Greggs Shares Fall to Lowest Since Pandemic as Profit Declines
Pre-tax profit fell 14% to £63.5 million ($84.7 million) from a year earlier, according to a statement Tuesday, which Greggs blamed on lower footfall, weather disruption and higher costs. The high street chain, known for its sausage rolls and steak bakes, called it a 'challenging start' to the year.
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Trending tickers: latest investor updates on Diageo, Palantir, Saudi Aramco, American Eagle and Hims & Hers
Diageo (DGE.L) Shares in Diageo were lower in London trading after profits at the maker of Guinness and Johnnie Walker fell by almost 30% amid a downturn in alcohol sales. The world's largest spirits firm revealed operating profits fell 27.8% to $4.33bn (£3.3bn) in the year to June 30. Sales in the 12 months to the end of June fell 0.1% to $20.2bn. Diageo's organic sales volumes rose 0.9%. It comes weeks after the group said Debra Crew had stepped down as chief executive with 'immediate effect' and by 'mutual agreement', following a decline in Diageo's share value. Interim chief executive Nik Jhangiani said: 'While macroeconomic uncertainty and the resulting pressure on consumers continues to weigh on the spirits sector, we believe in the attractive long-term fundamentals of our industry and in our ability to continue to outperform as the TBA (total beverage alcohol) landscape evolves. 'We are focused on what we can manage and control and executing at pace. 'The board and management are committed to delivering improved financial performance and stronger shareholder returns on a sustained basis.' Read more: FTSE 100 LIVE: Markets head higher again as earnings season rolls on Robinhood UK lead analyst Dan Lane said: "The bull case around Diageo was that younger people were drinking less but upping the quality, except higher inflation has meant consumers can't quite reach the top shelf anymore and are seemingly trading down as well as slowing down. "Diageo was banking on its premium portfolio so, with that strategy on the rocks, we need to hear a lot more about plans for its cabinet of standard household names now too. The fact that profits and margins have struggled so much, even at the height of Guinness's popularity, has quite rightly sounded alarm bells. "The past few years have seriously tarnished Diageo's all-weather reputation. Swapping its 'something for everyone' brand stable for premium bottles was a risk that clearly paid off until inflation started to bite. We're now seeing what happens when you pin your hopes on one strategy and, crucially, don't fix the roof while the sun's still shining." Palantir (PLTR) Shares in Palantir were almost 6% higher in pre-market trading as the AI software provider topped Wall Street estimates, surpassing $1bn in quarterly revenue for the first time. In its second quarter, Palantir posted earnings per share of $0.16, beating consensus estimates of $0.14 and up 77% from the same quarter last year. Revenue came in at $1.004bn, Palantir's first quarter surpassing the billion-dollar mark on a quarterly basis. The company's top line also beat analyst forecasts for $939.25bn and was up 48% year-over-year. US commercial revenue jumped 93% from the previous year to $306m, while US government revenue grew 53% to $426m. Overall US revenue was up 68% to $733m. "The growth rate of our business has accelerated radically," Palantir CEO Alex Karp said. "Yet we see no reason to pause, to relent, here." The Denver-based firm, which sells software to centralise, manage and analyse large amounts of data, raised its revenue guidance to $4.14bn to $4.15bn for the full year. It raised its US commercial revenue guidance to in excess of $1.302bn, representing a growth rate of at least 85%. Saudi Aramco ( Shares in Saudi Aramco edged higher on Tuesday, despite the state-controlled oil giant reporting a decline in second-quarter revenues. The world's largest oil company declared an adjusted net income of 92.04bn Saudi riyal (£18.5bn/$24.5bn) over the three months to the end of June. The result compares with a forecast of adjusted net income of $23.7 billion, according to an analyst survey estimate supplied by the company. However, revenues for the three months to the end of June fell to 378.83bn riyals, down from 425.71bn riyals during the same period last year. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' Aramco CEO Amin Nasser said in a statement accompanying the results. Read more: BP beats on profit, raises dividend as oil major strives to rebuild investor confidence The company is expected to benefit from a production rebound in the months ahead, as Saudi Arabia and a coalition of OPEC and non-OPEC producers continue to phase out 2.2 million barrels per day in voluntary supply cuts. The final stage of this unwinding is due in September. According to the latest Monthly Oil Market Report from OPEC, Saudi Arabia produced 9.356 million barrels per day in June, based on independent analyst estimates. American Eagle Outfitters (AEO) Shares in American Eagle Outfitters were higher in pre-market trading and closed 23% higher on Monday after US president Donald Trump complimented the retailer's marketing campaign with actress Sydney Sweeney. "Sydney Sweeney, a registered Republican, has the 'HOTTEST' ad out there," Trump wrote in a post on Truth Social, the social media platform he owns. "It's for American Eagle, and the jeans are 'flying off the shelves.' Go get 'em Sydney!" The campaign, which features the slogan 'Sydney Sweeney has great jeans,' has drawn criticism from some commentators, who have accused the company of using a double entendre. Critics argue the slogan refers not to denim but to Sweeney's appearance — particularly her blonde hair and blue eyes — suggesting a coded message about genetic traits. American Eagle responded to the accusations on Sunday in a post on its Instagram page: "'Sydney Sweeney has great jeans' is and always was about the jeans. Her jeans. Her story." The marketing boost comes at a critical time for the US apparel retailer, which has faced sluggish performance amid a challenging retail environment. Earlier this year, American Eagle announced a $75m write-down in spring and summer merchandise and withdrew its full-year guidance, citing slow sales, aggressive discounting and macroeconomic uncertainty. In its May earnings update, the company said it expected second-quarter revenue to decline 5%, with comparable sales down 3% and gross margins under pressure. Operating income for the quarter was forecast to fall between $40m and $45m. Hims & Hers (HIMS) Shares in Him & Hers Health plunged 14% ahead of the US opening bell after the telehealth company reported second-quarter results that fell short of Wall Street's revenue expectations, despite strong year-on-year growth. Revenue rose 73% to $546.9m, up from $315.6m during the same period last year, according to a company release. Net income for the quarter came in at $42.5m, or 17 cents per share, an increase from $13.3m, or 6 cents per share, a year earlier. However, the top-line growth failed to impress investors, with revenue figures coming in below consensus estimates. The company's third-quarter guidance also disappointed. Hims & Hers said it expects revenue between $570m and $590m, compared with analyst expectations of $583m. The company projected adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the third quarter to fall in the range of $60m to $70m, below the $77.1m forecast by analysts surveyed by in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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9 minutes ago
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BP increases staff cuts to 6,200 and signals further possible reductions
BP has revealed an extra 1,500 jobs and 1,200 contractor roles are being axed across its global workforce by the end of the year and signalled possible further cuts as it ramps up cost savings. The oil giant said it now expects 6,200 jobs to go – about 15% of its office-based workforce – which is higher than the 4,700 cuts announced at the start of the year. BP also said it had already slashed 3,200 contractor roles since January, with another 1,200 to go by the end of 2025, adding it will 'continue to rigorously review the remaining contractor activity across our businesses and functions'. The group raised the possibility of further cuts as bosses unveiled plans to look for more cost savings and conduct a 'thorough' review of its portfolio as it comes under pressure from shareholders. Its 100,000-strong worldwide workforce will be reviewed further as part of the new push, it confirmed. BP did not give a country breakdown of the extra job cuts this year, but said they will go across its UK and overseas sites. The firm employed about 14,000 UK workers at the start of 2025. It comes as chief executive Murray Auchincloss pledged the FTSE 100 firm would do 'better for its investors' and said there was 'much more to do' under its current three-year plan. BP has been under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group. Half-year profits on Tuesday showed profits tumbled by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter. It reported a 32% fall in underlying replacement cost profits – the group's preferred profit measure – to 3.73 billion US dollars (£2.81 billion) for the six months to June 30. Underlying profits fell 15% year-on-year to 2.35 billion dollars (£1.77 billion) between April and June, although this was a significant improvement from 1.38 billion dollars (£1.04 billion) in the first quarter and better than most analysts had forecast, helping shares lift nearly 2%. BP is already working on a plan announced in February to cut costs by up to five billion dollars (£3.8 billion) by the end of 2027. It has also said it will offload 20 billion dollars (£15.1 billion) of assets by the end of 2027. The group's results showed it has already stripped out 900 million dollars (£677 million) in costs over the first half, or 1.7 billion dollars (£1.3 billion) since 2023. BP's aims to ramp up its overhaul process follows talks with incoming chairman Albert Manifold who starts next month, Mr Auchincloss said. Mr Auchincloss said: 'He and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximising shareholder value moving forward. 'We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry.' 'BP can and will do better for its investors,' he added. In another move to appease shareholders, the FTSE 100 firm also said it would buy back another 750 million dollars (£565 million) in shares and hike the quarterly dividend payout by 4%. Mr Auchincloss said: 'We are two quarters into a 12-quarter plan and are laser-focused on delivery of our four key targets – and while we should be encouraged by our early progress, we know there's much more to do.' Mr Manifold was recently named to replace incumbent chairman Helge Lund after a difficult past few years in the role. Formerly chief executive of building materials firm CRH for 10 years, Mr Manifold joins the oil giant as chairman-elect on September 1 before taking over as chairman on October 1. Sign in to access your portfolio
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Registrations of new cars down by 5% in July as drivers delay EV purchases
Registrations of new cars down by 5% in July as drivers delay EV purchases Registrations of new cars stalled in July as many drivers delayed purchases of electric vehicles (EVs) until Government grants are rolled out. The Society of Motor Manufacturers and Traders (SMMT) said 140,154 new cars were registered last month, down 5% from 147,517 during July 2024. Battery electric vehicles (Bevs) held a 21.3% share of the new car market last month. At least 28% of new cars sold by each manufacturer in the UK this year are required to be zero emission – which generally means pure electric – under the Government's zero emission vehicle mandate. The first electric car models eligible for new Government grants were announced on Tuesday. Drivers will be able to save £1,500 with the purchase of new Citroen e-C3, e-C4, e-C5 and e-Berlingo cars. These are the first models approved under the new £650 million electric car grant. The scheme will enable motorists purchasing a new electric car to save either £1,500 or £3,750, depending on the vehicle's sustainability. SMMT chief executive Mike Hawes said: 'July's dip shows yet again the new car market's sensitivity to external factors, and the pressing need for consumer certainty. 'Confirming which models qualify for the new EV grant, alongside compelling manufacturer discounts on a huge choice of exciting new vehicles, should send a strong signal to buyers that now is the time to switch. 'That would mean increased demand for the rest of this year and into next, which is good news for the industry, car buyers and our environmental ambitions.' The SMMT slightly upgraded its forecast for full-year new car registrations, to 1.9 million. Registrations in 2024 reached 1.95 million. Bevs are forecast to hold a full-year market share of 23.8%. Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said the grant has provided a 'much-needed boost' for consumer interest in new electric cars, with EV consideration up 10 percentage points on Auto Trader. But the unveiling of the initiative on July 14 explains why it was a 'slow' month for sales as buyers 'wait to see just which models will get what level of grant'. He added that discounts – either through the grant or by brands cutting prices themselves – will 'trickle through to EV sales in the coming months'.
