Latest news with #YadarisaShabong
Yahoo
4 days ago
- Business
- Yahoo
Manchester United expects annual core profit to return to pre-COVID levels
By Yadarisa Shabong (Reuters) -Manchester United raised their annual core profit forecast on Friday to levels last seen before the pandemic as the club's strong performance in the Europa League drove ticket sales and broadcast revenue. Ticket sales jumped more than 50% to 44.5 million pounds in the three months to March as the club had a good run in the Europa League, before losing the finals to Tottenham Hotspur. United's New York-listed shares rose 4.4% in U.S. premarket trading. The club's annual core profit, which excludes player trading and finance cost, is expected to jump 21% to 28% to a range of 180 million to 190 million pounds for the year ending June. United had their worst Premier League season since they were relegated in 1974 and hopes of participating in a European competition next season were dashed after they lost the Europa League final. "We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season," CEO Omar Berrada said in a statement. United's absence from European competitions, which are lucrative sources of broadcasting revenue, deals a huge blow to the club's future finances and has drawn anger and disappointment from fans. Jim Ratcliffe, who holds a stake of about 29% in the club and runs their football operations, has taken steps to revive the club's fortunes, including by cutting jobs, raising ticket prices and stopping free lunches at staff canteens. United reported a net loss of 2.7 million pounds for the three months ended March 31, smaller than the 71.5 million pounds it posted a year earlier. The Glazer family, who own a majority of the club, have faced strong criticism from fans for saddling the club with debt, overspending on players and putting off investments on infrastructure. Manager Ruben Amorim said in May that the club did not need a big squad since they were not playing in the Champions League. In March this year, United announced plans to build a new 2-billion-pound 100,000-seat stadium, next to the existing Old Trafford. ($1 = 0.7383 pounds) Sign in to access your portfolio
Mint
02-06-2025
- Business
- Mint
British digital bank Monzos annual profit surges, revenue tops $1.35 billion
(Reuters) -British digital bank Monzo reported revenue above 1 billion pounds ($1.35 billion) for the first time and a sharp rise in annual pretax profit on Monday, driven by strong growth in personal and business customer numbers. The fintech company, which is reportedly gearing up for an initial public offering, posted a pretax profit of 60.5 million pounds for the year ended March 31, 2025, compared with 13.9 million pounds a year earlier. Fiscal year 2024 marked the company's first profitable year. The mobile app-based bank, launched in 2015, is one of several digital banks that have emerged in Britain to challenge the dominance of HSBC, Lloyds, Barclays and NatWest - the country's Big Four. Monzo, which has more than 12 million customers, last year outlined plans to expand into Europe through Ireland and strengthen its presence in the United States. Customer deposits increased 48% to 16.6 billion pounds for the year, the lender said. Monzo has considered listing in either Britain or the United States but has not set a firm timeline or chosen a venue for an IPO, a person familiar with the company's plans told Reuters in March. Sky News reported earlier this month that the lender was preparing to appoint bankers to spearhead its planned stock market floatation. Last October, the British bank was valued at 4.5 billion pounds in an employee share sale to a group of investors, including Singapore's sovereign wealth fund. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
The Star
02-06-2025
- Business
- The Star
British digital bank Monzo's annual profit surges, revenue tops $1.35 billion
FILE PHOTO: A smartphone displays a Monzo logo in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -British digital bank Monzo reported revenue above 1 billion pounds ($1.35 billion) for the first time and a sharp rise in annual pretax profit on Monday, driven by strong growth in personal and business customer numbers. The fintech company, which is reportedly gearing up for an initial public offering, posted a pretax profit of 60.5 million pounds for the year ended March 31, 2025, compared with 13.9 million pounds a year earlier. Fiscal year 2024 marked the company's first profitable year. The mobile app-based bank, launched in 2015, is one of several digital banks that have emerged in Britain to challenge the dominance of HSBC, Lloyds, Barclays and NatWest - the country's Big Four. Monzo, which has more than 12 million customers, last year outlined plans to expand into Europe through Ireland and strengthen its presence in the United States. Customer deposits increased 48% to 16.6 billion pounds for the year, the lender said. Monzo has considered listing in either Britain or the United States but has not set a firm timeline or chosen a venue for an IPO, a person familiar with the company's plans told Reuters in March. Sky News reported earlier this month that the lender was preparing to appoint bankers to spearhead its planned stock market floatation. Last October, the British bank was valued at 4.5 billion pounds in an employee share sale to a group of investors, including Singapore's sovereign wealth fund. ($1 = 0.7388 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
Yahoo
07-05-2025
- Business
- Yahoo
UK's FD Technologies soars on possible $722 million buyout by private equity firm
(Reuters) -British data and analytics firm FD Technologies said on Wednesday it is in advanced talks with American private equity firm TA Associates over a possible acquisition offer, valuing the firm at 541.6 million pounds ($722.77 million). Shares of FD Technologies soared 19% to 23 pounds. The possible offer represents a premium of about 27% to the stock's last closing price. TA Associates had proposed to buy the London-listed firm at 24.50 pounds per share in late March, a price at which the FD Technologies board was ready to recommend to shareholders if a formal offer was tabled, the company added. The U.S. firm has until June 4 to make a formal offer or walk away, according to UK takeover rules. ($1 = 0.7493 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Vijay Kishore)
Yahoo
21-04-2025
- Business
- Yahoo
Sterling steadies against dollar ahead of long Easter weekend
By Yadarisa Shabong (Reuters) - The pound gained against the euro on Thursday and held steady against the U.S. dollar after economic data over the last week eased concerns about the British economy against the backdrop of U.S. tariffs. Concerns about the impact of U.S. tariffs on growth and inflation have driven investors away from U.S. assets, including the dollar. Sterling steadied at $1.3243 and was on track for eight straight days of gains against the U.S. currency. It also strengthened against the euro, which dipped to 85.90 pence ahead of an expected rate cut by the European Central Bank later on Thursday. Trading volumes and volatility were subdued ahead of the long Easter break, with UK markets closed on Friday and Monday. Economic data has shown UK economic growth holding up, inflation slowing and wage growth strong despite a fall in job vacancies in the run-up to an increase in employer tax this month. Together with expectations of a possible U.S.-UK trade deal and a weakened dollar, Britain's economic resilience has helped the pound to rally. "The backdrop for the UK and for sterling really is not too bad," Kenneth Broux, head of corporate research FX and rates at Societe Generale, said. "As long as we don't have another leg of risk-off and another spike in gilt yields, sterling should continue to do quite well." UK gilt yields, which surged last week on worries about Trump's trade tariffs, have eased this week. Sign in to access your portfolio
