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Self-employed to get 80% of monthly profits paid by govt – up to £2,500 a month

Self-employed to get 80% of monthly profits paid by govt – up to £2,500 a month

Business
The chancellor has announced that self-employed people will be able to claim grants worth 80% of their average monthly profits - up to £2,500 a month.Rishi Sunak said the support for those affected by coronavirus would be in place for at least three months and amounted to "one of the most generous packages in the world". The chancellor said it would deliver parity with his previously announced support for employed workers, and was "an unprecedented level of support" for cleaners, plumbers, electricians, musicians, hairdressers and others.
Superdry warns profits could be wiped out after poor Christmas

Superdry warns profits could be wiped out after poor Christmas

Business
Superdry has warned its profits could be wiped out after weaker than expected sales during the peak Christmas period.The struggling fashion retailer saw its revenue fall sharply by 16% in the 10 weeks to 4 January, blaming poor trading on old stock left over by the former management team. It also experienced shortages of some of the better-selling ranges.As a result, the firm has downgraded its pre-tax profit from £20m to between zero and £10m for the full financial year, ending in April.In a trading update the firm said: "Despite a strong Black Friday event, peak trading performance has been lower than expected as we continue our strategic transition to a full price stance. Advertisement "Over this period
Sainsbury’s sales and profits fall despite price cuts

Sainsbury’s sales and profits fall despite price cuts

Business
Sainsbury's has reported a slump in pre-tax profits, with sales falling despite price cuts and new value ranges.The supermarket chain, which also owns Argos, said it had achieved "positive momentum in grocery market share" in highly competitive times. But it reported a 0.2% decline in group sales to £16.8bn over the 28 weeks to 21 September - its first half - with like-for-like sales, a comparable measure, falling 1%. Image: Sainsbury's has lowered prices on more than 1,000 lines since February Trading pre-tax profits fell 15% to £238m. Sainsbury's blamed the phasing out of cost savings and tough weather comparisons.On a statutory basis, pre-tax profits which include one-off costs came in at £9m. The figure covering the same period la
Poor clothing sales see M&S’s profits slide

Poor clothing sales see M&S’s profits slide

Business
Marks and Spencer profits dropped in the first half of its financial year following a sharp fall in demand for its clothes and home goods.The High Street retailer said that while its food business was "outperforming the market", there had been issues in clothing and home.Marks and Spencer is undergoing a transformation plan led by chief executive Steve Rowe.He said after a "challenging" first half, it is now seeing improvements.Overall, pre-tax profits tumbled by 17% to £176.5m on total sales down 2.1% to £4.86bn.Like-for-like sales in clothing and home fell by 5.5% during the six months to 30 September, worse than an expected 4.3% drop.Despite that, in early morning FTSE 250 trading the company's shares were up 6.3% at 193.94 pence. M&S said there ha
HSBC steps up restructuring as ‘challenging’ global conditions hit profits

HSBC steps up restructuring as ‘challenging’ global conditions hit profits

Business
HSBC is to step up costly restructuring plans after it reported a bigger than expected fall in quarterly profits and said business had become "more challenging" in recent months.The banking giant's interim chief executive Noel Quinn said previous plans - which already involved axing thousands of jobs - were "no longer sufficient". HSBC has been facing a gloomier business outlook hit by the US-China trade war as well as unrest in its key Hong Kong market and Brexit uncertainty in the UK.Pre-tax profits fell 18% to $ 4.8bn (£3.7bn) for the three months to the end of September compared with the same period last year and were lower than the $ 5.3bn (£4.1bn) expected by analysts.Shares were 5% lower in morning trading in London. Advertis