Author: Scott Dylan

PwC UK has experienced a notable increase in revenue, despite witnessing a decline in partner earnings.This trend emerges as the firm pursues significant investments in technology and innovation, particularly in the realms of artificial intelligence (AI) and tech upgrades.Revenue Growth and Regional PerformancePwC UK reported a single-digit revenue growth amidst a decline in the group’s profit and partner pay. The group, including UK, Middle East, and Channel Island operations, saw a nine per cent revenue increase from £5.8bn to £6.3bn. Notably, the Middle East displayed remarkable performance with a 26 per cent rise in revenue. The UK posted a three…

The Manchester-based holiday provider, On the Beach, has achieved a milestone in its booking history this year, reporting £1.2bn in revenue. This achievement marks a significant 15% growth compared to the previous year.This record-breaking revenue was accredited to a substantial rise in holiday bookings over the peak summer period. The impressive performance also signals ongoing robust demand in the travel sector, despite broader economic concerns.Record-Breaking Year for On the BeachIn the 12 months leading up to 30 September, On the Beach experienced an unprecedented surge in holiday bookings, amounting to a total revenue of £1.2bn. This figure represents a 15%…

The Co-op has made a significant turnaround in its financial performance for the first half of 2024. Pre-tax profits soared to £58 million, a stark contrast to the £33 million loss experienced during the same period last year. Despite a tough market climate, the company’s strategic initiatives have started to bear fruit.The Co-op’s financial health has seen a notable upswing. Pre-tax profits rose to £58 million in the first half of 2024, from a £33 million loss the previous year. This change is mainly attributed to reduced costs and lowered interest payments. Additionally, the group’s revenue increased by 1.5%, reaching…

DFS has reported a pre-tax loss for the year, citing extremely challenging market conditions. The company experienced a 65% drop in underlying profit, with significant impacts from low demand and high freight costs.Financial Losses and Market ChallengesFurniture seller DFS has reported a disappointing pre-tax loss for the year, attributing this outcome to an exceptionally challenging market environment. The company’s preliminary results show a 65% drop in underlying profit before tax and brand amortisation, down to £10.5 million, with a pre-tax loss of £1.7 million. This marks a significant decline compared to a pre-tax profit of nearly £30 million in the…

Wholesale giant Kitwave has unveiled its latest acquisition, marking a significant expansion in its operations.The £70m deal to acquire Gloucestershire-based Creed Catering Supplies will be financed through a mix of increased banking facilities and a capital raise.Details of the AcquisitionKitwave, headquartered in North Shields, has revealed a substantial £70m agreement to acquire Creed Catering Supplies. This transaction is strategically designed to bolster Kitwave’s presence in the foodservice industry, broadening its reach across the United Kingdom. The deal comprises an initial £60m cash payment, with an additional £10m contingent on performance milestones over the next two years.Funding for this acquisition will…

Welsh Labour is stepping up its efforts to reform the educational landscape with a proposal to revoke the charitable status of private schools. This initiative, spearheaded by Welsh Finance Secretary Mark Drakeford, aims to generate an additional £1.3 million annually by subjecting fee-paying schools to domestic rates. This follows UK-wide plans to impose VAT on private school fees, which will also impact Welsh schools.Drakeford contends that these changes will bring Wales in line with Scotland, where private schools lost their charitable status in 2022, and mirror similar moves anticipated in England. Currently, 17 out of the 83 private schools in…

Greater Manchester Mayor Andy Burnham has issued a stark warning: the North of England could face ‘Armageddon’ if the HS2 project’s northern leg is not completed. Speaking at the Labour Party Conference, Burnham implored Labour leader Sir Keir Starmer to overturn the previous government’s decision to scrap this crucial leg of the high-speed rail project.Burnham argued that halting HS2 in Birmingham would severely degrade rail services in the North, causing slower trains and fewer available seats. He highlighted that the existing West Coast Main Line (WCML) lacks the necessary capacity for double-length carriages and high-speed curves, thereby jeopardising the quality…

In a strategic move to counter the adverse effects of the 2020 removal of VAT-free shopping for tourists, a prominent royal jeweller has reduced prices by 20% this summer for American and Australian shoppers. This adjustment aims to mitigate the significant downturn in customer numbers following the policy shift introduced by former Chancellor Rishi Sunak.The luxury sector has been vocal about the detrimental impact of removing VAT-free shopping, with the jeweller noting a marked decline in American tourists, her second-largest market. The 20% discount initiative succeeded in drawing foreign shoppers back to her London boutique in Sloane Square. “It’s amazing…

The trade association has expressed serious concerns over potential changes to longstanding tax reliefs, particularly business property relief, which allows families to pass on business assets with reduced or no inheritance tax.Neil Davy, chief executive of Family Business UK, warned that Labour’s tax policies could endanger the future of family-owned enterprises, which employ 13.9 million people and contribute over £200 billion annually in taxes. Research by the organisation suggests that many family businesses could face severe consequences if tax reliefs are cut, with some being forced to freeze recruitment or sell off assets to manage the increased financial burden.The most…

Rachel Reeves is set to deliver her first budget on October 30, amidst growing anticipation and significant economic challenges. Reeves has made it clear that she will avoid a return to austerity, instead pursuing real-term growth in public spending, which will likely be funded by tax increases and selective borrowing. This bold approach is aimed at addressing the £22 billion deficit left by the previous administration.Reeves has ruled out changes to the main income tax rates of 20%, 40%, and 45%. However, she is exploring adjustments to income tax thresholds, which could pull more earners into higher tax brackets. According…