Mon. Jan 24th, 2022


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Electrical retailer Curry has lowered its full annual profit target, blaming an “challenging” technology market over Christmas.

“Unequal” customer demand and supply disruption meant that similar revenue fell by 5 percent in the 10 weeks ended January 8, Currys said. Despite strong demand for the Oculus Quest 2 and PlayStation 5 game consoles, the overall UK technology market has fallen by 10 per cent compared to last year’s peak period, it said.

The company has warned of expecting a full year-adjusted pre-tax profit of around £ 155m, around £ 5m under its guidance given a month ago with interim results.

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Briefly

Cineworld said it turned cash flow positive in the fourth quarter as the success of Spider-Man: No Way Home helped to fill theaters. The cinema operator said in a trade update that box office and concession revenues were 88 percent of pre-pandemic levels in December, up from 56 percent in November. Cineworld has also confirmed that it has filed an appeal with the Ontario Superior Court of Justice, which ordered the company last month to paid more than $ 900 million in damages linked to its aborted takeover of rival Cineplex.

Experianthe credit control agency, said its performance in the quarter ended December was at the top of management expectations. Total revenue growth was 15 percent at constant exchange rates for the fiscal third quarter with organic growth reaching 11 percent, the company said. For the full year, Experian left margin guidance unchanged, but adjusted its target for organic growth to between 12 and 13 percent from between 11 and 13 percent previously.

Real Estate Agent Foxtons agreed to divest its Douglas & Gordon division and all related branches, which it bought in March 2021 for £ 15.5 million. The company said it would record an impairment loss of around £ 3 million after D & G’s rental business folded into its own network.

Span 17 acquires competitive game developer Astragon Entertainment, a Düsseldorf-based company whose titles include Police Simulator and Fire fighting simulator, for € 100 million. An overnight share placement to finance the transaction generated a gross return of £ 78.6 million.

B&M shareholder SSA Investments, an investment instrument for the family of the group’s CEO, Simon Arora, sold a 4 percent stake in the discount retailer overnight. The 40 million shares were placed by Goldman Sachs at 585p apiece, a 1.9 percent discount until Thursday’s close.

Seniorthe aviation engineer, said in a trade update that demand in its core markets is recovering and 2021 results will be in line with expectations.

Round Hill Music Royalty Fund said he bought the rights to the songbook from the catalog of David Coverdale, the Whitesnake and former Deep Purple musician.

Beyond the square mile

China’s trade surplus ascended to his highest level on record last year, as a sustained boom in exports, helped counteract a loss of momentum across the country’s broader economy. Official data showed that China’s trade surplus was $ 676 billion for 2021, 26 percent higher than the previous year.

Brussels is prepared to refrain more than € 100m of Pole to cover unpaid fines imposed by the EU’s highest court, the bloc’s justice commissioner warned. Didier Reynders told the FT that the commission would send a letter to Warsaw demanding the payment of € 69 million in accumulated daily fines, which were incurred between early November and the beginning of this week.

The wind-down of pandemic monetary policy pushed global levels of negative return debt up to $ 10tn for the first time since April 2020, as investors prepare for central banks to raise interest rates and end large-scale asset purchases. Bond yields, in turn, have jumped to their highest level since before the crisis.

Google’s parent company Alphabet said it will buy an office building near Tottenham Court Road in London, though it also builds a large headquarters in nearby King’s Cross, a big bet on its employees to go back to work.

The technology stock correction that kicked off in 2022 was in arrears, writes Richard Waters. Many technology companies are is likely to report declining growth rates and there are valid questions about how much the pandemic spending of future years has advanced. “But it is unclear whether anything is very different in the business prospects for them – especially if the [interest] exchange rate prospects themselves reflect a belief in stronger economic growth ahead. ”

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