Britain’s lockdown drives Tesco’s sales and costs higher

LONDON (Reuters) – Tesco (TSCO.L), Britain’s biggest retailer, saw underlying UK sales rise 8.7% in its first quarter to May 30, boosted by the coronavirus lockdown, but reiterated a flat profit outlook due to the costs of the crisis. The supermarket group cautioned costs would be at the upper end of previous guidance and also […]

National Grid keeps dividend lights on despite coronavirus hit

There was a £117mln impact from coronavirus on earnings from increased provisions for US bad debts, with another £400mln expected to hit profits in the current year. National Grid PLC (LON:NG.) has increased its dividend despite profits falling as it takes a hit from increased bad debts from the coronavirus (COVID-19) pandemic in its US business.  The energy delivery […]

UK economy shrinks record 20.4% in April due to lockdown

The UK’s economy shrank by 20.4% in April – the largest monthly contraction on record – as the UK spent its first full month in lockdown. The Office for National Statistics (ONS) said the “historic” fall affected virtually all areas of activity. The contraction is three times greater than the decline seen during the whole of […]

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Johnson Matthey halves dividend and axes jobs as virus hits demand

LONDON (Reuters) – Chemicals maker Johnson Matthey (JMAT.L) halved its dividend on Thursday and said it would cut nearly a fifth of its workforce as the coronavirus pandemic hits demand for its car pollution filters. The company, one of Europe’s leading producers of autocatalysts, said the 2,500 layoffs, or 17% of its staff, were part […]