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The Herald Scotland
15-07-2025
- Business
- The Herald Scotland
Shares in housebuilder Barratt Redrow fall as costs soar
That came as the company highlighted the impact on demand for new homes from 'consumer caution and mortgage rates not falling as quickly as hoped'. Housing completions for the 52 weeks ended June 29 were 'slightly below' the guided range at 16,565, which the company said was 'mainly due to the impact of fewer international and investor completions than expected in our London businesses'. It informed the City that profits for the full year will be 10% lower than the £712m expected by the market because of £98 million of 'legacy property related costs'. The £98m includes remediation and associated costs arising from fire safety related issues in four buildings in its southern region, which were completed in 2002. Additional costs of around £18m relate to new issues identified at a large development in London. 'We believe in Glasgow': Developer gives city huge vote of confidence New Scots tourism figures 'tell only part of the story' The combination of a cut to profit expectations and acknowledgement of market fragility proved to be difficult for some investors to swallow, and caused shares in the builder to lose more than 8% of their value. Dan Coatsworth, investment analyst at AJ Bell, said the 'shocking update' from Barratt Redrow had overridden any thought that the housebuilding sector would be boosted by Ms Reeves' plans to get Britain building more homes. He said: 'Shares in the housebuilding sector would normally motor on this type of news, but not today. The sector is firmly in the red after a shocking update from Barratt Redrow whose full-year results reveal home completions below expectations. It says consumers remain cautious and mortgage rates are not falling as quickly as hoped. The general tone is one of frustration and a lack of confidence in the near term, which has soured sentiment across the housebuilding sector. If one of the biggest housebuilders in the country is flagging headwinds, it doesn't give much hope to the others.' But it was not all doom and gloom in Barratt Redrow's update to the stock market. The company declared the integration of Redrow following its £2.5 billion by Barratt was progressing well and expected to deliver greater cost savings than initially expected. It said around £69m of cost synergies have been confirmed and that it was 'well on the way to achieving our previously upgraded cost synergy target of at least £100m'. 'What we are seeing right now are once-in-a-generation challenges' Energy chief's price pledge as £300m Glasgow district heating scheme takes shape 'We estimate the cost synergies crystallised within FY25 performance totalled c. £15m, ahead of our October 2024 target of c. £10m,' the company said. 'We anticipate c. £45m of incremental cost synergies will be crystallised in our FY26 performance.' Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said these cost savings 'helped underlying pre-tax profits to land in line with market expectations of around £583m, despite home completions not quite reaching as high as hoped'. Mr Chiekrie noted: 'Sales rates are moving in the right direction and the integration of the Barratt and Redrow businesses has continued at pace. Trimming the fat on overlapping operations between the two businesses delivered £69m of cost savings last year, with the group aiming for that figure to reach £100m annually. 'The group has built 16,565 new homes over the year, slightly below the bottom end of its guidance range due to softer-than-expected demand for its London homes. Looking ahead, new building safety charges are set to bring a £98m hit to profits this year, so pre-tax profits are likely to fall around 10% short of current market expectations of £712m. This disappointment has seen the share price fall by double digits in early trading. Despite this, the balance sheet remains in great shape.' David Thomas, chief executive of Barratt Redrow, described the company's performance over the year as 'solid', with adjusted profits in line with expectations despite completions falling short of guidance and the benefits of the Redrow deal coming to fruition 'ahead of schedule'. Mr Thomas said: 'Although demand during the year has been impacted by consumer caution and mortgage rates not falling as quickly as hoped, there remains a long-term structural under-supply of housing in this country. Our increased scale, three market-leading brands and strong land pipeline put us in a unique position to rapidly accelerate volume delivery as consumer confidence strengthens, and the benefits of planning reform materialise at a local level. 'We remain confident in our medium-term ambition to deliver 22,000 high-quality homes a year, and in the long-term demand for our high-quality homes." Shares in Barratt Redrow closed down 9.4% at 377.3p.
The Herald Scotland
15-07-2025
- Business
- The Herald Scotland
Scottish business owners reveal worries for future
The business group declared that the findings underline the difficulties facing small enterprises following the sharp rise in employer national insurance contributions and national living wage, which took effect in April. It also cited the extra costs and risks which are expected to be imposed by the impending Employment Rights Bill. The FSB found that more than one-quarter of small businesses (28.7%) expect to contract, close or sell up over the next 12 months. This compares with the 24.5% which expect to grow over the next year, according to the FSB's Small Business Index for the second quarter. The latest results represent both the highest number expecting to contract, close or sell, and the lowest number expecting to grow since the outbreak of the pandemic in the first quarter of 2020. 'We believe in Glasgow': Developer gives city huge vote of confidence The 'enormous challenges' key Scottish industry has to overcome New Scots tourism figures 'tell only part of the story' Overall business confidence in Scotland fell to a net rating of -35.7, a sharp decline on the first quarter when confidence was measured at -15.3. UK confidence in the second quarter was -44.1, lower than the score for Scotland. Guy Hinks, Scotland chair of the FSB, said: 'For the first time since the country went into lockdown, more small businesses in Scotland expect to shrink, close or sell up than expand. That is deeply concerning, not just for thousands of small businesses, their staff and customers, but for the prospects of the whole Scottish economy which is largely driven by SMEs (small and medium-sized enterprises). 'The governments in Westminster and Holyrood have been making all the right noises about supporting the small business community. These stark findings show the urgent need for decisive action. 'At Westminster, that means taking steps to tackle the blight of late payments, the inappropriate use of personal guarantees on business loans and listening to business concerns about the Employment Rights Bill and its dampening effect on firms taking on staff. 'At Holyrood and in local authorities across Scotland, that means ensuring the needs of small businesses are fully taken into account whenever any policy is brought forward, from creating a level playing field for small firms bidding for valuable public contracts to local visitor levy schemes.' The FSB found nearly half small businesses in Scotland (48%) reported a fall in profits over the last three months, compared with 27% which saw an increase (27%), while twice as many cut staff (18%) as increased employee numbers (9%). Nine out of 10 Scottish respondents (88%) experienced rising costs in the second quarter, largely because of increases in utility bills, as well as labour and tax costs. More than half (54%) cited the performance of the domestic economy as the biggest barrier to the growth of their own business, followed by labour costs (41%) and the tax burden (40%). Nearly one in three (30%) businesses expect to see an increase in profits over the next three months, down significantly on the previous quarter (41%).
Edinburgh Reporter
31-05-2025
- Sport
- Edinburgh Reporter
The new-look Ron Gordon Football Festival scheduled for 21 June at HTC
Featuring members of the current Hibs men's and women's squads, and coaching staff – this year, fans have an opportunity to be managed by their heroes whilst raising funds for a wide range of community initiatives. Following on from the mould set by the inception of the Ron Gordon Football Challenge in 2023, this year will allow members of the Hibernian community to play at HTC for the day, with some special guests at the helm of each team. Hibs First Team Captain and HCF Board Member Joe Newell will be there on the day and is confirmed as one of the coaches for the event! The current captain is not alone in making his managerial debut at HTC, with Cadden brothers Nicky and Chris, Jordan Obita, Jordan Smith and Rudi Molotnikov all joining him on the sidelines. The star-studded manager list doesn't stop there, however, with more players, coaching staff and legends expected to be announced by HCF in due course. Proceeds from purchasing a spot in each team will go towards HCF's various initiatives surrounding the Hibernian Community, including: community meals, events for the elderly, mental health support networks, initiatives for New Scots, and community football. 'We are absolutely thrilled to have Joe and the others signing on this year for the Ron Gordon Football Festival,' said HCF Board Chair Steve Smith. 'The work done by the entire team at the Foundation affects the community in such a positive light, and whenever players – current and past – get involved it always allows us to elevate the event and draw more attention to the great work we do. I'm really excited for the day and can't wait to see how the players go with their coaching.' The Ron Gordon Football Festival is named in honour of Hibernian FC's late owner, Ron Gordon. Ron was passionate about the work done by HCF and about providing football opportunities for all, regardless of their background. The structure of the day will follow a slightly different format from previous years. The morning will act as a showcase of HCF's Community Clubs, offering them the chance to play at HTC. The afternoon will then follow the format of a 7-a-side round-robin tournament in which Hibs players past and present will attempt to coach their team to victory. Over the course of the day there will be food trucks and family fun on offer for families and players to enjoy. For more information on the day itself, visit the event page here. Like this: Like Related
The Herald Scotland
21-05-2025
- Entertainment
- The Herald Scotland
Refugee Festival Scotland announces 25th year lineup
More than 150 free events will take place across Scotland from June 13 to 22, featuring artists and performers from more than 30 countries. This year's theme, Milestones, celebrates decades of cultural enrichment, renewal and welcome, made possible by providing sanctuary in Scotland. It pays tribute to the effort, creativity and coming together of so many to sustain this. The festival also seeks to raise awareness of the global refugee crisis, with numbers of forcibly displaced individuals continuing to rise due to conflicts in regions such as Ukraine, Sudan, and the Democratic Republic of Congo. Read More: Among the events at the festival will be the premiere of Within the Fragments of Gurbet a specially commissioned film that maps Glasgow through the experience of five New Scots, including filmmaker Bircan Birol herself. Aberdeen will host Living Rhythms: Stories and Beats of Resilience, a vibrant celebration of refugee experience through storytelling, drumming and dance. In Dundee, a Ukrainian theatre group is staging a musical interpretation of Robinson Crusoe, exploring parallels between Crusoe's journey and the experience of forced displacement. There are a number of landmark collaborations between artists taking place across the festival, epitomised by the specially designed festival artwork by Yemeni artist Shatha Altowai and Palestinian artist Jude Ershead. Shapes, carefully stacked and balanced, represent the resilience and strength of refugees. As the layers build upon one another, they create a solid foundation – just as refugees, despite their diverse origins, come together to form strong, united communities. The patterns are inspired by traditional clothing, architecture, and crafts from Syria, Afghanistan, Sudan, Ukraine, and Iran. Refugee Festival Scotland manager, Mónica Laiseca said: 'Milestones offer us a moment to reflect on the incredible journeys people have taken to find safety here in Scotland. This festival is a tribute to their courage and a celebration of the warm welcome and support they have received from local communities over the past 25 years. We mark years of championing New Scot creativity as a vital part of Scottish culture and recognising the invaluable heritage that has been carefully assembled over the last quarter of a decade which deserves to be meaningfully supported, lived and carried forward. The festival aims to bring people from different backgrounds together to meet, mix and get to know each other better and we hope this year's event inspires even more connection, creativity, and solidarity among people.' Scottish Refugee Council chief executive, Sabir Zazai said: 'Bringing people from different cultures together to build friendship, solidarity and a sense of shared community is more important than ever. Last summer, racist riots swept across parts of the UK, creating fear in refugee and migrant communities. None of us ever want to see anything like that again. By uniting against these acts of violence and hostility, we're showing that a better way is possible. 'We believe Refugee Festival Scotland is an antidote to the negativity and hostility that's started to characterise conversations about migration and about people seeking safety here. Join us in June to see hope and positivity in action as we celebrate the diversity of all Scotland's communities.' Refugee Festival ambassador Shahid Khan said: 'Refugee Festival Scotland is a celebration – not just of culture and diversity, but of possibility. It's a moment to stop and reflect on the journeys being made all around us. This year, let us honour every milestone reached – and work together to remove the barriers that still remain. 'Integration is not just about what newcomers do to adapt, it's also about what kind of society they're adapting to. The more we foster kindness, opportunity, and mentorship, the more milestones we'll see for all of us.'
The National
11-05-2025
- The National
Cycling group setting wheels in motion for women in Scotland
Women On Wheels' Tuesday begins with a morning session for beginners, where riders navigate cones and obstacles, gaining one-to-one advice on how to improve their cycling skills. In the afternoon, another session allows more confident riders to set out on a gentle ride around the surrounding area, through parks or woodland areas, with hills or more challenging terrain. The women attending these sessions are New Scots who have arrived in Scotland from countries including Iran, Nigeria, Tanzania and Ukraine. Some of the women are experiencing cycling as a new hobby, and for others, they are trying to rebuild their lives and navigate an unfamiliar city, looking for connections and routine. The purpose of the sessions is not only to improve riders' skills, but to give the women a better understanding of their local area, improving their confidence to navigate Glasgow. The sessions often cover bike rides in Queen's Park or Kelvingrove, and recently helped one woman build the confidence to cycle from Maryhill all the way to the southside. For some, cultural and religious rules have prevented women from learning to cycle in their home country. Soraya, a young woman from Tanzania, explained how she had cycled as a child before being forced to give it up due to restrictions that prevented women from cycling. She said: 'In my country, as a teenager I had to stop cycling. It is especially difficult as a Muslim and while wearing a headscarf.' Since attending the sessions in Glasgow, she has seen women of different faiths and nationalities take up the activity and says 'cycling now makes me feel free'. Eilidh has run multiple riding sessions with refugees across different charities in Glasgow for almost a decade. She has successfully brought together women from across groups such as Sunny Cycles and Bikes for Refugees, to a space where women are sure to feel welcomed and comfortable. As with many grassroots initiatives, she has hopped from project to project, supporting people until funding has run out. READ MORE: Doctor who grew up in Gaza gives 'emotional' speech at Highlands pro-Palestine march Her informal WhatsApp group chat ''Cycling Sisters' is part of the success of the sessions. This group brings together women from different charities, ensuring that women are never left behind if the funding for projects runs out. Rides and sessions are shared here, as well as photographs and funny videos. Most of the women have heard about the sessions through word of mouth. For many, it is not just a cycling group but a support network, which has allowed them to gain access to more support services in Scotland or even to hear about volunteering and work opportunities. As asylum seekers are not allowed to work, many women are keen to find volunteering jobs that fit around their ESOL (English for Speakers of Other Languages) courses, a college programme that helps refugees to learn English. Women On Wheels helps to put women in contact with other groups and on the most recent Tuesday ride, the session stopped at Urban Roots, a community-led gardening project, where one woman was introduced to volunteering opportunities. The women feel that cycling is not only beneficial for their physical health, but for their mental health and sense of belonging. Edith, from Nigeria, is one of dozens of women who has taken part in the cycling sessions and feels an increased sense of community and friendship since joining. Edith was introduced to Eilidh when she was still living in hotel accommodation in Glasgow and describes the sessions as giving her confidence and happiness in an extremely challenging time. Women On Wheels works closely with the Scottish Refugee Council and will be hosting an event for Refugee Festival Scotland, taking place from June 13-22. Women from across different refugee sessions will be invited to a dinner at the Milk Cafe where they can share delicious food, in keeping with their cultures. For many, hotel food has been unfamiliar and poor, with little opportunity to cook and eat their preferred dishes. In a time of polarised political discourse surrounding refugees and displaced people, Women On Wheels and its refugee sessions are a quiet and powerful network, whose amazing work has mostly gone unnoticed. For the women who take part, these sessions are more than a bike ride. They are a space to grow in confidence, build community and friends and gain a sense of freedom and knowledge about the local area.
