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Superdry warns | oil price rises | JBS | Bank of Japan

Struggling UK fashion retailer Superdry said profits have been hit by the challenging trading environment including warmer weather.

The company, best known for sweatshirts, hoodies and jackets, said there had been a delayed uptake of its autumn/winter range, hurting sales in the first-half of the year ended 28 October 2023.

A statement on trading said more seasonal weather seen recently in the UK and Europe has led to a pick-up in sales, though sales in the six weeks since the half-year are still down around 7% on a like-for-like basis.

Profits for the year are therefore expected to reflect this weaker trading seen to date, it said.

Capricorn deal

Capricorn Energy, the Edinburgh-based explorer, will acquire a stake in the North Sea’s Columbus gas field under a revised deal with Waldorf Production UK.

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JBS Group on turnover track

Engineering firm JBS Group said it is on track to achieve turnover of £11.5m for its year-end in April 2024 – a projected rise of nearly 40% on the previous year’s figure of £8.3m.

The Peterhead-based company has successfully embarked on or completed a range of projects, both domestically and globally, over Q3 and Q4 this year.

Bank of Japan follows interest rate policy

Bank of Japan has followed the current pattern of keeping interest rate and monetary policy unchanged as central banks get the better of global inflation. The bank did not offer any further guidance as to its future intentions.

De La Rue’s cash squeeze

Banknote maker De La Rue saw losses deepen amid weak demand for cash, but reiterated its upgraded full-year profit guidance.

The firm posted a pretax loss in the six months ended 30 September of £16.8m compared with £15.9m in the same period last year. Revenue fell 1.7% to £161.5m.

Operating profit came in at £7.9 million, although below last year’s £9.3 million, this was ahead of previous guidance of break even.  

It is forecasting a full-year adjusted operating profit for “in the low £20m”.

Earlier this year, it revealed that demand for banknotes had slumped to the weakest level for 20 years.

Market report

The FTSE 100 index was boosted by energy heavyweights BP, which gained 7.5p to 465.25p, and Shell, up 34p to 2537p, as attacks on vessels in the Red Sea ignited fears about oil supplies and pushed prices of the black stuff higher. 

Brent crude, the global benchmark oil price, jumped as high as $79.51 per barrel at one stage and was trading up 2.5% at about $78.45 per barrel on Monday night.

Barratt Developments suffered from a downgrade by the Swiss bShares on Wall Street were flat despite a spate of multibillion-dollar deals, including a $14 billion takeover of US Steelank, sending the housebuilder 14.5p lower to 551.5p.

The blue chip index closed 38.12 points higher at 7614.48 while hares on Wall Street were flat despite a $14 billion takeover of US Steel by Nippon of Japan.

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