(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Whitbread Plc: The owner of Premier Inn reported what it called an “impressive” performance in the first quarter, saying their businesses in the UK and Germany are both trading above expectations.
- Tight labor supply in the hospitality sector, however, will force the company to raise some wages, which together with spending on refurbishment and IT investment will cost up to £30 million pounds
Bloomsbury Publishing Plc: Lockdown readers have stuck with the hobby, according to the publishing house, with profit before tax surging 25% in its consumer division in the first quarter.
WH Smith Plc: The convenience store has benefited from the recovery in the travel industry, with sales from its stores in locations like airports and railway stations exceeding pre-pandemic levels in the third quarter.
- Although its sales on the high street have not recovered as well, the group expects its full year outturn to be towards the higher end of analyst expectations
Outside The City
The UK cancelled its first deportation flight to Rwanda after an eleventh-hour intervention by the European Court of Human Rights, which ruled there is “a real risk of irreversible harm” to the asylum seekers involved.
Meanwhile, UK students from the poorest families are set to receive the lowest level of support in seven years after forecasting errors left increases trailing well behind inflation.
In Case You Missed It
SoftBank Group Corp. is planning to list some of its stake in Cambridge-based chip designer Arm Ltd. on the London Stock Exchange, switching from an earlier plan to only use the US market, people familiar with the matter told Bloomberg.
Looking Ahead
Tomorrow, the Bank of England is expected to deliver an unprecedented fifth consecutive rate hike as it battles the highest inflation in decades.
Boohoo Group Plc is among the companies expected to publish results. The online fast-fashion retailer had warned that first-half sales growth may grind to a halt as cash-strapped consumers were returning more garments.
(Corrects description of Whitbread in second paragraph and removes reference to Costa Coffee.)
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