Britain's Nationwide reports annual profit up 30% as it integrates Virgin Money
Nationwide said on Thursday its statutory 2004 profit before tax rose to 2.3 billion pounds ($3.09 billion), up from 1.8 billion the year before as it recorded its highest ever year for mortgage lending and retail customer balances.
($1 = 0.7444 pounds)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
2 hours ago
- Times
Dragons' Den star Sara Davies increases stake in business she founded
A star of Dragons' Den is increasing her stake in the crafting company she founded as the owner of WH Smith sells its holding in the business. Sara Davies, a panellist on the popular BBC show, has increased her holding in Crafter's Companion after joining efforts to turn around the company when it filed for administration earlier this year. Davies, 41, founded the business from her bedroom at York University and built it into an international seller of paper craft, art and sewing products, with a reported valuation of more than £25 million in 2019. She returned as chief executive of Crafter's Companion earlier this year when it was sold through a fast-track pre-pack administration to Modella Capital, the investment firm that has since purchased the WH Smith store portfolio. Modella has now sold its interest to Maven Capital Partners, an investment firm headquartered in Glasgow, and Davies, who founded the company 20 years ago. Crafter's Companion swung back to profitability in May following Davies's return. She is now standing down as chief executive and will hand over day-to-day running of the business to Diane Sharp, who was initially brought in as a financial controller and was subsequently promoted to managing director. The company is opening a warehouse in the US in the coming weeks as its products were caught by the Trump administration's decision to end a tariff exemption on imports of goods valued at $800 or less. Davies had stayed as a non-executive with Crafter's Companion when it was sold to Growth Partner, a long-term backer, in 2024. She said the business lost its way when the new management team brought in to run the company shifted its focus from die-hard crafters towards a more general audience. She told The Times: 'We are excellent in our product development and our biggest investment in our company is in product development. They radically cut our product development teams down and wanted to source off-the-shelf product from China. 'Our customers are generally older, retired ladies who have time on their hands and plenty of money. The strategy pivot went after a much broader audience. And in my eyes, we have no right to win there. We don't compete on price; we deliver exceptional products which are at the higher end of the market.' The financial details of the transaction were not disclosed but it is understood that Davies will significantly increase her minority shareholding in the business, with Maven owning a majority stake.
Reuters
2 hours ago
- Reuters
Jewellery chain Claire's UK business falls into administration with 2,150 jobs at risk
LONDON, Aug 13 (Reuters) - More than 2,150 jobs are at risk after the UK business of struggling jewellery chain Claire's called in administrators. Insolvency practitioners Interpath said on Wednesday they had been appointed joint administrators to Claire's Accessories UK Ltd, the operator of Claire's 306 stores across the UK and Ireland. The move comes a week after its parent filed for bankruptcy protection in the United States. Headquartered in Birmingham, central England, Claire's is known for its trend-led accessories and as a destination for ear piercing. The administrators said they intend to continue to trade the business while they assess its options, including exploring the possibility of a sale as a going concern. As such, all UK and Ireland stores will remain open. However, customers will no longer be able to place orders online. 'Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the Company," Will Wright, Interpath's UK CEO, said. "This includes exploring the possibility of a sale which would secure a future for this well-loved brand."
Reuters
2 hours ago
- Reuters
Australia's Westpac profit grows 5% on margin lift and higher lending
Aug 14 (Reuters) - Australia's Westpac Banking Corp ( opens new tab on Thursday said wider margins and lending and deposits gains helped it post slightly higher third-quarter profit, sending its shares surging more than 5%. The country's third-largest bank by market value reported a net profit of A$1.9 billion ($1.24 billion) for the three months to June 30, 5% higher than the A$1.8 billion a year earlier. Westpac's net interest margins, the spread between interest earned from loans and paid to depositors, came in at 1.99% in the quarter, compared with 1.92% a year ago. Net interest income was A$5 billion in the quarter, up 4% from the quarterly average in the first half. Customer deposits grew by A$10 billion during the quarter, while gross loans jumped by A$16 billion, the bank said in a trading update. Westpac shares rose to A$35.66 to trade at their highest point in a decade. The bank's shares are up 4.9% so far this year and have risen nearly 20% in the past year. Australian banking stock valuations, led by Commonwealth Bank ( opens new tab, have soared in the past year on the back of increased foreign investor demand and are considered among the most highly valued in the world. Contribution from Westpac's treasury and markets segment also climbed sharply from a year ago, helped by a favourable interest-rate environment. The Reserve Bank of Australia has cut its key cash rate by a total of 75 basis points this year, including a 25-basis-point reduction this week. "The resilience of both households and businesses has been aided by the reduction in interest rates and the moderation of inflation," said CEO Anthony Miller. "This is reflected in lower levels of customer stress. It should also underpin a recovery in private sector activity and support lending growth." Miller, who took over as CEO in December, has since focused on cutting costs and streamlining operations and technology under a strategy dubbed UNITE. Quarterly expenses rose, driven by higher salaries and wages and a planned boost in investment for the program. Late mortgage repayments fell three basis points from a year earlier, the bank added. The results follow Commonwealth Bank of Australia's ( opens new tab report on Wednesday of its strongest annual cash earnings. The second-largest lender National Australia Bank ( opens new tab is set to report its third-quarter earnings next week. ($1 = 1.5281 Australian dollars)
