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Oak Furnitureland sales hit by 'Red Sea disruption' and rising costs

2025-04-07 04:56:27 By

Oak Furnitureland has reported remaining in the red due to a multitude of challenges affecting its sales performance throughout its latest financial year.

The company, based in Swindon, disclosed a 17 per cent drop in revenue to £236m for the year ending June 2024, citing reasons such as "a soft market, the Red Sea disruption and the subsequent impact on freight and inflation costs", as reported by City AM.

Despite these hurdles, Oak Furnitureland noted that its operating loss lessened from £15.4m to £12.4m, crediting this improvement to "driven by the diverse product pipeline and focus on enhancing the online and showroom estate".

In the face of what it calls a "challenging market backdrop", Oak Furnitureland has pointed out that it managed to achieve "Significant strategic and operational progress."

The retailer boosted its financial position with an additional £10m in funding and undertook a debt for equity swap worth £47.8m in June 2024, actions which effectively reduced its debt by more than half and fortified its balance sheet.

Yet, the company has opted not to disclose its most recent pre-tax loss figure for the year. Previously, Oak Furnitureland posted a sizeable pre-tax loss of £31.9m for the year up to 30 June, 2023, after registering a profit of £484,000 the year before.

This return to profit came following a significant loss of almost £23m in the preceding year.

Detailed accounts of the firm's financial status are anticipated to be submitted to Companies House shortly. Meanwhile, the management of Oak Furnitureland has lauded the business's 'resilient' performance over the past year despite the financial struggles endured.

Alex Fisher, chief executive of Oak Furnitureland, has commented on the company's robust financial results despite a tough economic climate: "Against a challenging market backdrop, with softer volumes and higher inflation, Oak Furnitureland delivered a resilient financial performance."

He detailed the strides made over the year: "Throughout the year, we have made significant headway in driving operational efficiencies alongside enhancing our product proposition to serve the whole home and make our brand more accessible to even more customers."

Expressing pride in the strategic advances made, he added, "I am proud of the strategic progress we delivered in the period, with the successful trial and adoption of our competitive interest-free credit offer, which resulted in the business securing additional funding and equitisation."

According to Fisher, these steps have fortified the company's finances: "This has strengthened our balance sheet and together with continued investment in our brand platform, has driven market share gains and positive LFL [like-for-like] performance during the first half of FY25, putting us on a much firmer footing for the year ahead, with a clear plan to drive growth going forward."

The CEO also showed his appreciation for the staff: "I'd like to take this opportunity to thank our teams for their hard work and continued dedication."

He concluded by acknowledging the team's efforts as fundamental to success: "None of this would be possible without their support and I am excited about what we can achieve together in the year ahead."

The business also noted its positive like-for-like performance and consecutive months of market share gains this financial year.

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Enterprise

Hikma Pharmaceuticals' revenue grows nine per cent to £2.47bn as profit booms

2025-04-07 04:56:27

Hikma Pharmaceuticals has announced robust financial results for 2024, with a nine per cent increase in revenue to $3.13bn (£2.47bn) and a 67 per cent surge in operating profit to $612m (£483m). The company's profit attributable to shareholders nearly doubled to $359m (£284m), while earnings per share climbed by 88 per cent, as reported by City AM. The multinational pharmaceutical firm, which develops, manufactures, and markets a wide array of generic, branded, and speciality medicines, attributed much of its growth to its North American division and recent product launches. Hikma maintained its position as the seventh-largest supplier of generic medicines in the US and the third-largest provider of generic injectable products by volume. Its Injectables, Branded, and Generics divisions saw revenue growth of 10 per cent, eight per cent, and 11 per cent respectively. Despite impressive revenue figures, core operating profit only increased by two per cent to $719m (£568m), with the core margin dropping to 22.8 per cent from 24.6 per cent in 2023. While Injectables and Branded experienced core operating profit growth of five per cent and 11 per cent respectively, Generics' core operating profit fell 11 per cent due to higher royalties for Hikma's authorised generic of sodium oxybate. The acquisition of Xellia Pharmaceuticals' US finished dosage form business diversified and enhanced its injectables portfolio. The company expanded its portfolio with 89 new launches, including 12 in the US. Generics surpassed the $1bn (£790m) revenue mark for the first time, as the group saw its market share grow in sodium oxybate and its nasal spray franchise performed robustly. However, core operating profit took a hit due to increased royalties on its authorised generic of sodium oxybate. Cash flow from operating activities amounted to $564m (£446m), marking a seven per cent drop from the previous year due to a rise in trade receivables from strong year-end sales. Hikma's leverage was 1.4 times net debt to core earnings before interest, tax, depreciation, and amortisation (EBITDA) at year-end, while return on invested capital reached 16.9 per cent. The company anticipates another growth year in 2025, projecting revenue growth of four to six per cent and core operating profit between $730m (£577m) and $770m (£608m). Investment in R&D is slated to increase by 20 per cent across all three segments. Riad Mishlawi, CEO of Hikma, commented: "It's been another strong year for Hikma with double digit revenue growth, increased profits and a resilient margin.

Enterprise

Harry Styles' music companies at risk of being forcibly shut down

2025-04-07 04:56:27

Three businesses owned by pop sensation Harry Styles are in danger of being forcibly closed due to their failure to submit their accounts on time. Erskine Records, HSA Publishing and Pleased As Holdings have all received first gazette notices for compulsory strike off from Companies House, as reported by City AM. If the strike offs proceed, their assets could potentially become Crown property, Harry Styles could face a 15-year director disqualification, and access to their bank accounts could be lost. All three companies failed to file their 2023 accounts with Companies House by the end of 2024. However, the strike off notices could be rescinded if the companies submit their 2023 accounts before the next stage is reached. Erskine Records, one of the businesses at risk, was established by Harry Styles prior to his solo career following One Direction's split. The company, in collaboration with Columbia Records, has released several albums including his self-titled album in 2017, Fine Line in 2019 and Harry's House in 2022. American songwriter Mitch Rowland also released Come June in 2023 through Erskine Records. According to its most recent accounts, Erskine Records had net current assets of £63.2m at the end of 2022, up from £31.7m. HSA Publishing, another company at risk, was founded in 2014 by Harry Styles and Irish accountant Alan McEvoy. McEvoy previously established 1D Media Limited with Niall Horan, Zayn Malik, Liam Payne, Louis Tomlinson and Styles as directors. The most recent accounts reveal that HSA Publishing had net current assets of £16.4m at the end of 2022, an increase from £10.7m. In 2021, Harry Styles established Pleased As Holdings when he launched a beauty brand. The latest accounts show that Pleased As Holdings had net current liabilities of £1.8m at the end of 2022, a decrease from £3m. In other news, a company set up by former world heavyweight boxing champion Tyson Fury to engage in real estate transactions was forcibly closed by Companies House earlier this week. Greenwaybalmoral Ltd, registered near Lancaster and listing Fury as its sole director, failed to file any accounts since its inception. Consequently, Companies House issued a formal notice in December 2024 stating it was about to be removed from the register of businesses. This action followed Greenwaybalmoral Ltd's failure to submit its accounts for the year to 31 January 2024, by the 6 October 2024 deadline. At the beginning of 2025, City AM reported that Manchester United star Marcus Rashford's investment company, MUCS Investments Limited, risked being forcibly shut down. Companies House issued a compulsory strike-off notice to the firm, where Rashford is the sole director.

Enterprise

BP to splash £7.9bn on fossil fuel spending and slash green energy investment

2025-04-07 04:56:27

BP is set to increase its oil and gas expenditure by $10bn (£7.9bn), cut back on renewable energy investments, and sell off $20bn of underperforming assets as part of a significant strategic revamp aimed at enhancing its struggling share price. In a long-awaited and postponed announcement from CEO Murray Auchincloss, the British petrochemical titan informed shareholders on Wednesday that it would no longer adhere to the ambitious transition goals it established five years ago, as reported by City AM. Under Auchincloss's predecessor, BP committed in 2020 to decrease its oil and gas production by 40 per cent while concurrently increasing its renewable target over the subsequent decade. It also vowed to eventually become fully net zero by 2050. However, Wednesday's announcement – made just two weeks after activist investor Elliot Management acquired a £3.8bn stake in the London-listed oil major – signifies a drastic shift from those objectives, aligning the group's energy mix more closely with that of UK competitor Shell. The company has been under increasing pressure from shareholders to strengthen its more profitable oil and gas sectors at the expense of the renewable strategy implemented under Looney. Its share price has significantly trailed those of its main competitors, dropping 14 per cent between 2023 and 2025, while Shell's share price rose 10 per cent during the same period. Auchincloss remarked: "Today we have fundamentally reset BP's strategy. We are reducing and reallocating capital expenditure to our highest-returning business to drive growth, and relentlessly pursuing performance improvements and cost efficiency." In a strategic shift, BP has announced plans to slash its renewable spending by $5bn annually, aiming for a budget of $1.5bn to $2bn. The company also intends to divest $20bn worth of businesses within the next two years, potentially including the lubricants division Castrol, which is currently under strategic review. To strengthen its financial position, BP is embarking on a debt reduction initiative, targeting a decrease in net debt from $23bn to a range of $14bn to $18bn by 2023. "This is a reset BP, with an unwavering focus on growing long-term shareholder value," Auchincloss further stated. Ahead of its capital markets day, BP's share price had been on an upward trajectory. Following a weak full-year results announcement two weeks prior, shares surged by as much as 12 per cent, buoyed by Auchincloss's commitment to a "fundamental reset" alongside the earnings report.

Enterprise

The Welsh eco-friendly solid soap dispenser firm backed by Dragons' Den investors

2025-04-07 04:56:27

An innovative solid soap dispenser developed by a Monmouthshire venture has secured a £50,000 investment after pitching to angel investors on BBC’s popular Dragons’ Den show. Monmouth-based Snoap, founded by entrepreneur Lisa Hicks, secured offers from all five Dragons before selecting Deborah Meaden and Peter Jones as partners in the business with them agreeing to take a joint 7.5% equity stake in the start-up. Snoap is a hand soap dispensing system designed with sustainability at its core. The product, which replaces 20 plastic soap bottles with two bar soaps, was created after Ms Hicks realised how much single-use plastic her family used during the the pandemic. Snoap, which is patented, dispenses a fine, hygienic, powder. To accelerate the growth of Snoap, Ms Hicks joined the NatWest Accelerator programme 18-months ago, The bank’s support has helped her business become 'Den-ready.' Ms Hicks entered the Den, with her husband Antony, with the aim of securing a £50,000 investment to bolster marketing efforts and drive business to consumer sales, with the credibility of investment from the Dragons also helping to cut through the market. The chief executive said: “Stepping into the Den was a nerve-wracking but exciting experience. I was confident the Dragons’ would love Snoap and I knew my numbers inside out having been supported by the NatWest team via their accelerator over the last 18 months. I joined the digital accelerator with the aim of levelling up and becoming investment ready, and the support of one to one coaching from NatWest has been invaluable in preparing for this opportunity.” She added: “I’m looking forward to working with Deborah and Peter to expand Snoap with both consumers and businesses to reduce the plastic issues generated by hand, hair and body washing while also saving consumers and businesses money.”

Enterprise

British Airways owner IAG's profits soar as share buyback announced

2025-04-07 04:56:27

IAG, the parent company of British Airways, exceeded expectations with its full-year results, as robust travel demand in the post-pandemic era continued through 2024. The airline conglomerate reported an operating profit of €4.3bn (£3.6bn), a 22 per cent increase year-on-year and surpassing the €3.7bn forecast by analysts, as reported by City AM. Revenue also exceeded predictions, rising nine per cent to €32.1bn. Following this strong performance, IAG announced a €1bn share buyback programme to be implemented over the next 12 months. IAG shares soared in 2024 as the post-pandemic boom in travel demand showed no signs of slowing down. The stock has risen more than 120 per cent over the last 12 months and increased 3.6 per cent in early deals on Friday. Its subsidiary, British Airways, which announced a massive £7bn investment programme in March, earned more than £2bn last year, significantly exceeding the £1.3bn profit made in 2023. The London-listed airline is now proposing a dividend of €0.06 (5p) per share, bringing its full-year dividend to €0.09 (7p). This means investors can expect around €435m (£359m) this year. "These results highlight the quality of our businesses and effectiveness of our strategy, underpinned by the successful execution of our transformation programme across the group," said Chief Executive Luis Gallego in a statement to markets. Gallego stated: "We are delivering world-class margins and returns, in line with the targets we set out to the market just over a year ago."

Enterprise

North East business life: award, community and charity events of the week

2025-04-07 04:56:27

Hays Travel celebrated 23 long-serving colleagues at a dinner in Durham hosted by Dame Irene Hays. Staff members from retail branches in the North and head office departments reaching 10, 20 and 30-years of service milestones, receiving a unique piece of Sunderland studio glass from the National Glass Centre and a Hays Travel voucher to redeem against their own holiday. Among those being recognised was chief operating officer Jonathon Woodall-Johnston, who has been with Hays Travel for 20 years, having joined as an apprentice in 2005. Dame Irene Hays said: “Loyalty is one of our core values and we actively look for opportunities to recognise those colleagues who have consistently contributed to Hays Travel’s success. This annual celebration event is a thank you to our people who have been with us for ten, twenty, and even thirty years. “It was a particular highlight to recognise so many colleagues who joined us as apprentices, including our chief operating officer Jonathon Woodall-Johnston. His career and those of others who have forged successful careers in travel truly inspire our apprentices – we currently have over 500 in the business. My congratulations to everyone celebrating their service milestones and thank you for your loyalty to Hays Travel.” Retail director Jane Schumm added: “We recognise our colleagues’ loyalty as early as six months after joining our Hays Travel family, and we give our people the opportunity to learn, develop and progress in their work. We encourage everyone to follow their own path, and we are grateful that so many decide to stay with us for the long haul - which we credit to our company culture, values and advancement opportunities.” A second event celebrating long-serving colleagues based in the South will follow later this month. North East care and leisure group Malhotra Group has picked Gosforth-based St Oswald’s Hospice to be its 2025 charity partner. The group, which owns bars, hotels and restaurants across the North East along its residential care provider Prestwick Care will carry out a variety of staff and customer focussed fundraising initiatives throughout the year. For more than 35 years, St Oswald’s Hospice has provided care for people of all ages who are living with a progressive, life-limiting condition and for their families and carers. Chief operating officer Atul Malhotra said: “Since 2016 we have supported a variety of charities – from MIND and Dementia Matters to Newcastle West End Foodbank and cancer support charity, Daft as a Brush. All do fantastic work, with care, service and kindness – and the same can most certainly be said of our new charity partner. St Oswald’s Hospice’s exceptional team supports children, adults and families at the most difficult of times – with expertise, gentleness and with genuine human warmth. “They are quite simply amazing and we at Malhotra Group will do all we can over the coming year to raise as much money for them - and awareness of them - as we can.” Steph Edusei, chief executive at St Oswald’s Hospice, said: “This partnership means such a lot to us as a charity. I know that, together, we can make a real difference to people’s lives.” Newcastle Building Society has signed up to the UN Principles for Responsible Banking, a single framework for a sustainable banking industry developed through a collaboration between banks and building societies worldwide. The framework is a United Nations Environment Programme Finance Initiative (UNEP FI) and sees signatories identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. Signatories to the Principles share best practice and work together on practical guidance and pioneering tools which benefit the entire industry and accelerate the changes necessary to achieve shared prosperity for both current and future generations. Andrew Haigh, Newcastle Building Society CEO said: “We are proud to commit to the UNEP FI Principles for Responsible Banking, and by doing so, join the world’s largest global banking community focused on sustainable finance. In an ever-changing world we recognise our responsibility to build the long-term economic, social and environmental value for our communities. “As a member-owned organisation, we’re committed to the people and places that make up our communities, and the things that matter to them. Being a signatory to the Principles and joining UNEP FI is an explicit commitment from us to being ambitious in our sustainability strategies and decision-making to create positive change for our communities. And as the Society continues to grow and innovate, it will help us seize opportunities arising from the transition to a more sustainable society.” Newcastle Quayside hotel Innside Newcastle, part of Meliá Hotels International, has announced a year-long art partnership with the Baltic Centre for Contemporary Art. The partnership will see Baltic transform the Innside Newcastle gallery space into a vibrant hub for contemporary creativity, offering guests and visitors the opportunity to experience world-class art in a new setting. The link-up starts on April 1, when the gallery space will showcase a selection of contemporary artworks curated by Baltic featured artist Jimmy Turrell until the end of June. Mr Turrell is an acclaimed Newcastle-born artist and video director known for his hybrid techniques combining collage, printmaking, and photography. His work has been exhibited internationally in Tokyo, Paris, Berlin, and London, and he has collaborated with major music icons including Elvis, The Chemical Brothers, and Aretha Franklin. Sara Ley, head of trading at Baltic, said: “We are excited that Baltic is forging a partnership with Innside Newcastle who share our strong commitment to supporting and showcasing local artists. We look forward to presenting work from the great creative talent we have within the city on the other side of the quayside. The presentations will rotate throughout the year and people will be able to purchase the work and bring art into their homes.”

Enterprise

Private equity giant Bain Capital proposes takeover bid for defence firm Chemring

2025-04-07 04:56:27

Bain Capital, one of the world's leading private equity firms, has reportedly initiated a takeover bid for defence group Chemring. The news was first reported by Sky News' Mark Kleinman, who stated that Bain has submitted at least one proposal to acquire the FTSE 250 group, which is utilised by Elon Musk's SpaceX, as reported by City AM. Shares in Chemring surged as much as 13 per cent to 400p on Monday following the announcement of the offer. According to Sky, an initial offer of 390p-a-share had been proposed, marking a significant premium compared to the 356p the stock was trading at prior to the bid being publicised. It was also suggested that Bain was preparing a second offer, although it remains unclear whether this has been submitted. Chemring, employing approximately 2,700 people, offers products and services to the aerospace, defence, and security markets, including NASA and Elon Musk's SpaceX. The defence sector is anticipated to experience growth due to increased spending triggered by President Donald Trump's return to the White House. Despite reporting a record annual order book of £1.04bn for the year ending in October, Chemring's shares have struggled over the past year. Its shares plummeted 13 per cent in December after it announced its results, with issues at a US plant overshadowing growth forecasts. The London Stock Exchange is facing a takeover bid amidst a turbulent period marked by continuous snubs and overseas takeovers over the past year. In December 2024, billionaire Daniel Křetínský, also known as the 'Czech Sphinx', had his £3.6bn takeover of the Royal Mail greenlit by the UK government.

Enterprise

Northumberland's Energy Central Campus signs up JDR Cables as key supporter

2025-04-07 04:56:27

A company set to open a major cables factory on the Northumberland coast has signed up to support a nearby skills centre. JDR Cables - which is building a £130m factory at Cambois that is set to create 171 jobs - has agreed to become a gold sponsor for the Energy Central Campus (ECC) at Blyth. The partnership will see JDR work with the campus to help train new workers. JDR already has a presence in the North East and announced plans for its factory at Cambois in 2021. The factory, which is currently under construction, will strengthen the North East’s position as a leading area for the clean energy sector. Martin Lawlor, chair of ECC, said: “I am delighted to welcome JDR Cables as a gold sponsor of ECC. JDR’s knowledge and expertise servicing the global offshore energy industry will play a key role in helping us achieve our mission of developing the clean energy workforce of the future.” James Young, chief strategy and compliance officer at JDR Cable Systems, added: “This partnership aligns perfectly with our commitment to driving innovation in the offshore wind industry and investing in the future talented individuals who are vital to the success of the offshore energy industry. “Our new manufacturing facility in Cambois will not only deliver cutting-edge subsea cable technologies but also create significant local employment opportunities. Through our collaboration with ECC, we hope to inspire and equip the next generation with the skills needed to thrive in the exciting renewable energy sector, helping to strengthen the UK’s position as a global leader in clean energy.” Energy Central Campus is a partnership between the Port of Blyth, Northumberland County Council, and the Offshore Renewable Energy Catapult, which aims to create the pipeline of talent required for the expanding clean energy sector in the North East. It is part of the wider £95m Energising Blyth regeneration project by delivered by the Government, the county council and the North East Combined Authority, which has provided £5.5m in funding for the scheme.

Enterprise

Rightmove boosts dividends, forecasts strong growth amid UK housing market recovery

2025-04-07 04:56:27

Rightmove has confidently increased dividends, signalling a robust outlook for 2025, despite current uncertainties surrounding the UK housing market. The leading property portal announced a 6.1p per share dividend in its latest full-year results on Friday, which represents a five percent boost, bringing the overall payout to 9.8p, as reported by City AM. In the year ending December 31, Rightmove's underlying operating profit climbed by four percent to £273.9m while revenues saw a seven percent increase to £389.9m. The company anticipates revenue growth of between eight and ten percent in 2025 as the housing market shows signs of stabilisation. Interest rates are currently at their lowest since June 2023 after the Bank of England introduced further cuts earlier this month, influencing the mortgage market and fuelling expectations of additional reductions throughout the year. Nationwide's newest figures from Friday displayed continuous UK house price growth for the sixth consecutive month, with predictions of an upsurge in purchases over the forthcoming months. CEO Johan Svanstrom remarked, "We delivered strong results, demonstrating yet again the resilience of Rightmove's business model," and highlighted the company's strategy to further digitalise the home moving market through leveraging the largest dataset of property information and insights in the UK. Rightmove also experienced "sustained" traffic growth across the year, with users spending a collective 16.4bn minutes on its online platform, marking a six percent rise. Shares recorded nearly a two percent increase in early trading sessions. Charlie Huggins, Manager of the Quality Shares Portfolio at Wealth Club, commented: "These are solid results from Rightmove, underlining the resilience of its business model. "Despite the uncertain housing market, 2024 results were in line with expectations and the outlook is confident, with growth set to strengthen in 2025." However, Huggins suggested that Rightmove would need to innovate to keep pace with the sector rather than just relying on significant price increases. "Innovation comes at a cost. Operating margins are no longer rising, with headcount up 14 per cent in 2024.

Enterprise

Bristol Chamber and Initiative appoints new president

2025-04-07 04:56:27

The Bristol Chamber and Initiative has appointed a new president. The business support group has selected Ed Rowberry, the chief executive of investment organisation Bristol and Bath Regional Capital (BBRC), for the role. Mr Rowberry has been instrumental in securing more than £70m investment for the West of England as head of the BBRC and has said he is "committed to driving good growth". He will hold his first address at the Bristol Initiative’s West of England Metro Mayor Hustings, which takes place next month. The Bristol Initiative, Business West’s leadership tier of membership, comprises more than 140 business leaders working together to influence the way the region is shaped, managed and developed. The group works on issues such as sustainable and inclusive growth, improving transport and mobility, improving education and skills, and tackling deprivation. Mr Rowberry, who originally trained as a chartered accountant at KPMG, has more than 25 years of experience in the commercial property, financial services and affordable housing sectors. He founded BBRC a decade ago. He said: “I’m incredibly honoured to be selected as president of Bristol Chamber and Initiative. In an increasingly polarised world, business can be a real force for good. "With its diverse network of leading businesses and organisations from across Bristol and the wider region, the Initiative brings a powerful voice to key policy issues and collective strength to lead inclusive, responsible and sustainable economic growth that ensures both business and communities prosper. “As president, I look forward to playing my part in championing our city region and ensuring our businesses have what they need to thrive and trade.” Victoria Matthews, Bristol director, said that Mr Rowberry would ensure the region's "voice is heard". "Our members are operating in particularly challenging times," she said. "We know that many want to take on new staff, invest and improve our region. Yet, they face numerous hurdles, including the broader economic climate and local issues such as poor transport connectivity and a lack of affordable housing for staff."