Here’s the key business news from London this morning.
(Bloomberg) — Here’s the key business news from London this morning.
Ocado Group Plc: The grocery delivery company says inflationary pressures are prompting customers to spend less in each order and trade-down to value-for-money items.
- Meanwhile, the higher cost for things like energy and dry ice will probably weigh on the company’s profitability in the final quarter of the year
Fevertree Drinks Plc: The premium soft-drink maker is battling soaring costs of its logistics and production, which has shaved 6.7 percentage points off its gross margin.
- One factor driving down its margin is the need to send stock from the UK to the US in order to meet demand until its East Coast production is up to speed, as well as rising costs of energy and glass bottles
Future Plc: The publisher of Country Life and The Week expects its results to be at the top-end of expectations after it saw a return to “organic audience growth” in the second half of the year.
Jobs Data: Britain’s unemployment rate dropped to 3.6%, the lowest since 1974, as more people dropped out of the workforce.
Outside The City
King Charles III will fly to Northern Ireland today where he and the Queen Consort will meet politicians and leaders of all of the major faiths. Meanwhile, Queen Elizabeth II’s coffin is expected to be flown to London and placed at rest at Buckingham Palace.
In theory, British politics is on pause, writes Bloomberg Opinion’s Therese Raphael. Behind the scenes though, both government and opposition are preparing for one of the most “ideologically charged political battles’’ in recent memory.
Meanwhile, Port of Liverpool dockworkers rejected their employer’s latest pay offer, setting the stage for a two-week strike at the UK’s fourth-biggest gateway for global trade.
In Case You Missed It
HSBC Holdings Plc Chief Financial Officer Ewen Stevenson said rising inflation could force the bank to significantly raise salaries as it eyes “brutal” cuts in an attempt to keep a lid on costs.
Barclays Plc is expanding private-banking services in Africa, looking to target the continent’s $2 trillion high-net worth market.
Looking Ahead
Tomorrow, King Charles III will lead the procession carrying Queen Elizabeth II’s coffin to Westminster Hall. From 5:00 p.m., members of the public will be able to pay their respect to the Queen as she lies in state. Here’s what is planned for the next few days.
Tullow Oil Plc will report a half-year update tomorrow. Yesterday, the African-focused commodities company said it was applying to delist its shares from the Euronext Dublin, although it’ll keep its London and Ghanaian listings.
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