Peter Birks
@peterjbirks
Newsletter editor, company director, online poker player, macro-economist, marine insurance writer, aggro-centrist, Gladstonian, South Londoner, francophile.
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Now is the time for all Labour old timers to declare their unstinting support for Starmer, but in a way sufficiently muted that, if he goes, they can effortlessly pivot to the new leader.
On taxation I have yet to see any evidence of anything other than voters who support higher taxes on other people, but not on themselves, and higher benefits for themselves, but not for other people.
I see that a poll for The Times shows that "79% worry about the decline of the local high street". What I would really have liked them to also ask was how many of them had bought stuff in the past month from Amazon, Shein, or Temu.
I sometimes whether the ONS is a bit like the desperate opinion poling organizations. They feel they have to spout out numbers fairly frequently, no matter how inaccurate, because if they don't then people will forget they exist.
The front pages of the Mail and Telegraph reach less than 5% of the general population, and 100% of the staff on R4 Today, which is one reason why the latter has a skewed world view. The BBC News section is in crisis for reasons of its own making, not a newspaper conspiracy.
The media like hard numbers, but UK and US economic data (particularly month by month or quickly released 3mo stuff) is verging towards complete guesswork these days. Funding reductions, weaker response levels, make it very difficult to gather accurate information quickly.
Concrete & clay manufacturer #Forterra maintains FY guidance. YTD rev of £336m, +16% yoy. Stronger demand in new build housing, depressed repairs, maintenance, and improvement market.
Professional services provider #FDM confirms FY 2025 expectations. "Robust" balance sheet with £40.1m in cash and no debt as of Oct 31. Interim dividend of 6p .
#Oxford Instruments plc reports "challenging" H1. Rev -7.9% to £185.5m. AOP -22.9% to £24.7m. Cost-saving measures, restructuring in Belfast, expects stronger H2. FY performance f/c consistent with October trading update. Int div +5.9% to 5.4p per share. Share buyback prog grows.
Troubled #Headlam updates on transformation plan. Refocusing on independent retailers and contractors, consolidating purchases, cut physical footprint, improve stock turnover, decrease in number of stock-keeping units. Disposal of surplus properties, lower inventory,
10-month trading update from #Informa. Rev +6.6% (7.6% excluding TechTarget consolidation). Reaffirmed FY guidance for 6%± rev growth, £4bn group revenues, 10%+ adj EPS. Expects continued underlying growth into 2026.
#Hilton Food Group reports profit progression in 2026 likely challenging due to subdued demand and Foppen problems. :-( "Resilient" Q3. Solid vol in red meat and convenience, seafood demand still soft. "Inflationary pressures". Adjusted pre-tax prof f/c for 2025 now £72m-£75m.
Bullish from #Vodafone . H1 rev +7.3% to €19.6bn. Now expecting pper end of its FY26 guidance for both profit and cash flow. New progressive dividend policy with an expected increase of 2.5% for the current financial year. Op prof -9.2% to €2.2bn following consolidation of 3UK.
#Rank Group names John H. Ott as new chair, effective November 17th, succeeding interim chair Karen Whitworth, who will return to her roles as Senior Independent Director and Audit Chair.
Papilio Bidco Ltd in agreed purchase of #JTC (provider of fund administration services) for 1,340p a share, valuing JTC at £2.3bn. Acquisition expected to be completed by Q3 2026. JTC floated in 2018. Had been trading at about 1000p for most of this year until late August.
Great Portland Estates gets planning permission for the refurbishment of #Whittington House, (74,500 sq ft) in the West End, near Tottenham Court Road station. Project expected to be delivered in Q1 2027.
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