Watches of Switzerland revenues surge in Q4, Future delivers H1 revenue growth
By Iain Gilbert
Date: Wednesday 18 May 2022
(Sharecast News) - London pre-open
The FTSE 100 was being called to open just 6.2 points higher ahead of the bell on Wednesday after closing 0.72% higher in the previous session at 7,518.35.
Stocks to watch
Luxury watch retailer Watches of Switzerland said on Wednesday that it experienced a "stellar end" to the year ended 1 May, with revenues surging in the final quarter.
Watches of Switzerland stated fourth-quarter group revenues had grown 48% year-on-year to £304.0m, with US revenues up 50% to £136.0m following the opening of its flagship store in Cincinnati, Ohio, while UK revenues shot up 47% to £168.0m. For the year as a whole, group revenues were up 40% at £1.23bn, with US revenues growing 48% to £428.0m and UK revenues up 36% to £810.0m.
Specialist media publisher Future reported a rise in first-half profits on Wednesday, driven by revenue growth and contributions from acquisitions.
Future said pre-tax profits had risen 42% in the six months ended 31 March to hit £81.0m as revenues rose 48% to £404.3m.
Newspaper round-up
The business department's handling of Covid support schemes left an "open goal" to fraudsters and embezzlers that has added "billions to taxpayer woes", parliament's spending watchdog has found. In its review of the annual report of the Department for Business, Energy and Industrial Strategy, the Public Accounts Committee said it recognised that the government offered crucial support to businesses at the height of the pandemic. - Guardian
The European Commission has raised the spectre of an economically damaging trade war with the UK, pledging to respond with "all measures at its disposal" if Liz Truss presses ahead with a plan to rewrite the Northern Ireland protocol. The foreign secretary set out plans on Tuesday to table a bill that would make key changes to the protocol, including waiving all checks on goods flowing from Great Britain to Northern Ireland where they are not destined for the Republic of Ireland. - Guardian
The Bank of England has made "serious mistakes" in the fight against inflation and is facing a prolonged bout of painful price rises unless it acts immediately, its former Governor Lord King has warned. Officials at Threadneedle Street fuelled a surge in prices with a money printing spree during the Covid pandemic, the crossbench peer said. - Telegraph
A senior executive at the cybersecurity company Darktrace has been named as "part of a clique" behind Britain's biggest ever fraud in a ruling at the High Court. Nicole Eagan, chief strategy officer at Darktrace, was also investigated by the US Department of Justice for her role in the toxic $11.0bn sale of software business Autonomy a decade ago, Mr Justice Hildyard revealed in a judgment handed down on Tuesday. - Telegraph
The proceeds of the £14.4m fine imposed on KPMG last week for forging documents in connection with its audit of the collapsed construction group Carillion is to go to the trade body for accountants, with none of the money going to taxpayers or other creditors. The Institute of Chartered Accountants in England and Wales is set to receive the entire proceeds of the fine in another example, critics say, of it profiting from the misconduct of members while victims receive nothing. - The Times
US close
Wall Street stocks closed sharply higher on Tuesday as market participants digested last month's retail sales data.
At the close, the Dow Jones Industrial Average was up 1.34% at 32,654.49, while the S&P 500 was 2.02% firmer at 4,088.85 and the Nasdaq Composite saw out the session 2.76% stronger at 11,984.52.
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN