Consumer goods giant Unilever sees profits rise
Unilever, the consumer goods giant behind brands like Magnum ice cream and Marmite, has reported a jump in profits despite a drop in sales of some of its products. The company increased prices across its range by an average of 6.8% and saw a slight increase in the number of items sold, leading to a 2.6% growth in profits to £8.45 billion. However, its nutrition and ice cream brands, including Magnum and Marmite, saw a fall in sales due to higher prices and increased competition from cheaper alternatives. Unilever is focusing on its most profitable brands to boost growth.
Parcel delivery firm Yodel considers administration
Parcel delivery company Yodel is reportedly considering calling in administrators after failing to find a buyer. The firm, which delivers for high-profile chains such as John Lewis and Argos, employs 10,000 staff and delivered 191 million parcels last year. Yodel has said that operations will continue without disruption while discussions are ongoing. The company is part of the Barclay-owned Logistics Group Holdings and one of its biggest clients is online retailer the Very Group.
Hair and beauty industry calls for VAT cut
The Salon Employers Association has urged the UK government to cut VAT on hair and beauty services to 10% in order to save jobs. The association warned that 5,500 businesses in the sector could close without immediate action. The hospitality sector, which benefited from a temporary 5% VAT rate during the pandemic, has also called for a similar cut. The hair and beauty industry has been hit hard, with a significant drop in the number of people working in the sector in recent years.
Used electric car sales nearly double in the UK
Sales of used battery electric cars in the UK almost doubled in 2023, according to the Society of Motor Manufacturers and Traders (SMMT). A record 119,000 used electric cars were sold, representing a 91% increase from the previous year. The overall used car market grew by 5%, with 7.2 million transactions. The market share for used electric cars also increased to 1.6%. The popularity of electric cars is rising due to price parity with traditional fuel cars and a growing demand for zero-emission vehicles.
British American Tobacco reports annual loss
Cigarette and vape group British American Tobacco (BAT) has reported an annual loss of £17.1 billion in 2023. The company attributed the loss to a £27.3 billion write-down on its US brands. BAT had made a profit of £9.3 billion in the previous year. The company's CEO, Tadeu Marroco, stated that the incoming ban on disposable vapes would not have a significant impact on the group as it has a larger market share in refillable vapes.
Astrazeneca profits triple thanks to cancer treatment sales
Pharmaceutical giant Astrazeneca has reported a more than three-fold increase in profits in 2023, driven by strong sales of its cancer treatments. The company's profits for the year reached £5.5 billion, compared to £1.8 billion in 2022. However, less impressive fourth-quarter figures led to a 7% drop in shares. Sales of Astrazeneca's oncology drugs increased by a fifth and now account for 40% of its worldwide revenues. CEO Pascal Soriot expects another year of strong growth in 2024.
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