Today’s news in brief-3/4/25
The Co-op has reported a sixfold surge in full-year pre-tax profits, rising to £161m from £28m the previous year, despite facing over £200m in new headwinds and investment costs. This growth was driven by increased operating profits, which climbed by £34m to £131m, alongside improved returns from Funeralcare plan investments. Revenues remained stable at £11.3bn, with food sales rising 1.9% to £7.4bn, bolstered by a 46% jump in online sales to £460m. The group invested £88m in lowering food prices, £82m in store upgrades, and £35m in technology. However, its wholesale division saw a £1m loss due to market challenges.
Currys has raised its profit guidance after a robust peak trading period, with adjusted pre-tax profits expected to reach £145-155m, ahead of market expectations. UK and Ireland revenues grew 2% in the 10 weeks to 4 January 2025, driven by strong sales in mobile, gaming, and premium computing. Omnichannel sales performed well, with order-and-collect up 13% and online-in-store sales up 24%. CEO Alex Baldock credited the retailer’s competitive deals and improved balance sheet, with plans to reinstate dividends. The Nordics business also returned to growth, outperforming a weak market.
Moonpig anticipates revenues at the top end of its FY25 guidance range (£350-353m), with an adjusted EBITDA margin expected to hit 27%. The online card and gift retailer attributed growth to an expanding customer base, higher order frequency, and increased average order value. Its Greetz acquisition showed improvement after a slow start, while its Plus subscription scheme and guaranteed delivery service gained traction. Moonpig also announced a new £60m share buyback for FY26, citing strong cash flow. CEO Nickyl Raithatha highlighted the success of AI-driven personalisation tools, with one in three Valentine’s Day cards featuring customised elements.
Sainsbury’s has appointed Katie Bickerstaffe and Steve Hare as non-executive directors, effective after its AGM in July. Bickerstaffe, former co-CEO of M&S, brings retail and digital transformation expertise, while Hare, CEO of Sage Group, adds tech leadership experience. Both will join key committees, with Bickerstaffe focusing on sustainability and Hare on audit. The appointments come as Brian Cassin steps down after nine years, with Adrian Hennah succeeding him as senior independent director. Chair Martin Scicluna praised the new hires for their strategic insights as Sainsbury’s pushes forward with its Next Level strategy.
Luxury knitwear brand John Smedley has named Jess Mcguire Dudley as its new managing director, marking the first time a creative lead has held the role. Dudley, previously deputy MD and global brand director, succeeds Ian Maclean MBE, who transitions to executive chairman. She has been instrumental in revitalising the brand’s image and expanding its global footprint, overseeing marketing, manufacturing, and third-party production. Dudley emphasised her commitment to upholding the brand’s British heritage and responsible values while driving future growth.