Author: Scott Dylan

In August, the UK witnessed a noteworthy uptick in electric vehicle (EV) registrations.Despite an overall dip in the automotive market, substantial discounts and new models played a crucial role in attracting consumers towards EVs.The UK automotive sector experienced a 10.8 per cent increase in battery electric vehicle (BEV) registrations in August.This surge brought BEVs to account for 22.6 per cent of the market share, as reported by the Society of Motor Manufacturers and Traders (SMMT).Heavy discounting by manufacturers has been instrumental in driving EV sales.An array of new models on the market has further stimulated consumer interest in making the…

Swissport UK’s financial recovery took a significant turn as it reported a pre-tax profit for the first time since 2018, showcasing resilience amid industry challenges.With its turnover rebounding to pre-pandemic levels, the company has not only stabilised its financial footing but also expanded its workforce substantially.Swissport UK’s financial performance marked a pivotal moment as it recorded a pre-tax profit of £10.5 million in 2023. This achievement comes after a prolonged period of losses, with the latest figures reversing last year’s £17.2 million deficit. The company last reported a pre-tax profit in 2018, and since then, it faced significant financial turmoil,…

Jet2 experiences a surge in bookings as summer progresses, driven predominantly by last-minute holidaymakers. This trend has contributed to a significant increase in seat capacity and package holiday sales, positively impacting the company’s overall performance.Increased Bookings Amid Late Summer RushThis summer, the demand for spontaneous getaways has significantly influenced Jet2’s financial performance. The company has reported a surge in late bookings during the months of July and August, with September also reflecting this trend. The increased demand has seen Jet2’s seat capacity rise considerably, marking a 12.4% growth compared to last year. The overall seat capacity available for sale was…

In a strategic business move, Asos has sold a majority stake of 75% in Topshop and Topman for £135m.Heartland, representing the Holch Povlsen family, is the new partner in a joint venture with Asos, enhancing global reach of the brands.Asos will retain certain design and distribution rights, maintaining an online presence for Topshop and Topman.The transaction might have a negative impact on Asos’s EBITDA for FY25, but is anticipated to be beneficial over time.Heartland’s involvement aligns with Asos’s strategic goals for efficient capital allocation and growth in global markets.In a strategic development aimed at refining its business operations, Asos has…

Burberry, the British luxury brand, faces a challenging period as it exits the FTSE 100 due to a sharp decline in share price.Burberry’s shares have fallen by 50.8% over the past six months, prompting its demotion to the FTSE 250 index.The company experienced a significant 22% decline in revenue in the first quarter of the fiscal year.Jonathan Akeroyd, former CEO, highlighted the difficulty of executing plans in a slowing luxury market.Joshua Schulman has taken over as CEO following Akeroyd’s sudden departure.Burberry has been removed from the FTSE 100 index, as confirmed by market operator FTSE Russell. This follows a dramatic…

Labour’s ambitious plan to mandate 50% affordable housing on grey belt land has drawn mixed reactions. Small developers argue that such a requirement threatens the feasibility of many projects.This plan, aimed to boost affordable housing, risks rendering numerous small development sites financially unviable, which could ultimately hinder the broader goal of increasing housing supply.Viability of Grey Belt SitesAn analysis of small-scale grey belt sites within the London green belt has shown that enforcing a 50% affordable housing target could pose a significant financial risk. Developers often achieve strong returns here, given the high house prices in the area.The study revealed…

Landlords are increasingly selling rental properties due to fears of a potential capital gains tax (CGT) increase in the upcoming budget. This trend is most evident in London, followed closely by Scotland and the northeast of England.The overall number of new properties entering the sales market has risen, driven by various factors including rising costs, increased taxation, and more stringent regulations. Experts are concerned about the broader implications for the rental market.The Property Market DynamicsLandlords are increasingly putting their rental properties up for sale due to concerns over a potential hike in capital gains tax (CGT). This trend is especially…

Labour is set to abandon the ‘British Isa’ scheme, which was designed to boost investment in UK stocks.The decision comes amid concerns over the added complexity it would bring to the individual savings account market.Background of the ‘British Isa’The ‘British Isa’ was announced by former Chancellor Jeremy Hunt in his March budget. It was aimed at promoting investment in domestic stocks. The scheme offered a tax-free allowance of up to £5,000 in UK shares, in addition to the existing £20,000 Isa allowance.This initiative was designed to address concerns regarding the valuation gap between UK and US-listed companies. Additionally, it sought…

Fentimans, a historic soft drink manufacturer, has raised alarms over proposed glass tax reforms. The company warns that these changes could threaten its operations after more than a century in business.Industry leaders are similarly concerned, urging the government to reconsider the measures to avoid crippling impacts on small businesses and the broader economic landscape.The proposed glass tax, part of the Department for Environment, Food and Rural Affairs’ (Defra) ‘extended producer responsibility’ initiative, is expected to add £300 per tonne to the cost of recycling glass. Ian Bray, CEO of Fentimans, lamented the potential repercussions for small businesses, calling the policy…

The UK private sector economy experienced unexpected growth in August, surpassing forecasts despite prevalent tax concerns. This positive trend is reflected in the latest purchasing managers’ index (PMI) data.Amidst political stability and anticipated interest rate cuts, businesses have shown resilience with a significant increase in consumer spending. However, the shadow of potential tax hikes looms large.The S&P Global composite purchasing managers’ index (PMI) rose to 53.8 in August from 52.8 in July, exceeding analysts’ expectations of 53.4. This marks a four-month high. A reading above 50 signifies expansion, and the services sector also saw accelerated growth, with its PMI climbing…