessing the attractive growth opportunities in the US futures market and obtaining new regulatory licences in the high growth UAE market and very recently in the Bahamas

Our track record of delivering outstanding shareholder returns puts us amongst the top cohort of companies on a total returns basis within the FTSE All-Share Index over the past ten years.’

Workspace rental firm IWG’s first-half profits more than doubled as the sustained popularity of hybrid working led to record revenues.

The world’s largest office space provider revealed operating profits jumped by 154 per cent on a constant currency basis to £94million for the six months ending June.

Mark Dixon, IWG’s chief executive, said the period marked a continuation of the ‘Big Bang’ that started the previous year when businesses began adopting flexible working policies.

Flexibility: The sustained popularity of hybrid working led to record first-half revenues for IWG

He noted that demand for the group’s offices and products was growing among companies seeking to lower their real estate costs.

IWG’s system-led revenues rose by 14 per cent to a record £1.68billion, largely driven by growing sales in the Americas and EMEA regions, with an additional boost provided by digital platform Worka.

IWG has been accelerating its capital-light growth strategy, whereby commercial landlords hire the firm to manage their offices.

The FTSE 250 business credited this approach for signing a further 400 new deals in the first half of 2023, having agreed to 462 during the whole of last year.

Dixon added: ‘We continue to be well placed to deliver further revenue, profitable growth and reducing leverage as more companies permanently embrace hybrid working as their preferred model with IWG set to be the biggest beneficiary.’

Yet IWG has adopted a ‘cautiously optimistic’ outlook for the current financial year, given the more troublesome economic backdrop and adverse foreign exchange fluctuations.

As a result, it has kept annual guidance unchanged on adjusted underlying earnings and continues to expect net debts will decline this year.

Analysts at Investec said: ‘Longer term, [IWG’s] market-leading position in the structurally growing hybrid working industry has compelling strategic attractions.’

Headquartered in Switzerland, IWG has around 3,400 locations across 120 countries and counts Samsung, Paypal, Spotify, and Blackrock among its clients.

IWG’s bumper results come as firms increasingly order their staff back to the office, with many executives citing the benefits to productivity and creativity of in-person collaboration.

On Monday, teleconferencing business Zoom, whose name became synonymous with remote working during the pandemic, told employees who live within 50 miles of one of its offices that they must come in at least two days a week.

Major corporations who have insisted on all or some of their staff coming into the office five days a week include banking giants Goldman Sachs and JP Morgan and white goods seller AO World.

IWG shares were 0.2 per cent, or 0.3p, lower at 150.8p on Tuesday morning, meaning they have fallen by approximately 23 per cent over the past 12 months.

Domino’s Pizza saw a surge in takeaways being picked up by customers in stores rather than delivered to their doorsteps amid the cost of living crisis.

Collection orders of 12.2m in the six months to June 25 were 20 per cent ahead of the same period a year ago. Such gains were in contrast to a 4.4 per cent slump in takeaway deliveries.

Even as the cost-of-living crisis squeezed spending, sales across the group’s franchised and corporate stores during the period were up 7.9 per cent year-on-year. 

And profits of £68.7million were 8.2 per cent higher than same period a year ago.

Domino’s expects its profit for 2023 to range between £132million and £138million, beating the £127.6million analysts had forecast.

Domino’s posted higher sales across its franchised and corporate stores alongside a 20% surge in collection orders in the six months to June 25

It is in the process of handing back £20million of shares to investors and vowed to return another £70million. 

Shares soared 13.1 per cent, or 45.4p, to 392.8p, marking its best performance since December 2021 when the stock jumped 22 per cent after it secured a resolution with its franchisees. 

Last month the group appointed Andrew Rennie as chief executive, and he starts on Monday. 

He spent more than two decades with Sydney-listed Domino’s Pizza Enterprises (DPE). He will replace Elias Diaz Sese, who had been running the company on an interim basis since last October.

Laith Khalaf, head of investment analysis at AJ Bell, said a 20 per cent increase in collection orders shows ‘consumers are finding ways to save money and still get their favourite food treats’.

He added: ‘Anyone willing to go to their local store can typically get a big discount on a collection order at Domino’s.

‘In the current cost-of-living crisis, Domino’s has to take that trend as a win – after all, it’s better to shift a chunk of pizzas at a lower price than none at all.’

Stock Watch – Filtronic

Shares in Filtronic sank after the radio maker blamed its missed revenue targets on global semiconductor component shortages.

Delays in receiving several niche component parts on time from a semiconductor supplier meant the group stopped making one of its core products in the third quarter.

The problem overshadowed a number of contract wins during the year.

Sales fell 5 per cent to £16.3million in the year to the end of May. Shares slid 4.6 per cent, or 0.8p, to 16.7p.

The FTSE 100 fell 0.43 per cent, or 33.14 points, to 7666.27 and the FTSE 250 lost 0.41 per cent, or 78.1 points, to 19065.66.

4imprint flew high at the top of London’s second-tier. The group, which sells promotional products ranging from bags to notebooks and toys, raised its forecasts for 2023. Shares soared 16.1 per cent, or 715p, to 5150p to a record high.

Orders since the start of the year were 18 per cent ahead of the same period in 2022, the company said.

As a result, 4imprint expects to make at least £1.01billion of revenue this year alongside a minimum profit of £98million.

That would beat the £1billion and £87million figures analysts expected.

Defence and space manufacturer Chemring launched a share buyback programme worth up to £50million. Shares rose 7.6 per cent, or 21.5p, to 305p.

Fresnillo’s revenues of £1.05billion in the first half of 2023 were 6.7 per cent higher than the same period a year ago after an increase in silver and gold production alongside stronger precious metal prices. 

But profits tumbled by nearly 70 per cent to £38million – falling short on market expectations of £96.3million – while the cost of doing business soared. Shares sank 4.4 per cent, or 27.2p, to 591p.

Weir Group said its profit for this year to be at the top end of the £428million to £464million range analysts had forecast.

The Glasgow-based engineer’s revenues of £1.3billion in the first six months of this year, meanwhile, were 19 per cent ahead of the same period in 2022.

And profit soared 35 per cent to £170million. Boss Jon Stanton also said the worldwide push to decarbonisation has led to its mining clients investing in sustainable technology. Shares rose 2.2 per cent, or 39.5p, to 1874.5p.

Coats, which supplies threads and zips to dress and shoe makers, said it expected to increase its market share in the clothing and footwear industries. Shares gained 5.4 per cent, or 3.8p, to 73.8p.

The FTSE 100 closed down 0.4 per cent to 7666.3. Among the companies with reports and trading updates today are HSBC, BP, Greggs, Dominos, Robert Walters, Travis Perkins, Aston Martin, Watches of Switzerland, Weir Group and Diageo. Read the Tuesday 1 July Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

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FTSE 100 closes down 33.1 points to 7666.3

The Footsie closes soon

Just before close, the FTSE 100 was 0.4% lower at 7,668.86.

Meanwhile, the FTSE 250 was also 0.4% lower at 19,066.64.

Brexit climbdown as British firms can continue using ‘CE’ mark

Rishi Sunak has performed another Brexit climbdown by allowing firms to continue using the EU’s ‘CE’ safety mark on products ‘indefinitely’.

The Prime Minister has taken the action following complaints from businesses about added bureaucracy with the introduction of a British alternative.

Ocado eCommerce boss reveals retirement

The chief executive of Ocado’s eCommerce division is retiring after six years leading the profitable business unit.

Executive director and CEO of Ocado Solutions, which accounts for around 14 per cent of group revenues this year, Luke Jensen will retire in September after five years on the board.

The Ocado Solutions business provides technology to streamline their own delivery services.

Travis Perkins cautions of continued slowdown

Travis Perkins has warned demand in the new-build property and refurbishment markets is set to ‘remain subdued’ this year against a tough economic backdrop.

Weaker levels of housing construction and private domestic repair, maintenance and improvement (RMI) due to rising inflation and mortgage rates have hit trade at Britain’s largest building materials supplier.

Sarah Breeden appointed Bank of England deputy governor

Sarah Breeden will take over from Jon Cunliffe as the Bank of England’s new deputy governor for financial stability on the 1st of November.

Breedeny, currently the Bank’s executive director of financial stability strategy and risk, will serve for a five-year term, the Treasury said.

She joined the BoE after university and has spent most of her career in financial stability or markets roles.

She headed the BoE team responsible with other government agencies for winding up Northern Rock, Britain’s first major bank failure during the 2008 financial crisis.

More recently, she was responsible for supervising foreign banks operating in Britain at the time of the Brexit referendum and subsequent transition period, and the BoE’s work on financial risks posed by climate change.

Governor Andrew Bailey said:

She will bring a wealth of financial and economic policy knowledge to the role, both domestically and internationally.

AG Barr boss to retire after 19 years

Roger White, the chief executive of soft drinks giant AG Barr, will leave the company after leading it for 19 years.

The maker of Irn Bru and Rubicon said White will step down as chief executive and retire ‘at a mutually agreed date in the next 12 months’.

White joined AG Barr in 2002 as managing director, and in 2004 became chief executive.

AG Barr’s board said it will immediately begin to search for a replacement, including outside of the company.

Separately, the group said it expects annual profits to be marginally above the top end of analysts’ expectations.

It has been a privilege and pleasure to lead the business for over two decades and now the time is right to plan for my succession and to ensure the continued success of the business. I would like to pay tribute to everyone across the whole organisation who make A.G. Barr a very special place with amazing brands.

Incoming 888 CEO buys £1m shares

Per Widerstrom, the incoming chief executive of gambling giant 888, has bought £1million worth of shares in the company.

They are the first shares bought by Widerstrom, who will take over at the owner of William Hill in mid October.

888 shares are up 2.6 per cent to 110.8p.

Manufacturing downturn worsens

The downturn in the UK manufacturing sector has worsened after factories’ output and new orders fell at a faster pace in July due to weakening demand for products.

The S&P Global/CIPS UK Manufacturing PMI survey showed a reading of 45.3 in July, the worse since the start of the year, and marking the 12th consecutive month of decline for the sector.

Manufacturers said overstocked clients made fewer orders, with exports shrinking at one of the fastest rates in three years, as ‘global market conditions’ impacted demand from most parts of the world.

Domino’s serves up strong first-half sales figures

The UK franchise of Domino’s Pizza served up strong sales for the first half of 2023 on the back of new store openings, demand for deals and improved delivery times.

Domino’s group revenues jumped 19.6 per cent over the six months to 25 June, from £278.3million to £332.9million, as it benefitted from the launch of 29 new stores.

Shawbrook and Saffron Building Society up easy-access rates

Two new best buy easy-access savings accounts have launched from Shawbrook Bank and Saffron Building Society.

The pair have upped rates on their easy-access savings accounts to 4.63 and 4.6 per cent respectively, ahead of the Bank of England base rate announcement on Thursday.

Weir Group upgrades full-year outlook

Weir Group has lifted its annual guidance as the engineering giant’s sales are boosted by mining clients investing in sustainable technology.

The Glasgow-based manufacturer posted a record order book and revenues from continuing operations growth of 16 per cent at constant currency levels to £1.3billion for the six months ending June.

Petrol prices back on the rise as average jumps to 145p-a-litre

A summer of falling petrol prices has come to an end as unleaded has jumped back to levels last seen in May, according to a new report.

Unleaded on Monday was back up to 145p-a-litre, which was last seen almost three months ago, while diesel has also risen to a UK average of 145.84p, according to the AA.

Volvo now only sell SUVs in the UK: Swedish brand axes saloon and estate cars

Want a new Volvo? Then it will have to be an SUV.

That’s because the Swedish manufacturer has culled all saloon and estate models from its UK line-up with immediate effect.

Diageo profits jump on price hikes and premium whisky demand

Drinks giant Diageo has reported booming profits for the last year thanks to price rises and drinkers around the world turning to more expensive tipples.

The maker of Johnnie Walker whisky, Smirnoff vodka and Guinness beer said pre-tax profit rose 7 per cent £4.7billion for the year to the end of June, from £4.4billion the year before.

Organic net sales grew 6.5 per cent, driven by a mix of higher prices, as it passed surging costs onto customers, and rising sales of its more expensive brands, particularly premium versions of Johnnie Walker’s scotch.

Metro Bank swings to half-year profits as it ‘fixed issues of the past’

(PA) – Metro Bank has hailed its strongest financial performance in “several years” after swinging to a half-year profit, as it was bolstered by higher interest rates and the completion of its turnaround plan.

The banking group reported a pre-tax profit of £15.4million in the half year to the end of June, up from a loss of £10.5million last year.

The high-street chain, which has 76 branches known as “stores”, said it marked its first half-year of statutory profitability since its transformation plan completed, after overcoming legacy issues including historic global sanctions.

It had also suffered heavy losses during Covid and faced fines from the UK regulator over an accounting blunder.

But Metro Bank said it had worked on “fixing issues of the past while positioning ourselves for the future” as it implemented cost-saving measures including greater use of automation for engagement with customers.

The bank, like other high-street lenders, has seen its net interest income bolstered by higher borrowing costs over the past 18 months, revealing it jumped by nearly a quarter to £221million compared to the same time last year.

It comes as the Bank of England’s base rate hit 5% after a prolonged cycle of interest rate hikes.

But Metro Bank noted that rising rates had “partially” flowed through to deposits as well, with the cost of paying out interest on savings rising during the latest period.

UK banks are under pressure from MPs and regulators to pass on higher rates to loyal savers in the same vein that borrowing costs have spiked.

Cineworld to emerge from bankruptcy with new leadership

The ‘New Cineworld’ has cut its debt by $4.5billion, raised about $800million in new equity capital and secured new debt financing of about $1.71billion, the company said in a statement on Tuesday.

The world’s second largest cinema chain operator behind AMC Entertainment has also appointed former chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new chairman Eric Foss and CEO Eduardo Acuna.

HSBC’s first-half profits more than double to $21.7bn

HSBC’s first-half profits more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

Greggs sales jump by £150m after late-closure boost

Greggs sales grew by around £150million year-on-year in the first half as the bakery chain was handed a boost from later closing times.

The group’s turnover rose by 21.5 per cent to £844million for the six months ending 1 July, with underlying revenues at company-managed shops expanding by 16 per cent.

Aston Martin raises £216m from investors

Aston Martin has raised £216million from shareholders to cut down its debt pile following yesterday’s cash call.

The company said some 58.2million new shares at 371 pence per share have been subscribed to, representing a 6.2 per cent discount to the stock’s closing price on Monday.

Of these, just over 1million were snapped up by retail investors for £4million.

UK manufacturing downturn deepens

UK factories saw output and new orders fall at a faster pace last month, as demand from abroad weakened further.

The S&P Global/CIPS UK Manufacturing PMI survey returned a reading of 45.3 in July, compared with 46.5 in June, where a reading below 50 indicates contraction.

It is the joint-worst performance for the sector since May 2020, indicating that it is shrinking fairly rapidly.

It marks 12 months of decline for the sector, although it is slightly better than the 45 score analysts had expected.

The survey found that companies were hit by weakening exports, as the fall in exports was among the fastest in three years, though price pressures are easing.

Manufacturers blamed a weakening global market, which hit demand from most parts of the world.

Rob Dobson, director at S&P Global Market Intelligence, said:

July saw a deepening of the UK’s manufacturing downturn.

Output fell at the quickest pace since January, as overstocked clients, rising export losses, higher interest rates and the cost-of-living crisis coalesced to create a worrying intensification of the slump in demand.

Although manufacturers maintain a generally positive outlook for the sector, with over half still expecting output to rise over the coming year, other forward-looking indicators show the mire that industry is currently facing.

Domestic and export demand are weakening, and backlogs of work are declining sharply, all of which likely presages further cutbacks to production, employment and purchasing in the months ahead.

The only upside is that prices are falling in this environment of sharply deteriorating demand, with cost pressures also helped lower by further repair to supply chains.

BP profit slump but energy giant plots bumper investor payout

BP missed City forecasts with a 70 per cent fall in profit in the last quarter due to a drop in energy prices, but the energy giant has still lined-up bumper investor payouts.

The group has posted an underlying replacement cost profit of $2.6billion (£2billion) in the three months to the end of June, down from $8.45billion (£6.6billion) last year and below forecasts of $3.5billion.

Despite the miss, BP will hand more cash to shareholders by raising its quarterly dividend by 10 per cent and buying back $1.5billion of shares in the coming three months.

HSBC profits more than double to $21.7bn

HSBC’s first-half profits have more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

The group also revealed plans to buyback up to $2billion worth of shares and a dividend of 10 cents (8p) per share.

Domino’s Pizza collection orders jump 20%

Domino’s Pizza has reported a 20 per cent jump in collection orders in the first half of the year despite the squeeze on consumer spending.

The company saw some 12.2million orders collected from its stores, helping offset a 4.4 per cent decline in delivery orders.

Total orders increased 2.8 per cent to 35.4million, helping the company to post a 20 per cent rise in revenues and an 8.2 per cent rise in underlying core profit.

On the back of the strong performance, Domino’s announced a £70million share buyback and raised its annual profit forecast range.

Is the Bank of England’s plan to tame inflation working?

At the end of June, Bank of England made its 13th rate hike, a 0.5 percentage point rise to 5 per cent.

While borrowers might be struggling, it’s the central bank that’ll be feeling unlucky as the tried and tested orthodoxy of raising rates has done little to bring down inflation.

Belfast docks back on the right tack after Harland & Wolff wins £70m refurbishment contract

Belfast docks were boosted after Harland & Wolff won a vessel refurbishment contract worth up to £70million.

The shipbuilding company – which was founded in 1861 – has landed a deal to upgrade a large craft for an as yet unnamed client.

It is expected to be in the dry dock in Belfast for five months, through to early 2024.

UK investor dividends at risk as Diageo switches accountancy to dollars

Chris Beckett, head of equity research at Quilter Cheviot:

‘The results from Diageo today paint a bit of a mixed and complicated story for the drinks giant. We knew sales in China will have slowed as a result of lockdown, however, North America is also falling despite consumer spending holding up and the economy proving to be robust.

‘The post covid normalisation is happening later in the spirits industry than in other categories.

‘Sales are still growing, but this is all due to price increases, rather than volumes. This is okay, premium brands are doing well but some subsidiary brands are struggling and Diageo is being a little vague in when they expect improvement to happen.

‘The business talks about ‘gradual improvement’ over time, not giving any firm expectations. This will leave it with some questions to answer, and for a quality business like Diageo, we would expect it to turn the ship around in good time but with timeframes attached.

‘Interestingly, the business is moving its accountancy to dollars, away from pound sterling currently. This is highlights that it sees the US as its most important, and biggest, market, and it is a reflection of the global world we now live in.

‘This will impact UK investors as it now means the dividend payments to them will be impacted by currency moves. Further appreciation of sterling would have a significant impact.’

Greggs offers ‘compelling value proposition… especially in this tough consumer landscape’

Mamta Valechha, equity research analyst at Quilter Cheviot:

‘Looking ahead, it is encouraging to see that momentum has continued into current trading, while cost inflation is starting to ease (7% vs. 11% in H1) which should help improve margins in the second half of the year.

‘Positively, key growth drivers also remain intact. Evening trade has seen increased traction with post-4pm sales growing the fastest, now making up 8% of total transactions. Transactions made on the app have also accelerated to almost 11%, which should drive higher customer purchase frequencies through the new Greggs loyalty scheme.

‘Greggs continues to roll out its store openings with 94 new shops, and has been investing in distribution centres to support growth. The redevelopment of the Birmingham site has already commenced, and the extension of the Amesbury DC is due to begin in H2. A fourth savoury production line is also due to start in Q4.

‘This morning’s results reiterate a positive outlook for Greggs, particularly given its unique growth opportunities, and its defensive position with a compelling value proposition showing positive signs, especially in this tough consumer landscape.’

SMALL CAP IDEA: Helium One

Early in July, Helium One announced the acquisition of a drill rig.

The deal looks to be a game-changer for the company, and the market certainly thought so: shares in Helium One jumped by nearly 100 per cent (now 8.8p) on the news.

Breaking: Cineworld emerges from Chapter 11 bankruptcy

Cineworld Group has emerged from Chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board.

The world’s second largest cinema chain operator behind AMC Entertainment has appointed former chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna.

Richard Moriarty named as new boss of Britain’s scandal-hit accounting watchdog

The accounting watchdog has named its new boss. Richard Moriarty  will take over from Sir Jon Thompson at the Financial Reporting Council after five years running the Civil Aviation Authority.

But he inherits the role at a time when the FRC is undergoing a major transformation to prevent repeats of scandals such as the collapses of the outsourcer Carillion and retailer BHS.

Diageo sales beat forecasts

Diageo beat full-year sales forecasts as customers continued to buy expensive scotch, whisky and tequila despite high prices.

The world’s largest spirits maker, which also makes Johnnie Walker whisky, Captain Morgan’s rum and Ketel One vodka, saw organic net sales growth of 6.5 per cent in the year to 30 June.

This marginally beat analyst forecasts for a 6.4 per cent increase.

BP outlook cushioned by diversification

John Moore, senior investment manager at RBC Brewin Dolphin:

‘As expected, bp’s results are similar to Shell’s last week – but there are strategic differences that are worth highlighting.

‘A declining oil price environment and, with that, a significant fall in profits are the headlines, but bp is still in a robust position when you look over a longer period.

‘The energy company has focused more than rivals on diversifying, and that is called out in today’s update with the completion of the acquisition of TravelCenters of America and its entry into the German offshore wind market. bp also has strong credentials in carbon capture, which offers potential yet to be realised.

‘The litmus test is share buybacks and bp has announced a further $1.5 billion, on top of a 10% dividend hike, indicating confidence from management despite the headline reduction to profits.’

Mike Ashley’s Frasers Group increases its stake in fast fashion firm Boohoo to 7.8%

Mike Ashley’s retail empire has once more increased its slice of Boohoo.

Frasers, the owner of Flannels and Sports Direct, boosted its stake in the fast fashion brand from 6.78 per cent to just over 7.8 per cent yesterday.

The group previously increased its holding in the online retailer, from 5 per cent to 6.78 per cent, last week.

Greggs costs ease as profits jump

Greggs profits jumped 14 per cent in the first half, with the bakery chain citing easing inflationary pressures and plans to open new stores.

Roisin Currie, chief executive, said:

‘Greggs strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.

‘In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs App.

‘Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business.’

BP boosts dividend despite profit slump

BP profits slumped 70 per cent year-on-year in the second quarter to $2.6billion, missing market forecasts of $3.5billion, reflecting lower fuel prices and weaker oil trading.

However, the energy giant has increased its dividend by 10 per cent to 7.27 cents per share, the fourth hike since halving it in the wake of the coronavirus pandemic three years ago. It will repurchase $1.5billion of its shares over the next three months.

Aston Martin announces plans for a £210m cash call as it looks to cut down its debt pile

Aston Martin has unveiled plans to raise another £210million of funding to help speed up efforts to cut down its debt pile.

The cash call is backed by the luxury car maker’s largest investors, including the Saudi Arabian sovereign wealth fund and Chinese rival Geely.

HSBC profits more than double

HSBC has raised its key performance target after first-half pre-tax profit surged more than two-fold to $21.7billion, boosted by rising interest rates worldwide and gains from the planned sale of its French unit.

Profits were up from $9.2billion at the same time last year and beat analysts’ expectations of $20.9billion.

The bank also announced fresh share buybacks of up to $2billion and a dividend of 10 cents a share.

HSBC raised its near-term return on tangible equity goal, a key performance target, to at least mid-teens for 2023 and 2024, from a previous target of at least 12 per cent from 2023 onwards. It reported return on tangible equity of 9.9 per cent for 2022.

HSBC’s first-half profits more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

The group also revealed plans to buyback up to $2billion worth of shares and a dividend of 10 cents (8p) per share. 

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion

But, while rate hikes in response to high inflation have boosted banks, HSBC warned customers of pain to come, with further hikes expected globally. 

For Britons this means mortgage rates continuing to climb, adding to cost pressures and sky-high food prices that are hitting households and businesses hard. 

The bank said its higher credit loss of $1.3billion in the first six months, compared  to $1.1billion a year earlier, resulted partly from exposure to the China commercial real estate sector and UK commercial banking. 

HSBC increased its near-term return on tangible equity goal – the bank’s key measure of profit – to at least mid-teens for 2023 and 2024, from a previous target of at least 12 per cent from 2023 onwards. It reported return on tangible equity of 9.9 per cent for 2022

Noel Quinn, group chief executive, said: ‘There is still much work to do, especially given the many challenges in the global economy, but I am confident about the future as we move further into the next phase of our strategy and focus on opportunities to drive value creation, diversify our revenue and retain tight cost control.’

HSBC shares were up 2.2 per cent to 660.8p on Tuesday morning.   

Commenting on the results, equity research analyst at Quilter Cheviot Will Howlett said: ‘HSBC is in a strong position compared to the other large UK banks as it isn’t quite so domestically focused. 

‘Banks are beginning to be squeezed by governments and regulators to pass on higher interest rates to depositors, and this means net interest margins for many have likely peaked, even with the Bank of England set to raise rates again this week. 

‘For HSBC, however, it has large operations outside the UK, where the pressure isn’t so great due to more limited competition. So while the net interest margin will have peaked, it won’t have to fall quite so much as its listed peers.’

The FTSE 100 is flat in midday trading. Among the companies with reports and trading updates today are BT, Capita, Pearson and Senior. Read the Monday 31 July Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

Ministers commit to pouring £20billion into green carbon capture tech

Ministers today unveiled plans for two new carbon capture schemes that could create thousand of jobs in Scotland and Northern England as part of a £20billion green investment.

Rishi Sunak greenlit backing for the Acorn project in Scotland’s north east ahead of a visit to Aberdeenshire, along with support for the Viking project in Yorkshire.

Families face more woe as Bank of England set for another rate rise

Alarm bells have sounded over millions of Brits’ finances as they struggle amid rising interest rates, with the Bank of England set to up the ante again this week.

The Bank’s benchmark base rate is expected to rise by another quarter percentage point to 5.25 per cent on Thursday – the 14th rise in a row.

Pearson profits boosted by booming English language learning demand

Pearson sales and profits were boosted by booming demand for English language learning in the first half of 2023.

The FTSE 100 group’s sales rose 5 per cent to £1.8billion in the six months to the end of June, while pre-tax profits surged 24 per cent to £236million, with Pearson confirming it is on track to meet full-year targets.

Assessment and qualifications were a bright spot, with sales up 7 per cent, alongside English language learning and tests sales, which were up 44 per cent on the same time last year.

Capita chief executive Jon Lewis to retire from outsourcing giant

Jon Lewis, the ‘turnaround king’ who helped revive Capita following a series of public scandals, has announced his intention to retire.

The outsourcing giant said Lewis, 61, will stand down as chief executive towards the end of 2023 but remain with the business until July next year.

Eurozone returns to growth

The eurozone economy returned to growth in the second quarter, expanding more than expected, according to new official data.

Eurozone GDP grew by 0.3 per cent in the April-June quarter, above expectations of 0.2 per cent in a Reuters poll of economists, after zero growth in the first quarter.

Compared to a year earlier, growth was 0.6 per cent, against expectations of 0.5 per cent.

EU inflation falls to 5.3%

Eurozone inflation eased in July, likely supporting the view that the European Central Bank will hold off from hiking interest rates again next month.

Inflation across the eurozone fell to 5.3 per cent in July, from 5.5 per cent in June, mostly thanks to a decrease in energy costs.

But food, alcohol and tobacco inflation remained high at 10.8 per cent.

Rishi Sunak declares war on Just Stop Oil over North Sea reserves

Rishi Sunak declared war on Just Stop Oil today as he vowed to ramp up exploitation of North Sea oil and gas reserves.

The Prime Minister vowed to approve hundreds of new licences to drill for fossil fuels off the UK coast as he seeks to hit Labour over the cost of living.

Marshalls shares tumble as it warns of lower profit and cuts another 250 jobs

FTSE 250 landscaping group Marshalls has warned that its results for 2023 will be lower than previously expected amid a slowdown in housebuilding and homeowners cutting back on refurbishments.

The company told shareholders:

The sustained high levels of inflation, increasing interest rates and weak consumer confidence means that the Board anticipates the Group’s performance in the second half will be below its previous expectations.

Given the ‘challenging trading conditions’, Marshalls said it has implemented a numver of measures ‘to align capacity and costs with demand’.

This included the closure of its factory in Carluke a reduction in shifts and capacity in other facilities, and a restructuring of the Marshalls commercial team.

These changes are expected to result in the loss of some 250 jobs, on top of the 150 roles already slashed in the second half of last year.

Marshalls shares have fallen by 8 per cent to 254p this morning.

Pearson ‘has decent growth potential over the coming years’

Adam Vettese, analyst at eToro:

‘Pearson is ticking along nicely, registering growth in every key financial metric despite the challenging economic environment.

‘Sales, profit and cash have all grown robustly, while the balance sheet is in a strong position, even if net debt has risen slightly, although that’s largely down to increased tax and dividend payments.

‘The education company’s digital transformation programme is clearly paying off, turning it into a more modern and relevant business offering materials fit for today’s classroom.

‘Pearson is a solid business and is performing well, and we believe it has decent growth potential over the coming years.’

BT names board member Allison Kirkby as new chief executive

BT has appointed non-executive director Allison Kirkby as its next chief executive, replacing Philip Jansen by the end of January next year ‘at the latest’.

Ms Kirkby, 56, has been on BT’s board since 2019 and served as chief executive of Swedish telecoms firm Telia Company since early 2020.

She will be paid a basic salary of £1.1million, plus a bonus of up to 200 per cent of salary and other share awards, in line with Jansen’s remuneration, the telecoms group said.

Wizz Air faces revolt over boss’s £100m bonus

Wizz Air is facing a shareholder rebellion at its annual meeting this week over amendments to a pay plan that could hand boss Jozsef Varadi a £100 million bonus.

Proxy adviser Pirc has told investors to vote against the reward as well as last year’s pay scheme and the re-appointment of two directors.

A third of shareholders in the Hungarian budget airline voted against the £100 million bonus package when it was put forward in 2021.

Marshalls warnings drags housebuilding shares lower

Steve Clayton, head of equity funds, Hargreaves Lansdown:

‘Marshalls is one the UK’s leading producers of building materials and recently made a major expansion by acquiring Marley roofing products.

‘Rising interest rates are taking their toll on construction activity though and Marshalls have today warned that their business is suffering. Underlying sales are down 13% and half-year profits are now seen falling by a quarter as demand to new-build housing and discretionary markets like paving and garden stone projects fades.

‘The group are battening down the hatches, making a further 250 roles redundant.

‘The group’s actions will conserve cash but also limit the level of sales margins that can be achieved for the rest of the year.

‘The market reacted badly, marking the stock down 9%. Shares in other building-related businesses were hit too, with Travis Perkins notably weak, down some 3% in early trade.’

Pearson upskilling push boosts profits

Head of investment at Interactive Investor Victoria Scholar:

‘Pearson reported adjusted operating profit in the first half up 44% to £250 million while sales increased by 5% to £1.8 billion. Assessment and qualifications sales were a bright spot with sales up 7% along with workforce skills sales up 9% and English language learning sales up 44%.

‘However virtual learning sales fell by 15% and high education sales fell 2%. The education publisher said it is confidence about achieving its full-year expectations.

‘Pearson has been repositioning itself towards digital education services and is harnessing artificial intelligence to support its Pearson+ service as well as other technological tools. It has also been focusing on upskilling and reskilling demand which have all helped to boost profitability.’

Market open: FTSE 100 flat; FTSE 250 flat

London-listed stocks are treading water in early trading, while Pearson leads the FTSE 100 after the global education group reiterated its outlook.

Pearson has added 3.6 per cent after the global education group beat market expectations with 44 per cent growth in profit in its first half and said it was on course to hit annual and mid-term targets.

Industrial metal miners are up 0.3 per cent, tracking commodity prices, while heavyweight energy stocks are up 0.1 per cent.

Marshalls has slumped more than 11 per cent after the group flagged that a recovery in market conditions is unlikely in the second half of the year and also said it would potentially cut around 250 jobs

Senior boosted by flexonics business

Senior profits were boosted in the first half by a recovery in the British auto and aircraft parts supplier’s flexonics business, which makes fluid conveyance and thermal management components for land vehicles and power and energy applications.

The engineering firm made a profit before tax of £13.5million for the six months to the end of June, compared with £11.1million a year earlier.

Bank of England boss Andrew Bailey told to put brakes on interest rates

The Bank of England is under pressure to hit the pause button on interest rate rises amid predictions that its own inflation forecast will be revised down to ‘almost zero’.

Traders expect the Bank this week to raise its benchmark base rate by another quarter percentage point to 5.25 per cent – the 14th rise in a row.

It has raised the cost of borrowing from 0.1 per cent in December 2021 to tame runaway prices, which took off after Russia’s invasion of Ukraine sent food and energy bills soaring.

Capita boss to retire

Capita chief executive Jon Lewis will retire by the end of this year, with Adolfo Hernandez set to replace him as leader of the outsourcing giant.

Lewis will step down from the top role and as a director on the board but will remain in the business until next July to ensure an orderly transition, Capita said in a statement.

Pearson profits soar

Pearson profits soared in the first half as the London-listed education group enjoyed strong demand for English language learning, exams and qualifications.

Adjusted operating profits jumped 44 per cent to £250million in the six months to the end of June, having also been bosted by cost cutting efforts.

Pearson told investors it is on course to hit annual and mid-term targets.

Financial services firms will have to treat customers better under new rules to make sure products do ‘what it says on the tin’

A new consumer duty has come into force, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly ‘what it says on the tin’.

Overseen by the Financial Conduct Authority, the Consumer Duty sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs at the heart of what they do.

The impacts of the new duty will be far-reaching, weaving through the design of financial products through to the way firms treat their customers.

BT names Alison Kirby as its next CEO

BT has named the chief executive of Swedish telecoms company Telia, Alison Kirby, as its new boss, replacing Philip Jansen when he steps down in January next year.

Kirkby has been a non-executive director at BT since 2019.

Jansen confirmed his exit earlier this month, having set plans in motion to cut jobs, become leaner and complete the roll-out of a national fibre network.