The company's warning yesterday came as other UK retailers' share prices took a hit as stock market investors continue to digest the implications of the changes to employers' national insurance contributions (NICs) announced in Rachel Reeves's first budget as chancellor.
Marks & Spencer (-4.8%), JD Sports (-2.6%) and Tesco (-1%) were among the fallers on the FTSE 100, pulling it down to a three-month low. On the FTSE 250 index of smaller companies, the share prices of the bakery chain Greggs (-6%) and the pub group Mitchells & Butlers (-7.7%) also fell.
The share price of the prison contractor Serco dropped nearly 10% yesterday, making it the biggest faller on the FTSE 250, after it told investors changes to employer NICs will cost it about £20m a year. Serco's share price was also affected by its announcement that it had a key contract with the Australian government's Department of Home Affairs to provide onshore immigration detention facilities and services.
This story is from the November 09, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 09, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Money hacks How to save on winter sports holidays
When it comes to skiing and snowboarding, going to Europe will always be cheaper than flying to somewhere such as the US or Canada - but costs vary massively on the continent.
Scam refund claims
Some victims of bank transfer scams will not get a penny back despite beefed-up rules designed to better protect consumers from fraudsters because several big banks have introduced an excess on refund claims.
Packaged accounts Are the perks worth the money?
For a monthly fee, banks offer everyday banking with all kinds of enticing extras. Laura Whateley examines how the 'freebies' stack up
Spain floods force firms to look south for oranges
Some British retailers and wholesalers have been forced to switch to sourcing oranges from South Africa and South America earlier than usual after last month's floods in eastern Spain left farmers struggling to harvest and ship their crops.
Northvolt boss resigns after EV battery firm files for bankruptcy
The chief executive of Northvolt has resigned after the Swedish battery startup filed for bankruptcy protection in the US.
Electric dream sours Carmakers fight strict EV rules as fines loom
When Ford announced this week that it was cutting 800 jobs in the UK, the US carmaker had stern words for the government.
Irish tycoon bids to buy out Yorkshire Post owner
National World, the owner of the Scotsman and Yorkshire Post - and underbidder in the auction for the Telegraph - has received a buyout proposal from largest shareholder.
Bitcoin rises after US SEC chair says he will step down
Cryptocurrencies rose sharply immediately after one of the industry's biggest critics, Gary Gensler, said he would stand down as the head of the US financial regulator when president-elect Donald Trump was inaugurated in January.
Feeling the strain Rising bills and Trump policies to add to pressure on households
Labour swept to power in the wake of a punishing cost of living crisis that hit households hard, with the price of food and energy rocketing, alongside the impact on mortgage rates of Liz Truss's disastrous mini-budget.
Budget blamed for end to 12 months of expansion as optimism slumps
Labour's first budget in 14 years has been given the \"thumbs down\" by private sector businesses, with Rachel Reeves's measures blamed for the end to a 12-month run of expansion and a fall in retail sales.
