Ryanair report annual profits increase of 10% despite costly pilot schedule failure

Wikimedia

(qlmbusinessnews.com via news.sky.com– Mon, 21 May 2018) London, Uk – –

The no frills carrier says it is more cautious about its current financial year as a surge in costs could push profits lower.

Ryanair has reported a 10% rise in annual profits despite the impact of its costly pilot rota failure last autumn that hit the travel plans of 700,000 customers.

The no frills carrier said profits after tax came in at €1.45bn (£1.27bn) in the 12 months to 31 March aided, it said, by a 9% rise in passenger numbers to 130.3 million and its planes being 95% full on average.

However, its results statement showed the airline had become more cautious on the current financial year, with Ryanair cutting its profit guidance to between €1.25bn and €1.35bn as it prepared to book a surge in costs.

It warned they included a potential €400m rise in fuel bills as oil prices continue to climb despite the cost being 90% hedged.

Ryanair also pointed to rising staffing costs.

It has been forced to offer revised terms since its decision to cancel thousands of flights over the last winter schedule – blamed on a blunder over pilot rotas – that brought to the surface simmering tensions over pay.

Ryanair revealed the disruption alone had cost it €25m in compensation and another €25m in flight vouchers for those affected.

Ryanair has since started work on union recognition for the first time in its history – agreeing deals with pilots’ unions in the UK and Italy – and has agreed new five-year pay deals with pilots and cabin crew.

It said of the current financial year: “We expect staff costs to rise by almost €200m, half of which is higher pay for our front line people and half is additional headcount for growth.”

Chief executive Michael O’Leary said of the pressures ahead: “Our outlook for FY19 (full-year 2019) is on the pessimistic side of cautious.

“We expect to grow traffic by 7% to 139 million, at flat load factors of 95%.

“Unit costs this year will rise 9% due to higher staff and oil prices which will, when adjusted for volume growth, add more than €400m to our fuel bill.

“Ex-fuel unit cost will rise by up to 6% as we annualise pilot and cabin crew pay increases, and invest in our business and our systems to facilitate a six year growth plan to 600 aircraft and 200m guests per annum.”

He added: “Forward bookings are strong but pricing remains soft. Since only half of Easter fell in April, we expect a 5% fare decline in Q1 (quarter one) but a 4% rise in Q2 fares.

“While still too early to accurately forecast close-in summer bookings or H2 fares, we are cautiously guiding broadly flat average fares for FY19.”

Mr O’Leary said he expected revenue from passenger surcharges to continue growing but not by enough to offset higher costs.

Ahead of the market open Neil Wilson, chief markets analyst at Markets.com, said of thge results: ” Despite the impact of rostering-related cancellations and the grounding of aircraft, revenues rose 7% to more than €7bn on 9% higher traffic.

“Fares fell by 3% but costs were 1% and net margins remained steady at 20%.

“Great results but a very cautious outlook could weigh on the stock this morning.

“Ryanair has a habit of setting the bar rather low and then far exceeding it, so we must take this ‘pessimistic side of cautious’ outlook with a grain of salt.”

Shares fell on opening but soon recovered – up 1% in morning trade

By By James Sillars

 

 

Mobile app banking ‘to overtake online by 2019’ according to forecasts


(qlmbusinessnews.com via bbc.co.uk – – Mon, 21 May 2018) London, Uk – –

More consumers will use apps on their smartphone than a computer to do their banking by as early as next year, according to forecasts.

Last year, 22 million people managed their current account on their phone, industry analyst CACI said.

It has predicted that 35 million people – or 72% of the UK adult population – will bank via a phone app by 2023.

By then, customers would typically visit a branch only twice a year, it said.

CACI added that rural areas and smaller coastal towns would see the biggest increase in mobile users between now and 2023, owing in part to frustration over broadband access pushing customers towards mobile networks.

Who do you trust after cash?
Mobile banking is saving us ‘billions’ in charges
“With so much more functionality, mobile is rapidly becoming the digital channel of choice, and replacing traditional online banking for many customers,” said report author Jamie Morawiec.

“Whilst the number of internet log-ons is decreasing, so are the numbers of users. In fact, CACI predicts that 2019 will be the year in which mobile banking overtakes internet banking in terms of users.”

It would also mean banks might again review the location and number of branches.

Major UK banks have been closing hundreds of branches in recent years, with more plans announced recently.

Earlier this month, Royal Bank of Scotland announced it was to close 162 branches across England and Wales. Some 109 branches will close in late July and August 2018, while a further 53 branches will close in November 2018.

These branch closures follow existing plans to close 52 bank branches in Scotland that serve rural communities, and 197 NatWest branches.

Lloyds also announced recently that it was planning to close 49 branches.

By Kevin Peachey

 

 

How ‘all you can eat’ restaurants’ turn a profit despite offering endless food

 

With a few tricks, these restaurants still manage to turn a profit — despite offering endless food. All you can eat buffets,  are often the ones that wins at the end and makes you feel defeated and bloated when leaving the restaurant.

 

 

Royal wedding 2018: Who’s footing the bill?

Wikimedia

(qlmbusinessnews.com via bbc.co.uk – – Sun, 20 May, 2018) London, Uk – –

From choosing the cake to the flowers and even the chair-covers, anyone who’s ever planned a wedding knows it can be eye-wateringly expensive.

But when it comes to royal weddings – with all the VIPs, security and extra extravagance – the bill runs into millions.

So what do we know about the expected cost of Prince Harry and Meghan Markle’s wedding, and how much will the taxpayer be paying towards it?

Security cost

The wedding will be held in Windsor. And crowds in excess of 100,000 people are expected to descend on the town.

Invitations have been sent to 600 guests, with a further 200 invited to the couple’s evening reception

On top of that, 1,200 members of the public will attend the grounds of Windsor Castle.

Managing these sorts of numbers requires substantial planning.

And security will almost certainly be the biggest single cost.

The Home Office wouldn’t comment when Reality Check contacted it, saying revealing policing costs could compromise “national security”.

Likewise, when we rang Thames Valley Police, it said: “We aren’t going to give you any data I’m afraid – even though we know you love numbers.”

However, we do know £6.35m was spent by the Metropolitan Police (ie the taxpayer) on security for Duke and Duchess of Cambridge’s wedding.

That’s based on a Freedom of Information request released to the Press Association.

But it’s difficult to draw a direct comparison with Prince Harry and Ms Markle’s wedding – the location and guest numbers are different.

Other costs

Kensington Palace hasn’t released any details of what it plans to spend on the wedding.

That’s not really a surprise given that the official cost of Prince William and Catherine’s wedding has never been revealed.

That leaves us with unofficial estimates and as such they need to be treated with some caution.

Bridebook.co.uk, a wedding planning service, says the total cost of the wedding could be £32m – including the cost of security.

It put the cost of the cake at £50,000, the florist at £110,000, the catering at £286,000, and so on and so on.

Reality Check contacted the company’s owner, Hamish Shephard, to ask about the methodology used to arrive at the estimate.

He said the £32m figure had been based on the assumption that the Royal Family had paid for everything at market rate.

But in the absence of any official data, this is still guesswork – however well informed.

For example, we don’t know if suppliers would offer a substantial discount for the privilege of providing their services for a royal wedding.

Who pays?

The cost of security for the wedding will be met by the taxpayer.

Initially, Thames Valley Police will have to absorb the cost itself.

But the force will be eligible to apply for special grant funding from the Home Office after the event in order to claim back some of the costs.

Special grant funding is a separate pool of money forces can apply for if they have to police events outside their usual remit.

As for the rest of the total, the Royal Family has said it will be paying for the private elements of the wedding.

Every year the Royal Family gets a chunk of money from the annual Sovereign Grant, paid directly by the Treasury.

The grant is calculated on a percentage of the profits from the Crown Estate portfolio, which includes much of London’s West End.

This year it’s worth £82m.

Some members of the Royal Family benefit from additional income.

For example, Prince Charles gets money from the Duchy of Cornwall estate, a portfolio of land, property and financial investments.

But it’s not clear which “pots” the palace will choose to fund the wedding from.

Republic, which campaigns for an elected head of state, and claims the overall cost of the monarchy is far higher than £82m, has submitted a petition against taxpayers’ money being spent on the wedding.

By Reality Check team

 

 

 

 

Bookies fixed-odds betting terminals stakes cut to £2

(qlmbusinessnews.com via bbc.co.uk – – Thur, 17 May 2018) London, Uk – –

The maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to £2 under new rules unveiled by the government.

Currently, people can bet up to £100 every 20 seconds on electronic casino games such as roulette.

Sports Minister Tracey Crouch said reducing the stake to £2 “will reduce harm for the most vulnerable”.

But bookmakers have warned it could lead to thousands of outlets closing.

William Hill, which generates just over half its retail revenues from FOBTs, described the government’s decision as “unprecedented” and warned that 900 of its shops could become loss-making, potentially leading to job losses.

It said its full-year operating profit could fall by between £70m and £100m.

High stakes for fixed-odds betting machines
Racing ‘should not be funded on misery’
A good bet? The fixed-odds controversy
“I lost £5,000 in 48 hours”
GVC Holdings, which owns Ladbrokes, said it expected profit to be cut by about £160m in the first full year that the £2 limit is in force.

Shares in William Hill and GVC Holding both fell following the news.

Ms Crouch said: “We recognise the potential impact of this change for betting shops which depend on (FOBT) revenues, but also that this is an industry that is innovative and able to adapt to changes.”

Tom Watson, the shadow culture secretary, told the BBC: “The great tragedy of this is [that] for five years now pretty much everyone in Westminster, Whitehall and in the country has known that these machines have had a very detrimental effect in communities up and down the land.

“The bookmakers have chosen to take a defiant approach, trying to face down parliament, really, with a very aggressive campaign.”

The Church of England praised ministers for “admirable moral leadership” for reducing the maximum stake.

However, Betfred’s managing director Mark Stebbings claimed the government had “played politics with people’s jobs”. and the move was “clearly not evidence based but a political decision”.

“This decision will result in unintended consequences including direct and indirect job losses, empty shops on the High Street, and a massive funding hit for the horseracing industry.”

The government said the stake limit would come into effect some time next year, but would not set an exact timetable.

In taking the most drastic of the options available to them on FOBTs, the government has indicated that gambling is on a journey much like nicotine a generation ago.

Many addictive behaviours chart the same course. First, they are commonly accepted, then victims speak out and a campaign is launched. Finally, new laws catch up with a shift in public sentiment.

Industry figures argue that what is at stake is not only jobs and revenues for the Exchequer, but the principle that in a free society fully informed adults should be free to spend their money as they choose, so long as it doesn’t harm others.

Campaigners have successfully argued that the harm to communities and individuals is severe enough to warrant a major change.

It’s vital to remember that, while FOBTs understandably grab the headlines, this review also looks at the radical shift of the industry online.

There many addicts who find there is no respite, and children with smartphones are potentially exposed.

Tighter regulation of online gambling is the next battle campaigners intend to win.

Reducing harm
The government’s consultation into gambling machines found consistently high rates of problem gamblers among players of FOBTs “and a high proportion of those seeking treatment for gambling addiction identify these machines as their main form of gambling”.

Anti-gambling campaigners have condemned the machines, saying they let players lose money too quickly, leading to addiction and social, mental and financial problems.

Ms Crouch said the £2 limit on FOBTs would “substantially” reduce harm and protect the most vulnerable players.

Matt Zarb-Cousin is now a spokesman for the Campaign for Fairer Gambling but was previously addicted to FOBTs.

“It’s no exaggeration to call FOBTs the crack cocaine of gambling,” he has told the BBC.

“If we had a gambling product classification, similar to that of drugs, FOBTs would be class A.”

William Hill chief executive Philip Bowcock, said: “The government has handed us a tough challenge today and it will take some time for the full impact to be understood.”

Peter Jackson, chief executive at Paddy Power Betfair welcomed the government intervention, saying his company had been concerned that FOBTs were damaging the reputation of the gambling industry.

The British Horseracing Authority (BHA), which receives millions of pounds from bookmakers through a levy, said it would work closely with the government to respond the decision.

 

 

Deliveroo British food courier employees to receive share equity totalling 10 million pounds

TaylorHerring/Flickr

(qlmbusinessnews.com via uk.reuters.com — Wed, 16 May 2018) London, UK —

 

LONDON (Reuters) – Employees at British food courier Deliveroo will become shareholders in the company and a share of equity totalling nearly 10 million pounds, the firm said, although the programme will not extend to its riders.

Deliveroo riders, who are self-employed, have become a familiar sight on British streets since the company began operating in 2013. It now has more than 15,000 riders in the UK.

Founder and Chief Executive Will Shu said on Wednesday he wanted to reward with share options the nearly 2,000 permanent staff at the firm, which is valued at around $2 billion.

“Our phenomenal growth and success has been made possible thanks to the hard work, commitment and passion of the people who make this company what it is, and that deserves recognition which is why I want all employees to be owners in Deliveroo and to have a real stake in the company’s future as we expand and grow,” he said.

Deliveroo is embroiled in legal action with some of its British riders who are seeking more rights such as the minimum wage, as tech firms, who cite the flexibility of their operating model, battle unions and regulators around the world, some of whom say their working practices are exploitative.

British media have reported that Deliveroo, which has subsequently expanded abroad and now operates in 12 countries, is considering a stock market flotation.

A company source told Reuters: “Talk of an IPO is speculation. It’s not what we are focused on right now.”

By Costas Pitas

 

 

Vodafone CEO Vittorio Colao Steps down as company swings into profit

(qlmbusinessnews.com via news.sky.com– Tue, 15 May 2018) London, Uk – –

Chief executive announces decision to leave as Vodafone swings into profit.

Vodafone’s chief executive Vittorio Colao will step down on October 1 after more than 10 years in charge of the world’s second-largest mobile phone company.

Nick Read, group chief financial officer, who will become chief executive designate from July 27, will replace Mr Colao.

Under Mr Colao’s tenure, Vodafone sold its joint venture with Verizon for $130bn and merged its business in India with Idea Cellular.

Last week, Vodafone agreed to buy Liberty Global’s cable operations in four European countries for £16.1bn as the mobile phone operator extends its reach to 110 million homes and businesses by offering fixed-line and TV services.

Vodafone group chairman Gerard Kleisterlee said: “I would like to express our gratitude to Vittorio for an outstanding tenure.

“He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a global pacesetter in converged communications, ready for the Gigabit future.

Colao’s decision to step down from the top job came as the company reported a profit of 2.8bn euros (£2.5bn) for the year to March 31.

A year ago, it made a loss of 6.1bn euros (£5.4bn) after taking a 4.5 bn euro charge for merging its India operations with Idea.

Mr Colao said: “We have made good progress in securing approvals for the merger with Idea Cellular in India – which is expected to close imminently – and appointed the new management team, who will focus immediately on capturing the sizeable cost synergies.

“In addition, we agreed the merger of Indus Towers and Bharti Infratel, allowing Vodafone to own a significant cocontrolling stake in India’s largest listed tower company. ”

He added: “And we announced last week the acquisition of Liberty Global’s cable assets in Germany and Central and Eastern Europe, transforming the Group into Europe’s leading next generation network owner and a truly converged challenger to dominant incumbents.”

Following the announcement, Vodafone’s stock fell 3.2% in early London trading.

“Standing down after a decade at the helm, Vodafone’s chief executive Vittorio Colao has struggled to do much for the share price under his leadership,” Russ Mould, investment director at AJ Bell, said.

“For all the tributes from the mobile telecoms firm for his ‘outstanding tenure’ the share price is up just 23% over that time against a 45.2% advance for the FTSE 100.”

Mr. Mould added: “Of course, this ignores the significant sums returned to shareholders through dividends and share buybacks and the performance of the shares under Colao may not reflect any failings on his part.

“After all, Vodafone is an established player in a mature market and has few levers to pull for growth. This is reflected in the guidance alongside full-year results for low-to-mid single digit organic growth for the year ahead.

“Ultimately Colao’s successor, current chief financial officer Nick Read, could also be running to stand still.”

 

 

Microsoft CEO Satya Nadella discusses what’s next for the future of windows

 

Microsoft CEO Satya Nadella sits down with Dieter Bohn to discuss the future of Windows and what’s next for his company. Just because Microsoft isn’t making a phone doesn’t mean it’s not relevant, but it does mean that the company is focusing on new things like AI, cloud computing, and the enterprise.

 

Midtown Manhattan where old New York charm joins Williamsburg cool

 

If when you think of Midtown Manhattan you think of traffic congestion and tourist traps, then it might be time for a re-visit. This part of New York has seen a boom in new restaurants and bars, especially from Brooklyn. Welcome to Midtown, where old New York charm is being joined by Williamsburg cool.

 

 

Zoopla snapped up by US private equity firm in £2.2bn deal

(qlmbusinessnews.com via telegraph.co.uk – – Fri, 11 May 2018) London, Uk – –

US private equity firm is to snap up the company behind property portal Zoopla in a £2.2bn deal.

Silver Lake Management – through its Zephyr Bidco subsidiary – is offering 490p in cash per share, representing a 31pc premium on ZPG’s closing share price on May 10.

The deal has received the backing of ZPG’s largest shareholder, the Daily Mail and General Trust (DMGT), which held a 55pc stake in the business after its own online property business merged with Zoopla in 2012. It now has a 29.8pc stae after the company floated on the London market in 2014, putting it in line for a potential windfall of around £650m.

ZPG shares surged nearly 30pc to 111p on news of the offer at the start of trading.

The deal, which is still subject to shareholder approval, is expected to close in the third quarter of this year.

Simon Patterson, managing director of Silver Lake, said: “ZPG is a great growth technology company. It has established strong positions in property classifieds, home and financial services markets by innovating in product and marketing.

“We are delighted to partner with (ZPG founder and chief executive) Alex Chesterman, one of Europe’s leading and most accomplished technology entrepreneurs, to invest in ZPG’s continued growth.”

ZPG, which was founded in 2007, is also behind property portal PrimeLocation, as well as cloud-based estate agency and property management software systems including Alto, Jupix and ExpertAgent.

The company is also involved in consumer comparison sites uSwitch and Money.

By Press Association

 

Swiss food giant Nestlé to pay Starbucks $7.15bn for rights to sell its coffee


QLM Image
(qlmbusinessnews.com via telegraph.co.uk – – Mon, 7 May 2018) London, Uk – –

Swiss food giant Nestlé is paying Starbucks $7.15bn (£5.28bn) in cash for the rights to sell its coffee beans directly to consumers through supermarkets and other food shops around the world.

Nestlé is already big in coffee – it owns the Nescafe and Nespresso brands – and the company said this agreement would boost its market position in North America, while giving it more opportunities to sell premium range coffee to consumers overseas.

For Starbucks, the deal will increase its global presence as the company’s coffee beans and grounded blends will be sold through Nestle’s substantial channels in food retail, such as supermarkets and corner shops.

“This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world,” said Kevin Johnson, chief executive of Starbucks.

Nestlé reported sales of £66bn last year, with coffee one of its fastest-growing categories. The food giant, whose brands include Purina pet food, KitKat and Haagen-Dazs ice cream, is focusing on coffee as a main growth area and has already made some acquisitions in the sector, including buying a stake in California’s Blue Bottle Coffee last September.

“This is a great day for coffee lovers around the world,” said Mark Schneider, chief executive of Nestlé

The Starbucks business covered by the deal currently generates around $2bn (£1.48bn) in annual sales and includes coffee beans and ground coffee that Nestlé will be selling outside of Starbucks’ coffee shops.

Nestlé expects this business to contribute to its profit in 2019.

Starbucks, meanwhile, will use the cash to accelerate share buybacks. The Seattle-based company said it now expected to return some $20bn (£14.7bn) to shareholders through buybacks and dividends by 2020.

Around 500 Starbucks staff will join Nestlé, but operations will continue to be located in Seattle.

The deal, which needs approval from regulators, is expected to complete by the end of the year.

By Julia Bradshaw

 

 

John Paul DeJoria : Overcoming Homelessness Twice to Become a Billionaire

John Paul Dejoria has had a rough ride to the top. Yet being homeless twice and being abandoned by his wife early on didn’t shake his drive to make it in this word, and he’s managed to turn an admittedly difficult hand into a royal flush. These days he’s a billionaire several times over with a successful Paul Mitchell haircare line and even a founding stake in Patron tequila brand. So how did he maintain motivation? He remembered giving two dimes to the Salvation Army as a boy, and how his mother told him that those dimes add up and can really help people. This lesson directly helped him overcome a period early in his career where he was collecting bottle caps to get money to eat.

 

Ocado UK online supermarket signs third major deal in six months

Ocado Van/10 10/Flickr

(qlmbusinessnews.com via uk.reuters.com — Wed, 2 May 2018) London, UK —

LONDON/STOCKHOLM (Reuters) – British online supermarket pioneer Ocado (OCDO.L) has signed a partnership with Swedish market leader ICA Group (ICAA.ST), its third major deal in six months as food retailers race to meet the challenge of online competition.

The deal comes with the spotlight on the grocery sector after Britain’s Sainsbury’s agreed a 7.3 billion pound ($10 billion) bid on Monday to buy Walmart’s Asda, a bold move that would overtake long-time UK market leader Tesco.

That deal was in part a response to the growth of online retail, particularly the relentless march of Amazon (AMZN.O).

Ocado has long argued its cutting-edge technology – where pallets are automatically moved around giant warehouses on conveyor belts or grids with hundreds of robots to help workers rapidly fill online grocery orders – could help other companies meet the challenge.

However, some analysts say the company needs to strike many more deals for its so-called Ocado Smart Platform (OSP) to justify its high-flying stock market valuation.

“Ocado’s share price implies 15 OSP deals and 17 software deals. Therefore adding one more deal should not come as a surprise,” said Bernstein analyst Bruno Monteyne, who has an underperform rating on the stock.

Ocado shares rose as much as 7 percent on Wednesday, taking gains over the last year to 120 percent, after the firm forecast the ICA deal would create “significant long term value.”

Ocado signed a deal with Canada’s Sobeys (EMPa.TO) in January and one with France’s Casino (CASP.PA) in November. Last June it also signed a smaller software deal with an unidentified European retailer.

STAYING COMPETITIVE
ICA has around 1,300 stores in Sweden and a market share of around 36 percent, generating sales of about 106.5 billion Swedish crowns ($12 billion).

The deal will see Ocado develop ICA’s website and mobile phone ordering applications, construct an automated warehouse, or Customer Fulfillment Centre (CFC) as Ocado calls them, and develop delivery technology.

Ocado said the platform would be up and running by 2020.

The first CFC will be built in the Greater Stockholm area. Development of others elsewhere in Sweden will be considered.

“We have a competitive platform as it is today, but we know we need to do much more to stay competitive. This will help us strengthen our market leadership both online and offline,” ICA Chief Executive Per Stromberg told a telephone conference.

The deal will see ICA pay Ocado undisclosed upfront fees upon signing and during the development phase, then ongoing fees linked to both sales, installed capacity within the CFC and service criteria.

Ocado said the deal would be earnings neutral in 2018. It expected minimal additional capital expenditure (capex) in 2018, but additional capex in future years as development of the CFC project starts.

Ocado, founded by three former Goldman Sachs bankers in 2000, has polarised opinion like few other stocks. Some view it as the future of grocery shopping; others as a costly and complicated venture that will never make sustained profits.

Shares in Ocado have had a rollercoaster ride since listing at 180 pence in 2010. They were up 23.6 pence at 578.3 pence at 0804 GMT, valuing the business at 3.9 billion pounds.

By James Davey and Helena Soderpalm

 

 

Just Eat revenue jumps 49% after Hungryhouse acquisition

(qlmbusinessnews.com via news.sky.com– Tue, 1 May 2018) London, Uk – –

The FTSE 100 company is investing £50m to increase deliveries for branded chains, a market estimated to be worth £18bn.

Online takeaway delivery firm Just Eat announced a big rise in its first-quarter revenue as it delivered its 400 millionth order in the UK.

Revenue rose 49% to £177.4m in the three months to March 31, compared with £118.9 million in the same period of 2017.

The London-based company, which has operations in Australia, Canada, Europe and the UK, said orders jumped 32% to 51.6 million.

UK orders climbed 24% to 29.7 million, helped by to the acquisition of Hungryhouse, and increased orders over Easter, which added an estimated 1% to UK order growth.

Just Eat reiterated full-year guidance of revenue of between £660m and £700m and expects underlying earnings of £165m to £185m in 2018.

Just Eat’s chief executive Peter Plumb said: “We delivered our 400 millionth order in the UK, grew well in Italy and Spain, whilst powering continued momentum in our Canadian delivery service SkipTheDishes.”

While international orders rose 46% to 21.9 million, Just Eat warned of “softness” in Australia, where it faces stiff competition.

The company was forced to take a £189m charge for the acquisition of Menulog, its Australian and New Zealand business, which led to a pre-tax loss of £76m in 2017.

“The big questions surrounding the group remain unanswered though; in Australia, where a revamp of Menulog was mishandled last year, progress is still below par, whilst the profitability of the group’s delivery services is yet to be proven, Steve Clayton, manager of Hargreaves Lansdown Select UK Growth Shares, said.

The FTSE 100 company is investing £50m to increase deliveries for branded chains, a market estimated to be worth £18bn.

The company’s stock rose more than 5% in early trading on Tuesday.

 

 

Inside Tommy Hilfiger’s Stunning $50 Million Penthouse in the Plaza Hotel

Iconic fashion designer Tommy Hilfiger and his wife Dee take us on a home tour of their duplex penthouse apartment at the Plaza Hotel overlooking Central Park. Hilfiger’s NYC penthouse suite has been home to The Beatles, The Rolling Stones, and Marilyn Monroe. His office even features an authentic New York Times sign