Annual profits

AutoTrader’s Full-Year Earnings Nearly Double, Serco Updates Full-Year Guidance

London pre-opening

The FTSE 100 was set to open 20.5 points lower before the bell on Thursday after closing the previous session up 0.51% at 7,522.75.

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Digital car sales platform Auto trader nearly doubled its annual profit as more customers shopped online.

AutoTrader on Thursday reported a 91% rise in pre-tax profit to £301.0m, while revenue rose 65% year-on-year to £432.7m and 17% year-over-year. to 2020. Prior year revenue was impacted by the company’s decision to give free advertising to retail customers on several occasions during the Covid pandemic.

government contractor Serco said Thursday that better-than-expected trading and a “positive outlook” led it to raise the full-year forecast for both revenue and underlying trading profit.

Serco said it now expects reported revenue of £4.3-4.4bn for the full year, along with underlying trading profits of around £225.0m. sterling, well ahead of UTP’s previous expectation of £195.0m set at the time of its annual results in February and approaching levels reported in 2021.

Newspaper overview

Elon Musk secured additional funding to purchase Twitter, according to financial documents made public on Wednesday, bringing the billionaire closer to closing the high-profile deal. The You’re here The CEO said in regulatory filings that he increased his personal financing of the purchase from $27.3 billion to $33.5 billion and secured an additional $6.25 billion in equity financing, reducing thus the amount of debt the contractor would incur upon purchase of $44.0 billion. – Guardian

Business Secretary Kwasi Kwarteng has launched an investigation into the proposed takeover of the UK’s biggest chipmaker Newport Wafer Factory supported by China Nexperia. Kwarteng said Wednesday the deal will be reviewed under the new national security and investment law, which was introduced earlier this year. – Guardian

Boris Johnson opened the door to Heathrow build its third runway as ministers pledge to support the airport’s needed expansion. In a move that is likely to anger opponents of Heathrow’s £14.0billion expansion, ministers pledge to ‘support airport capacity growth where warranted’ in a plan in ten points for aviation. The program will be unveiled today by aviation minister Robert Courts at Heathrow. Other commitments include the creation of an aviation council designed to enable industry leaders to influence government policy. – Telegraph

For exhausted parents, nothing completes the day better than staggering around the house to retrieve toys from the living room floor or fumbling around the back of the couch to find lost puzzle pieces. Well, not for very long. Dyson, the tech company founded by billionaire inventor Sir James Dyson, has unveiled plans to create cleaning robots that will perform a range of mundane household tasks. – The temperature

Fraser Groupwhich recently promoted founder’s son-in-law Mike Ashley to chief executive, is selling Bob’s Stores and Eastern Mountain Sports for $70.0 million to GoDigital Media Group. The company bought the two discount sporting goods chains for $101.0 million in 2017, which brought Frasers, then known as Sports Direct, to the United States for the first time. However, it announced last August that it would launch a strategic review of Bob’s Stores after Nike said he would close a series of wholesale accounts, including Bob’s. – The temperature

Close in the United States

Wall Street stocks closed in positive territory on Wednesday as market participants digested minutes from the Federal Reserve’s latest policy meeting, which suggested the central bank was ready to be flexible with interest rate hikes. .

At the close, the Dow Jones Industrial Average rose 0.6% to 32,120.28, with the S&P 500 adding 0.95% to 3,978.73 and the Nasdaq Composite 1.51% to 11,434.74 .

Reporting by Iain Gilbert on