Latest news with #DerrenNathan
The Herald Scotland
7 days ago
- Business
- The Herald Scotland
Wetherspoon chief feeling 'clucking good' about pub giant
Wetherspoon, which has an estate of nearly 800 pubs, said it is on course to meet profit expectations for the year, despite hikes in employer national insurance contributions, national living and national minimum wage that took effect in April. Derren Nathan, head of equity research, Hargreaves Lansdown, said: 'JD Wetherspoon's flamboyant chairman Tim Martin was keen to point out a 'clucking good' performance for chicken in recent weeks, where volumes are now up around 50% compared to pre-pandemic levels. But it's the sunny weather that's helped sales keep tracking in the right direction. Given that June was the warmest on record, some investors may have been hoping for a bit more organic growth than the 5.1% seen in the final quarter of the year. Read more: 'But, despite the impact of increased labour costs, analyst forecasts expect operating profit to land a little ahead of last year at close to £140 million, with the bottom line also benefitting from reduced interest payments. The group has been trimming the tail of its estate by dropping underperforming units and is now leveraging its efficient operating model and brand strength to grab further market share. Its ambitions for new openings next year have risen from 10 to 15, with a similar number planned for the capital-light option of franchised units. Flagging consumer confidence remains a near-term threat but, overall, the JD Wetherspoon looks in good shape with the shares offering reasonable value, compared to the peer group.' Mr Martin, chairman of JD Wetherspoon, said: 'The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported. In the next financial year, as well as investing in areas such as staff rooms, glass racks for 'branded' glasses, and gardens, the company plans to open approximately 15 new managed pubs and about the same number of franchised pubs. 'Sales volumes, which were very slow post-pandemic, have recently overtaken pre-pandemic levels. Wine, for example, has shown strong growth, with Villa Maria from New Zealand and Prosecco from Italy both shooting the lights out. Spirits have improved in recent months and whisky volumes are significantly above pre-pandemic levels. 'Draught volumes are performing strongly with Guinness being the standout performer. On the food front, breakfasts, terribly slow post-pandemic, have recovered their lustre and are now well ahead. Chicken, also, has put in a clucking good performance and volumes in recent weeks are up by about 50% compared to pre-pandemic levels.' Wetherspoon will report its preliminary results for the 52 trading weeks to July 27 on October 3. Shares closed up 2% or 15.5p at 795.5p.
CNA
18-07-2025
- Business
- CNA
Crypto sector breaches $4 trillion in market value during pivotal week
The crypto sector's market value hit $4 trillion on Friday, according to CoinGecko, marking a milestone that reflects its shift from a nascent asset class to a central part of the global investment landscape. A wave of renewed optimism, regulatory clarity in key markets and rising institutional flows have catapulted the crypto sector to a new valuation peak. The U.S. House of Representatives passed a bill on Thursday to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens, known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. "The arrival of the Trump legislation signaled an about-turn in attitudes towards the crypto industry, but legislators are still exercising some caution," said Derren Nathan, head of equity research, Hargreaves Lansdown. House lawmakers also passed two other crypto bills, sending them next to the Senate for consideration. One lays out a regulatory framework for crypto, while the other seeks to ban the U.S. from issuing a central bank digital currency. The $4 trillion milestone underscores how far the crypto industry has come from its speculative, fringe origins. With growing interest from asset managers, new exchange-traded products and broader adoption among retail and corporate users, digital assets are increasingly shaping conversations in global finance. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. "The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class," said Chris Perkins, president, CoinFund. Corporate treasury allocations to bitcoin are also gaining pace, with a growing number of public companies adding the token to their balance sheets as a long-term store of value. The sector was last trading at a combined market value of $3.92 trillion, as bitcoin — the world's largest cryptocurrency — fell 1.8 per cent. Bitcoin crossed the $120,000 mark earlier this week, setting a record. Brokerage Bernstein forecast it could climb to $200,000 by end-2025. Ether, the second-biggest crypto token, was last up 4.5 per cent. It has more than doubled over the past three months. The crypto rally also powered gains in linked equities, with Coinbase and Robinhood climbing to all-time highs on Friday. Shares of the crypto exchange were last up 1 per cent, while the retail trading platform, which also supports crypto trades, gained 3 per cent. Ether-focused stocks also saw broad gains.
Reuters
18-07-2025
- Business
- Reuters
Crypto sector breaches $4 trillion in market value during pivotal week
July 18 (Reuters) - The crypto sector's market value hit $4 trillion on Friday, according to CoinGecko, marking a milestone that reflects its shift from a nascent asset class to a central part of the global investment landscape. A wave of renewed optimism, regulatory clarity in key markets and rising institutional flows have catapulted the crypto sector to a new valuation peak. The U.S. House of Representatives passed a bill on Thursday to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens, known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. "The arrival of the Trump legislation signaled an about-turn in attitudes towards the crypto industry, but legislators are still exercising some caution," said Derren Nathan, head of equity research, Hargreaves Lansdown. House lawmakers also passed two other crypto bills, sending them next to the Senate for consideration. One lays out a regulatory framework for crypto, while the other seeks to ban the U.S. from issuing a central bank digital currency. The $4 trillion milestone underscores how far the crypto industry has come from its speculative, fringe origins. With growing interest from asset managers, new exchange-traded products and broader adoption among retail and corporate users, digital assets are increasingly shaping conversations in global finance. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. "The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class," said Chris Perkins, president, CoinFund. Corporate treasury allocations to bitcoin are also gaining pace, with a growing number of public companies adding the token to their balance sheets as a long-term store of value. The sector was last trading at a combined market value of $3.92 trillion, as bitcoin — the world's largest cryptocurrency — fell 1.8%. Bitcoin crossed the $120,000 mark earlier this week, setting a record. Brokerage Bernstein forecast it could climb to $200,000 by end-2025. Ether, the second-biggest crypto token, was last up 4.5%. It has more than doubled over the past three months. The crypto rally also powered gains in linked equities, with Coinbase (COIN.O), opens new tab and Robinhood (HOOD.O), opens new tab climbing to all-time highs on Friday. Shares of the crypto exchange were last up 1%, while the retail trading platform, which also supports crypto trades, gained 3%. Ether-focused stocks also saw broad gains.
Yahoo
16-07-2025
- Business
- Yahoo
Trending tickers: ASML, MP Materials, Barclays, Renault and AstraZeneca
Amsterdam-listed shares in ASML ( ASML) slid more than 7% on Wednesday morning, after the chipmaking equipment supplier narrowed its guidance and offered a cautious outlook for 2026. In results released on Wednesday morning, ASML reported total net sales of €7.7bn (£6.7bn) for the second quarter, which was at the top end of guidance. The Dutch company, which supplies lithography machines are used to make semiconductors, posted net income of €2.3bn for the second quarter. ASML said it expected total net sales of between €7.4bn and €7.9bn for the third quarter. For the year, ASML said it expected total net sales sales to grow by 15% year-on-year, which compared to €28.3bn in 2024, would work out to €32.5bn, according Yahoo Finance UK calculations. That compares to the range of €30bn and €35bn ASML provided in the first quarter. Read more: Stocks muted as UK inflation unexpectedly jumps to highest since January 2024 In addition, ASML CEO Christophe Fouquet said that while "AI customers' fundamentals remain strong", the company continued to "see increasing uncertainty driven by macro-economic and geopolitical developments". "Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage," he said. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "AI remains the key growth driver particularly for its advanced EUV lithography machines. Within that revenue stream there are also signs that orders for the next generation High NA machines are starting to pick up albeit at a lower margin than older models. "But uncertainty on tariffs and export controls means ASML won't stick its neck out on growth expectations for next year. Market consensus coming into the results was a bit more confident, looking for a 7% uplift in 2026. To meet that, ASML's order intake needs to pick up significantly, so there are some short-term headwinds." Shares in MP Materials surged 20% in Tuesday's session and were up another 4% in pre-market trading on Wednesday, after tech giant Apple (AAPL) announced $500m (£373m) deal to buy rare earth magnets from the company. Apple said in an announcement on Tuesday that it had entered a multi-year deal with rare earth producer MP Materials, expanding the IPhone maker's US supply chain. It comes as part of Apple's pledge to spend more than $500bn in the US over the next four years. Read more: Pound rises after UK inflation blow The deal will see Apple and MP Materials launch a recycling facility for processing recycled rare earth elements. Once complete, the recycling facility in California will enable MP Materials to take in recycled rare earth feedstock — including material from used electronics and post-industrial scrap — and reprocess it to be used in Apple products. Apple CEO Tim Cook said: "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States." Apple shares were little changed on Tuesday and in pre-market trading on Wednesday. On the London market, Barclays (BARC.L) was in focus after the UK's financial regulator said it had fined the bank £42m ($56m) for failed money laundering checks. The Financial Conduct Authority (FCA) said in a statement on Wednesday that it had fined Barclays for for "separate instances of failings in its financial crime risk management". In the first case, the watchdog said Barclays Bank UK had "failed to check it had gathered sufficient information to understand the money laundering risk, before opening a client money account" for wealth manager WealthTek. The FCA shut down WealthTek in 2023, after identifying "serious regulatory and operational issues". The regulator said on Wednesday that Barclays had agreed to make a voluntary payment of £6.3 million to WealthTek's clients who have a shortfall in the money they have been able to reclaim. Stocks: Create your watchlist and portfolio In the second case, the FCA said it had fined Barclays Bank PLC £39.3m for "failing to adequately manage money laundering risks associated with providing banking services" to Stunt & Co. "Barclays did not gather enough information at the start of the relationship or carry out proper ongoing monitoring," the regulator said. "In the space of just over a year, Stunt & Co received £46.8 million from Fowler Oldfield, a multimillion-pound money laundering operation." The FCA added that Barclays "failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms." Despite the announcement, shares in Barclays hovered around the flatline on Wednesday morning. On the Paris bourse, shares in Renault ( tumbled 15% after the carmaker lowered its guidance for the year. In a trading update released late on Tuesday, Renault shared preliminary financial figures for the first half of the year, posting a 2.5% rise in group revenue at €27.6bn. Renault said its results had been impacted by weaker-than-expected performance in June, including lower volumes than anticipated and "increasing commercial pressure". Read more: Stocks that are trending today Renault said that in order to "take into account the deterioration of the automotive market trends with an increasing commercial pressure from its competitors and the anticipation of the continuation of the retail market decline", it was now aiming to achieve an operating profit margin of around 6.5% for the 2025 fiscal year, down from previous guidance of a margin greater than or equal to 7%. On Tuesday, the French carmaker also announced the appointment of chief financial officer Duncan Minto as the company's interim CEO. Back in the UK, shares in AstraZeneca dipped more than 1% on Wednesday morning, after the pharma giant share disappointing results from an advanced study for a rare disease drug. AstraZeneca said that its anselamimab drug for a rare plasma cell disorder failed to meet its primary targets, which were to delay death and the frequency of cardiovascular hospitalisations. Read more: UK inflation unexpectedly rises in June on higher fuel prices This latest update comes just a couple of days after AstraZeneca that its experimental drug baxdrostat had been successful in lowering high blood pressure in a late-stage study. The pharma giant said that baxdrostat at two dose demonstrated a statistically significant and clinically meaningful reduction in mean seated systolic blood pressure (SBP) compared with placebo at 12 weeks. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' Reeves calls on regulators to loosen rules in push to spur investment How to make pension pots tax-efficient
The Guardian
02-07-2025
- Business
- The Guardian
Greggs feels the heat as shoppers shun pastries in hot June
The UK's biggest bakery chain, Greggs, has said last month's heatwave harmed its sales and profits as customers went off the idea of hot pastries in the unusually high temperatures. Shares in Greggs slumped almost 13% as investors reacted to the profit warning a day after the UK experienced the hottest day of the year so far, with temperatures reaching as high as 35C. The group said that sales at the 2,085 shops it operates directly grew 2.6% in the six months to 28 June. However, 'good progress in May [was] followed by slower growth … as high temperatures impacted consumer spending purchasing patterns'. Greggs said: 'Sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall.' The bakery chain said that total sales in the first half were up 6.9% year on year to £1bn, as it targets opening 140 to 150 new stores this year. However, Greggs said that the impact of the heatwave to date meant it now expected full-year operating profits to be 'modestly below' the level achieved last year. 'Sausage rolls may not be the first thing consumers yearn for when temperatures get into the 30s, and that's been the case for Greggs,' said Derren Nathan, the head of equity research at Hargreaves Lansdown. 'While cold drink sales were up in June, when customers flake in the heat, flaky bakes aren't first choice on the menu and footfall declined for the month. That's taken the sheen off like-for-like sales, which were up a respectable 2.6% in the first half.' In May, Greggs reported a pickup in sales after its successful expansion into iced drinks, pizza boxes and a macaroni cheese that went viral on social media. The bakery, which is headquartered in Newcastle upon Tyne, said at the time that sales growth was also being boosted by the sunny weather. However, since then the UK has notched up the second warmest June on record – the warmest ever in England – while the Met Office confirmed that 34.7C was recorded at St James's Park in central London on Tuesday afternoon. The chain's share price is down more than 38% so far this year amid broader concerns around slowing sales growth. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion This year Greggs increased the price of its sausage rolls by 5p to £1.30, blaming wage, tax and food cost rises. It formed part of an average 4% price rise on key items including coffee and doughnuts. The company said it had no choice but to pass on the rising cost of its wage bill to consumers after two-thirds of its workers received a 6.1% pay rise in January Greggs manages 2,085 shops, while 564 are franchised. The company said that in the first half of this year it opened 87 new shops, while closing 56, and 'remained confident' of achieving 140 to 150 net new openings this year.
