Inflation leaves dangerous style at Cake Field

London-listed egg-free baker Cake Field set out plans to double its variety of outlets to 400, regardless of revenue falling amid a “distinctive set of macro-economic pressures” final yr.

For the yr to 31 March, gross sales rose barely to £34.8 million, however amid excessive inflation – particularly for meals gadgets – pre-tax revenue fell by 28.6% to £5.4 million. Regardless of  the decline, the enterprise nonetheless upped its dividend to five.5p per share.

CEO Sukh Chamdal famous that the group was approaching the goal it had set of 250 outlets. Consequently, it set a brand new goal of 400.

“Now we have continued with our regular retailer opening program so as to add to the 205 Cake Field outlets we had at yr finish.  As we method the 250 goal variety of shops we set ourselves at our IPO virtually 5 years in the past to the day, we proceed to look to stretch ourselves with a brand new goal of 400 and new methods to offer the UK client with our distinctive egg-free recent cream truffles.”

Aston Martin to change provider for key EV parts

Aston Martin Lagonda will change the provider of key electrical automobile parts from Mercedes to Lucid Motors, ending a deal that may have allowed the German colossus to up its stake within the iconic James Bond model to twenty%.

Lucid Motors will make powertrain parts for Aston Martin’s  electrical autos, in a £182 million shares-and-cash deal. That features £79 million price of shares.

The FTSE 250 carmaker, which has seen its shares soar this yr, beforehand had an identical take care of Mercedes. It mentioned it has “amended” this deal. As an alternative of supplying new know-how in change for the choice to purchase shares, Mercedes could now “talk about future entry to know-how for money”.

Lawrence Stroll, government chairman of Aston Martin, mentioned: “The proposed provide settlement with Lucid is a recreation changer for the long run EV-led development of Aston Martin. Primarily based on our technique and necessities, we chosen Lucid, having access to the trade’s highest efficiency and most modern applied sciences for our future BEV merchandise.

FTSE 100 seen flat, oil worth larger

Cautious buying and selling for European markets is about to proceed as buyers fear about how rising rates of interest will affect the worldwide outlook.

Final week’s efficiency was the worst since March because it turned obvious that central banks have additional to go of their combat in opposition to inflation.

US markets have been additionally decrease final week, with the tech-focused Nasdaq Composite within the crimson for the primary time in two months and the S&P 500 index down 1.7%.

CMC Markets expects the FTSE 100 index to open broadly flat at 7468, whereas US futures markets are pointing barely larger.

The Brent Crude worth fell 3.6% final week however is again up 0.6% to $74.32 immediately as merchants react to occasions in Russia and the potential for political instability to disrupt provides in one of many world’s largest oil producing international locations.

Friday’s high tales

Good morning, listed here are a number of Friday’s high tales:

Right now, we have now outcomes from: