Latest news with #FTSE-100
Irish Examiner
28-05-2025
- Business
- Irish Examiner
B&Q opens three new stores in Ireland
B&Q and Screwfix owner Kingfisher reported a 1.8% rise in first-quarter same-store sales for Ireland and the UK after good weather boosted sales of garden furniture and barbecues. The FTSE-100 listed group, which also owns Castorama and Brico Depot in France and other markets, said it was sticking with its full-year forecast for adjusted pre-tax profit of £480m (€572m) to £540m (€643m). The group, which trades from over 1,900 stores, said like-for-like sales in the UK and Ireland rose 5.9% in the three months to April 30 but were down 3.2% in both France and Poland. However, Kingfisher said it won market share in all of those countries. "Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce," chief executive Thierry Garnier said. Sunny weather boosted overall retail sales in April and households grew cheerier this month, according to figures published last week that suggested consumer spending might be a bright spot in an otherwise drab outlook for the economy. However, in France, data showed consumer confidence hit a five-month low this month on growing worries about the economy and unemployment. Kingfisher noted that in the UK and Ireland, sales of seasonal products, such as garden furniture, barbecues and plants, jumped 28.3% year-on-year, largely due to better weather. But it cautioned that some of this growth was likely to have been pulled forward from the second quarter. In Ireland, B&Q opened three new stores at locations in Navan, Waterford and Letterkenny. The store openings follow the acquisition by B&Q of three leasehold stores, formerly trading as Homebase, for a purchase price of £3.2m (€3.79m). Collectively, the three will employ 109 staff, 51 of whom transferred from Homebase. Following a revamp and rebranding programme, the first of the new stores opened in Navan Retail Park. B&Q Waterford will open on Friday, followed by B&Q Letterkenny on Saturday. The acquisitions build on B&Q's existing network and bring to 11 its portfolio of stores in the Republic of Ireland. John Eason, B&Q Retail Director, Ireland said: 'This is a landmark moment for B&Q and is indicative of the confidence we have in the Irish market. Opening three new stores builds on the success of our existing eight stores in Ireland and the continuous and growing demand for home improvement products and services nationwide. 'We are so pleased that so many former Homebase colleagues have joined the B&Q family, and we look forward to working with them - alongside our 58 new team members – as we build an even stronger presence in the Irish market. We are also looking forward to welcoming DIY enthusiasts together with home improvement and trade professionals to our new stores, which is for everyone, whatever their home improvement needs.' Additional reporting Reuters Read More Bulmers owner C&C Group reports minimal impact from tariffs
RTÉ News
28-05-2025
- Business
- RTÉ News
B&Q Ireland opening new stores in Navan, Waterford and Letterkenny
B&Q Ireland is opening three new stores this week at locations in Navan in Co Meath, Waterford and Letterkenny in Co Donegal. The store openings follow the purchase by B&Q of three former Homebase stores for about €3.79m late last year. The three new stores will employ 109 workers, 51 of whom transferred from Homebase. After a revamp and rebranding programme, the first of the new stores opened in Navan Retail Park today. B&Q Waterford will open its doors on 29 May, followed by B&Q Letterkenny on 30 May. B&Q said the acquisitions build on its existing network and bring to 11 its portfolio of stores in the Republic of Ireland. B&Q is part of home improvement company Kingfisher which operates more than 2,000 stores in eight countries across Europe. John Eason, B&Q Retail Director, Ireland said the opening of the new stores was indicative of the confidence the retailer has in the Irish market. "Opening three new stores builds on the success of our existing eight stores in Ireland and the continuous and growing demand for home improvement products and services nationwide," he said. B&Q first launched in Ireland in 2002 and now has 11 stores around the country - Galway, Athlone, Limerick, Naas, Cork and three Dublin stores in Swords, Tallaght, Liffey Valley and now Navan, Waterford and Letterkenny. B&Q owner's first quarter sales up by 1.8% Meanwhile, Kingfisher has today reported a 1.8% rise in first quarter same store sales, with a strong performance in Britain, helped by favourable weather, partially offset by continued weakness in France. The FTSE-100 listed group, which owns B&Q and Screwfix in Ireland, the UK and Castorama and Brico Depot in France and other markets, said it was sticking with its full-year forecast for adjusted pretax profit of £480-540m compared to £528m in 2024/25. Kingfisher said like-for-like sales in the UK and Ireland rose 5.9% in the three months to April 30 but were down 3.2% in both France and Poland. However, the group said it won market share in all of those markets. "Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce," chief executive Thierry Garnier said. Sunny weather boosted overall British retail sales in April and households grew cheerier this month, according to figures published last week that suggested consumers might be a bright spot in an otherwise drab outlook for the economy. But in France, data showed consumer confidence hit a five-month low this month as concerns about the economy and unemployment surged.
Yahoo
22-05-2025
- Business
- Yahoo
Phoenix Group plots rebranding under historic Standard Life name
Phoenix Group, the FTSE-100 pensions provider, is plotting to rebrand itself using the historic Standard Life name it acquired four years ago. Sky News has learnt that Phoenix, which has a market value of over £6.2bn, is drawing up plans to drop the current name of its listed holding company in favour of that of Standard Life, which traces its roots back to the 1820s. City sources said an announcement was likely about the name-change in the coming months, although they insisted that a final decision had yet to be taken. If it does go ahead, it would see the Standard Life name returning to the London Stock Exchange for the first time since Standard Life Aberdeen made the ill-advised decision to change its name to the frequently derided abrdn in 2021. Standard Life is one of the City's most venerable brands, and was structured as a mutual for much of its existence. Responding to an enquiry from Sky News, a Phoenix Group spokesman said: "Our brand strategy must support our business strategy and this is kept under review. "Standard Life is a strong brand with 200 years of history and the brand we are using to grow our business across three markets. "You may have seen at our recent AGM we changed our articles of association to allow us to rebrand with board approval, rather than shareholder approval. "This board approval hasn't happened." He declined to comment on the company's future intentions.
Yahoo
16-05-2025
- Business
- Yahoo
Software giant ends pursuit of Mike Lynch ally in $11bn fraud case
Hewlett Packard Enterprise (HPE) has ended its pursuit of one of Mike Lynch's key lieutenants over claims he defrauded the tech giant in an $11bn (£8.3bn) deal struck more than a decade ago. The Telegraph has learned that HPE has agreed to settle its case against Sushovan Hussain, the former finance chief of Autonomy. HPE has pursued Mr Hussain and the late Lynch in court for years after claiming they committed fraud by exaggerating the success of their UK tech company, Autonomy, before HPE bought it for $11bn in 2011. Details of the settlement have not been made public but it is understood there was no admission of liability. The deal comes as the High Court prepares to award damages in the multibillion-dollar fraud case nearly a year after Lynch was killed when his super-yacht sank off the coast of Sicily. HPE won a civil lawsuit against Lynch and Mr Hussain in 2022, but it has taken the court more than three years to confirm the level of damages it should be awarded. Since that time, Lynch's name was cleared in a stunning legal victory in the US. He had faced decades in jail over a fraud he was alleged to have masterminded when running Autonomy, a Cambridge software business he founded. However, a US jury found him not guilty of the charges in June last year. Just two months after being acquitted, however, Lynch was killed, along with six others including his daughter Hannah, when his super-yacht, the Bayesian, sank in a violent storm off the coast of Sicily. This week, an interim report from British maritime authorities found that 'vulnerabilities' in the yacht's design, including its 236ft-tall mast, had contributed to the disaster. Lynch's friends, including the banker Jonathan Bloomer and his wife Judy, Lynch's lawyer Chris Morvillo and his wife Neda, as well as the yacht's chef Recaldo Thomas, all died when the Bayesian sank. Lynch's wife, Angela Bacares, was among the survivors. His death prompted an outpouring of grief from the British business community. Just weeks before the tragedy, Lynch had said he believed he had been given a 'second life' thanks to his acquittal. Lynch had been instrumental in setting up Darktrace, the multibillion-pound cyber security company, and had planned to return to his work after years of legal woes. He had also intended to challenge the UK's extradition treaty with the US. Despite Lynch's death, the civil legal case has dragged on, with HPE pursuing the claims against his estate, which is thought to be worth hundreds of millions of pounds. The case was expected to resume after the court approved an administrator over his holdings. HPE had sought $4bn from Lynch for his role in the botched deal. The High Court had previously said it expected HPE to receive 'substantially less' than what it had claimed. While the damages have yet to be awarded, Lynch's team is expected to appeal. HPE bought Autonomy, a former FTSE-100 software business, in 2011 – but the takeover quickly unravelled after investors baulked at the deal. The US company later sacked Lynch and accused him and his senior team of fraudulently boosting the value of the business with inflated sales and 'round-trip' transactions. While Lynch was cleared after standing trial in the US, Mr Hussain, his former finance chief, was jailed for five years by US prosecutors in 2019 for his alleged role in the scheme. US prosecutors claimed he had used 'sophisticated accounting methods to falsely inflate Autonomy's revenues'. Mr Hussain denied wrongdoing and unsuccessfully appealed against the decision. An HPE spokesman said: 'We're pleased to have reached a resolution in this matter with Mr Hussain, and await Mr Justice Hildyard's ruling on overall damages in the case.' Lynch's family declined to comment. Mr Hussain declined to comment. Sign in to access your portfolio
Yahoo
12-05-2025
- Business
- Yahoo
FTSE-100 group Experian kicks off hunt for next chairman
Experian, the FTSE-100 credit referencing giant, is kicking off a hunt for a successor to its long-serving chairman. Sky News understands that Experian is working with headhunters to identify a replacement for Mike Rogers, who has chaired the company since July 2019. Mr Rogers has been on the company's board since the summer of 2017, meaning his independence will be 'timed out' under corporate governance guidelines by July 2026. Sources close to the process said a successor was unlikely to be in place until next year. The search for Experian's next chairman is being led internally by Alison Brittain, the Premier League chair, who serves as the company's senior independent director. One of the new chair's most pressing tasks is likely to be lining up a long-term successor to Brian Cassin, Experian's chief executive since 2014. Under Mr Cassin's leadership, the group's valuation has soared, and it now boasts a market capitalisation of more than £35bn. Experian's global operations and strong presence in the US, have triggered speculation that it could follow other London-listed companies in switching its primary listing to New York. The shares have risen by about 14% during the last year. An Experian spokesman declined to comment.
