Weir to exit oil and gas after £379m loss February 26, 2020 Weir Group is to exit its oil and gas business after posting a £379m loss for 2019 today. While Weir enjoyed a strong performance in its mining business, the company warned the US oil and gas market’s poor 2019 performance forced it to slash costs in the range of £35m a year. “North American oil [...]
UK power storage firm wins £35m investment from Japanese tech giant February 25, 2020 A UK company developing technology to store power more efficiently has won a key investment from a Japanese technology firm. Highview Power, which plans to store renewable energy by using liquid air announced the $46m (£35m) investment from Sumitomo Heavy Industries today. The money will be used to help export the “CRYOBattery” technology around the [...]
Embattled building supplies firm turns to ex-Patisserie Valerie boss as sales crumble February 25, 2020 Building supplies firm SIG today parachuted in the former boss of Patisserie Valerie in a major overhaul of its management team. Meinie Oldersma will be replaced by former head of cafe chain Patisserie Valerie Steve Francis. SIG, which supplies insulation and roofing products, saw shares slip 17 per cent on the news. Francis will be [...]
Ricardo warns of coronavirus blow to profit February 25, 2020 Shares in engineering consultancy Ricardo fell 12 per cent today after the company warned the coronavirus outbreak will have a “material” hit on its annual profit. The Covid-19 strain of coronavirus has hurt Ricardo’s presence in China, where it has had to close offices and impose travel restrictions on staff, while clients have faced similar [...]
Only five car battery tech patents filed from the UK in 2019, says BDO February 24, 2020 A record number of patents were filed in 2018/2019 as countries race to develop electric car batteries – but data suggests the UK is falling behind when it comes to the automotive technology. Advisory firm BDO has found 3,400 battery patents were filed in this period, a 57 per cent increase on the year before [...]
GSK sheds drug brands in multi-million euro deal February 24, 2020 UK pharmaceutical firm GlaxoSmithKline has agreed to sell 15 of its drug brands. The deal, which is with German firm Stada and is reportedly worth €300m (£250m), though neither company would comment on the exact price, according to Reuters. The brands purchased under the deal include treatments for sore throats, allergy relief and vitamin C [...]
Dechra profits double as pharma firm remains on track to hit targets February 24, 2020 Veterinary products firm Dechra Pharmaceuticals today revealed it doubled its profit in the six months to the end of 2019. Profit before tax jumped 117 per cent to £19.5m for the first half of Dechra’s financial year, up from £9m in the corresponding period of 2018. Meanwhile, operating profit was £23.3m, up from £17m in [...]
Morgan Sindall profit builds 10 per cent February 20, 2020 The boss of construction group Morgan Sindall has put the company’s profit jump down to long term planning and strong orders. The company, led by John Morgan, posted adjusted profit before tax at £90.4m, an 11 per cent increase from 2018’s figure of £81.6m. Dividends rose 11 per cent to 59p per share and revenue [...]
Moneysupermarket profit grows as CEO steps down February 20, 2020 Price comparison site Moneysupermarket has reported strong profit growth for 2019 despite slower growth in the second half of the year. The figures Profit before tax rose to £116m, an 8.5 per cent increase on 2018’s figure. Group revenue climbed nine per cent from £355.6m in 2018 to £388.4m while basic earnings per share increased [...]
Anglo American profit boosted as it circles Sirius Minerals February 20, 2020 Mining giant Anglo American has reported a strong set of results for 2019. The company saw a nine per cent increase in underlying EBITDA from $9.1bn (£7bn) in 2018 to $10bn at the end of 2019. Anglo American boss Mark Cutifani, said: “We continue building on the fundamental structural and operational improvements we have embedded [...]
