Estate agency giant Savills has continued to make hay while the sun shines, with revenue spilling over into the £1bn mark.

Revenue up over 10 per cent to £1.03bn in the six months to 30 June, up from £932.6m in the same period last year.

Like housebuilders, estate agencies have also been reaping the scaling profits of the UK’s house price boom, alongside the frenzy of sales during the stamp duty holiday which ended last summer.

However, the group’s pre-tax profit tumbled by some £13m in the period, falling from £63.3m to £50.4m year-on-year.

The London-listed estate agency has hiked its dividend from 6p to 6.6p, as chief executive Mark Ridley notes that there is a risk of a short-term drop in activity given the current economic and geopolitical climate.

“Despite staff cost inflation and the anticipated increase in discretionary costs, we have performed well so far this year, in line with the board’s expectations,” Ridley said in a...

After a slower start to the week, the crypto markets burst into life yesterday following the announcement of lower-than-expected US inflation figures. 

The Consumer Price Index rose 8.5 per cent in the year through July, the Bureau of Labor Statistics said Wednesday – a significant drop in the headline inflation rate following the 9.1 per cent gain in the year through June.

The price of Bitcoin jumped two per cent to about $23,500 in the minutes after the inflation data for July was released, and sat at around $24,600 this morning – up more than six per cent since this time yesterday and the highest it’s been since early June. 

The price of Ether (ETH) also rose four per cent to $1,780 after the data was released and is currently up 11 per cent over the past 24 hours to just below $1,890. Other major cryptocurrencies have also seen price rises this morning, as have traditional stock markets, with the tech-focused Nasdaq rallying more than...

HOUSE prices will soon start to “flatline” following years of double digit rises, a leading property association claims this morning.

Property values have continued to soar over the past two years in most regions of the UK – often defying predictions by economists who are convinced a crash is on the horizon.

The National Association of Property Buyers told City A.M. this morning that after months of looking “immune” to falling rates, house prices will soon start to reduce. 

Spokesman Jonathan Rolande said: “It won’t be long before we see house price growth slowing to perhaps 5 per cent in most areas.”

He added: “This is still high, but compared to retail inflation,  it is less than half. As the price of everything else rises, property will therefore gradually begin to look like better value than it does right now.”

Commenting on the way the market has performed in recent months, Rolande, the founder of House Buy Fast,...

One in four shop workers are skipping meals each month to meet bill payments, according to research from a trade union.

This figure has leapt from 1 in 20 last year, as Britain’s lowest paid workers struggle amid the throes of cost of living crunch, according to a survey by Usdaw union.

Inflation is anticipated to soar past 13 per cent this autumn, according to predictions from the Bank of England.

The survey of more than 5,500 retail staff has revealed how the surging prices of petrol prices and other household costs have hit workers.

Nearly half of respondents said their ability to travel to their workplace had been impacted by heightened petrol prices and travel costs.

What’s more, seven in 10 retail workers said they had been reliant on insecure borrowing with six in 10 finding difficulties with making repayments.

“Many respondents talked of how increased fuel prices were leading them to cut down on shifts, to ask for a...

OUR great city works well because we Londoners muddle through together without too much friction. “Live and let live”’ has a claim to be the defining London motto. 

But there have been times where that harmony has shattered. I remember the shock of Tottenham and Croydon burning in August 2011 and of shops being boarded up all over London in 1981 as Brixton erupted. At those times London suddenly felt vulnerable, and society fractured. 

Many of the causes of similar civil unrest are developing again. The right actions now can reduce the chance of reaching boiling point in London.

Academics agree that the most common causes of civil unrest are economic hardship (especially rises in food and fuel prices) plus a sense of social or political injustice.  

Economic hardship is with us and getting worse. Food inflation has been at 9.8 per cent in recent months, energy prices have risen and have been predicted by consultancy...

It’s only taken the best part of 10 months and two attempts, but the England and Wales Cricket Board’s search for a new chair has at last come up with the outcome that the counties identified for it from the off. 

Richard Thompson, until now chair at Surrey, is clearly the best person for the job. What a shambolic process though, one in which Thompson’s two competitors in the final round were laughably both existing ECB board members.

Just how hard this organisation must have been trying to resist the overhaul that the leader of the most successful county threatens. 

“Thank God for that! He will save English cricket,” was the response of one Surrey member, who added that Thompson’s first action should be to sack Sir Andrew Strauss, currently leading the ECB’s high performance review. And there in a nutshell is Thompson’s challenge. 

His wide spread of supporters will all have different perspectives on what needs to be done to...

Four?million Russians are set to lose their jobs due to the impacts of Western sanctions, according to new research from the Kyiv School of Economics.

The sanctions are set to see Russia’s economy contract by up to 9.5 per cent this year, the study shows.

High oil and gas prices have shielded Russia from the worst impacts of sanctions so far as the country’s economy has been buoyed up by its energy industry.?

However, Russia’s energy exports are set to decline in coming months, as Europe strengthens its oil and gas embargoes.

The drop in?Russia’s energy export revenues will in turn lead to widespread cuts in public spending, as funding is instead redirected towards bailing out Russia’s banks and bankrolling the country’s military.  

Russia is already selling its oil at discounted prices of $80 per barrel, the study says, as it notes the $35 per barrel discount has cost Russia $20bn in the past quarter alone.

The sanctions...

Entertainment giant Disney said late last night it has taken over streaming rival Netflix in the total number of subscribers for the first time ever.

Having gained 14.4m subscribers to its Disney+ the franchise now maintains a 221m total subscriptions across its streaming offerings.

This is compared to Netlfix’s reported 220.67m total global subscribers.

It is the first time any competitor has passed the streaming giant on the number of total subscribers.

“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services,” said Disney chief executive Bob Chapek.

“With 14.4m Disney+ subscribers added in the fiscal third quarter, we now have 221m total subscriptions across our streaming offerings,” he continued.

“We continue to transform entertainment as we...

Ryanair’s chief said this morning that the airline’s trademark 10 euro fares will not be seen for a “number of years” due to soaring fuel prices.

In an interview with BBC Radio 4’s Today programme, Michael O’Leary said he expected Ryanair’s average fare to rise by about 10 euros over the next five years, from around 40 euros (£33.75) last year to roughly 50 euros by 2027.

He told the broadcaster: “There’s no doubt that at the lower end of the marketplace, our really cheap promotional fares – the one euro fares, the 0.99 euro fares, even the 9.99 euro fares – I think you will not see those fares for the next number of years.”

Although the soaring fuel prices which are impacting the airline’s fares are also wreaking havoc on people’s disposable incomes, Mr O’Leary is confident the number of customers will remain steady.

Instead, he believes travellers will flock en masse to lower-cost alternatives such as Ryanair and EasyJet.

“We think...

The next prime minister should have the “backbone” to secure a deal with the European Union to open up the free movement of labour, Ryanair’s chief executive Michael O’Leary said this morning.

He told BBC Radio 4’s Today programme: “I think the first thing they should do to boost the British economy is prioritise a trade deal with the European Union – a good starting point for that would be to open up the free movement of labour between the UK and Europe once more.”

O’Leary, who said he accepted the result of the 2016 Brexit referendum, added: “You have to accept that you’re not going to get elected by a very narrow 180,000 electorate of the Tory party membership if you advocate common-sense policies.

“But once you do become prime minister, you should have enough backbone to lead the UK economy forward and the starting point for that should be a free trade deal with the European Union.”

• 2 grouse

• 200g button mushrooms (washed)

• 8 shallots (peeled and chopped)

• 2 cloves garlic (chopped)

• 6 savoy cabbage leaves (blanched and stalks removed)

• 150g foie gras

• 100ml Madeira

• 250ml veal stock

• Salt and pepper

• 100ml olive oil

• 50g butter

• 3 egg yolks

• 100g mirepoix

• 25g carrot (finely chopped)

• 25g celery (finely chopped)

• 25g shallot (finely chopped)

• 25g leek (finely chopped)

HOUSE prices will soon start to “flatline” following years of double digit rises, a leading property association claims this morning.

Property values have continued to soar over the past two years in most regions of the UK – often defying predictions by economists who are convinced a crash is on the horizon.

The National Association of Property Buyers told City A.M. this morning that after months of looking “immune” to falling rates, house prices will soon start to reduce. 

Spokesman Jonathan Rolande said: “It won’t be long before we see house price growth slowing to perhaps 5 per cent in most areas.”

He added: “This is still high, but compared to retail inflation,  it is less than half. As the price of everything else rises, property will therefore gradually begin to look like better value than it does right now.”

Commenting on the way the market has performed in recent months, Rolande, the founder of House Buy Fast,...

Over a hundred thousand people will soon have added their name to a pledge to cancel their direct debits for gas and electricity on 1 October if the government fails to adequately address the crisis of sky rocketing energy bills.

The live tally of number of pledges can be viewed at dontpay.uk – currently at over 99,000 people.

In addition, over 31,000 people have signed up as activists in their local communities, and over 3,000 people have joined 150 Don’t Pay groups across the country.

“In just a few weeks, over 100,000 of us from across the country have come together to say we will refuse to be pushed into fuel poverty and we no longer want to pay for the profits of the energy companies,” a spokesperson for Don’t Pay told City A.M. this morning.

“We are building the biggest mass non-payment campaign since the Poll Tax and we are showing the powers that be that our collective power will force an end to this crisis.”

He aded:...

An ongoing slide in GSK’s consumer pharmaceutical spin out firm Haleon dragged London’s FTSE 100 lower today.

The capital’s premier index edged 0.16 per cent lower to 7,495.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped 0.09 per cent to 20,279.13 points.

Aquafresh maker Haleon has been on a downward trajectory since it started trading on the FTSE 100 last month, indicating investors have not taken kindly to pharma giant GSK’s decision to break out its arm which makes mostly household hygiene products.

Its shares were down nearly 10 per cent, sending the ailing freshly created business to the bottom of the FTSE 100. They are down nearly 17 per cent since listing.

Market movements have been shallow over the last week, mainly driven by City traders getting away from their desks and heading on holiday.

August is typically a quiet month for markets as the...

August is here, the month of festival burgers, picnic sausages and garden party grilling. Though you may be used to a cold beer in the sun, if you want to elevate that hotdog with a nice glass, here are the summer wines – and top tips about drinking in the hot weather – to keep in mind.

Beer’s chilled bubbles are refreshing and a good balancer for your hunks of protein, so pick a wine to do the same job. English sparkling wine just keeps getting better and is a great choice with its typically crisp, cool elegance. If you prefer fruity and fresh, look instead to Prosecco to get the party started.

South Africa takes its meat so seriously that the braai could be regarded as the real national sport. As such it’s a great place to start your wine hunt. Any smokiness in your dish means a classic Pinotage will work well and if you are cooking for a crowd may I suggest Bruce Jack Pinotage Malbec at only £7 from Sainsburys. Full-bodied, smooth, and  packed...

Covid-19’s challenges for the industry are still being felt as Petrofac reported declining revenue in the first half of 2022 at $1.2bn (£0.98), a drop from the $1.6bn (£1.3bn) in the same period last year.

The energy services company’s net loss was at $14m (£11.4) with EBIT at $2m (£1.6m), a contrast from the $49m (£40m) seen last year.

Petrofac’s businesses took a hit, with revenue down in Engineering & Construction (E&C) as the pandemic led to lower activity in the sector and unfavourable commercial settlements with clients, and down in asset solutions as well.

The company’s Integrated Energy Services had a strong performance as revenue surged to $56m (£46m) from $15m last year. Production increased with the benefit of high oil prices. Petrofac also reduced its emissions.

“Our performance in the first half continues to reflect the COVID-19 related industry challenges, as we work towards completion on many of the projects in the...

Coca-Cola HBC has revealed it took a hit worth £160.27m after suspending the sale of its beverages in Russia following the invasion of Ukraine.

In interim results, the soft drink bottler said it anticipated charges of around £69.17m in the second half of the year after depleting its stocks and suspending production and sales of products in Russia. 

More to follow…

Industry body Offshore Energies UK (OEUK) has warned against further changes to the windfall tax, which it fears would “undermine investor confidence” and hamper an industry that will be “vital to the UK’s energy security for the years ahead.”

This follows media reports – first covered in The Sun – that the Government was considering potentially raising the rate of the Energy Profits Levy or scrapping planned investment relief to develop domestic energy projects.

The Labour Party has ignited calls for the 91p relief rate to be removed after multiple energy firms including BP and Shell revealed bumper second quarter profits amid soaring oil and gas prices.

However, OEUK argued that further costs imposed on the North Sea oil and gas sector jeopardised plans to invest in gas and oil projects, which would help ensure secure supplies and reduce the UK’s reliance on overseas vendors.

A spokesperson told City A.M.: “The current media and...

Derwent London has seen its rental income inch closer to £100m in the past six months, as demand for office space in the capital swells.

Rental income rose over four per cent to £93.9m in the six months to 30 June up from £90.1m in the same period last year.

As the so-called “flight to quality” continues and demand for London postcodes grows, as do rents.

Lettings have grown more than nine per cent to £7.1m since December last year. While renewals and regears have jumped eight per cent to £6.2m since the end of 2021.

The London-listed office space giant has rewarded shareholders with an interim dividend increase from 23p to 24p.

“We are seeing good demand for our distinctive brand of high quality offices, with short supply of prime space in our core locations,” chief executive Paul Williams said in a statement.

“Despite the uncertain macro environment, the continuing flight to quality combined with our strong financial position...

Ladbrokes owner Entain has joined forces with an investment firm to create a new venture to fuel expansion in Central and Eastern Europe.

Entertain CEE will drive expansion in the markets, in a partnership with EMMA Capital, with Entain owning 75 per cent of the economic rights.

The London-listed firm also announced a takeover of SuperSport, a gaming and sportsbook operator in Croatia, for €600m.

In interim results, the sportsbook operator posted buoyant revenue, up 19 per cent to just over £2bn.

However, group profit after tax from continuing operations was £28m, down £63m on the previous year’s comparable period.

Online net gaming revenue was down seven per cent, following strong comparators last year amid Covid lockdowns, alongside “affordability measures in the UK and customers responding to the economic backdrop.”

Earlier this year, the operator issued a bleak profit warning, as it cautioned some consumers may pare back...

Ryanair’s chief said this morning that the airline’s trademark 10 euro fares will not be seen for a “number of years” due to soaring fuel prices.

In an interview with BBC Radio 4’s Today programme, Michael O’Leary said he expected Ryanair’s average fare to rise by about 10 euros over the next five years, from around 40 euros (£33.75) last year to roughly 50 euros by 2027.

He told the broadcaster: “There’s no doubt that at the lower end of the marketplace, our really cheap promotional fares – the one euro fares, the 0.99 euro fares, even the 9.99 euro fares – I think you will not see those fares for the next number of years.”

Although the soaring fuel prices which are impacting the airline’s fares are also wreaking havoc on people’s disposable incomes, Mr O’Leary is confident the number of customers will remain steady.

Instead, he believes travellers will flock en masse to lower-cost alternatives such as Ryanair and EasyJet.

“We think...

Estate agency giant Savills has continued to make hay while the sun shines, with revenue spilling over into the £1bn mark.

Revenue up over 10 per cent to £1.03bn in the six months to 30 June, up from £932.6m in the same period last year.

Like housebuilders, estate agencies have also been reaping the scaling profits of the UK’s house price boom, alongside the frenzy of sales during the stamp duty holiday which ended last summer.

However, the group’s pre-tax profit tumbled by some £13m in the period, falling from £63.3m to £50.4m year-on-year.

The London-listed estate agency has hiked its dividend from 6p to 6.6p, as chief executive Mark Ridley notes that there is a risk of a short-term drop in activity given the current economic and geopolitical climate.

“Despite staff cost inflation and the anticipated increase in discretionary costs, we have performed well so far this year, in line with the board’s expectations,” Ridley said in a...

UK venture capital firm Arix Bioscience is looking to the US for “undervalued opportunities” in a bid to rebuild its portfolio value after losses this year.

The London-listed fund has lost £25m from its portfolio value so far this year, it revealed its in half-year results yesterday, as the pandemic momentum behind acquisitions wanes.

The company is now looking to the Nasdaq to bolster its portfolio in the short term, having uninvested in two biotech firms over the past six months, Arix CEO, Robert Lyne, told City A.M. yesterday.

“At the moment we still find that Nasdaq is the preeminent market for listing individual biotechs… There is greater depth of analyst coverage on the Nasdaq and greater support for these types of businesses,” said Lyne, who has spent the past decade on London’s venture capital scene.

Speaking of the US market, Lyne added: “There’s been ups and downs but there’s certainly been a market where when we deliver, we get...

Entertainment giant Disney said late last night it has taken over streaming rival Netflix in the total number of subscribers for the first time ever.

Having gained 14.4m subscribers to its Disney+ the franchise now maintains a 221m total subscriptions across its streaming offerings.

This is compared to Netlfix’s reported 220.67m total global subscribers.

It is the first time any competitor has passed the streaming giant on the number of total subscribers.

“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services,” said Disney chief executive Bob Chapek.

“With 14.4m Disney+ subscribers added in the fiscal third quarter, we now have 221m total subscriptions across our streaming offerings,” he continued.

“We continue to transform entertainment as we...

Four?million Russians are set to lose their jobs due to the impacts of Western sanctions, according to new research from the Kyiv School of Economics.

The sanctions are set to see Russia’s economy contract by up to 9.5 per cent this year, the study shows.

High oil and gas prices have shielded Russia from the worst impacts of sanctions so far as the country’s economy has been buoyed up by its energy industry.?

However, Russia’s energy exports are set to decline in coming months, as Europe strengthens its oil and gas embargoes.

The drop in?Russia’s energy export revenues will in turn lead to widespread cuts in public spending, as funding is instead redirected towards bailing out Russia’s banks and bankrolling the country’s military.  

Russia is already selling its oil at discounted prices of $80 per barrel, the study says, as it notes the $35 per barrel discount has cost Russia $20bn in the past quarter alone.

The sanctions...