Disrupted Supply Chain Delays Boohoo Deliveries: The London Rush

(Bloomberg) -- Here’s the key business news from London-listed companies this morning:

Boohoo Group Plc: The online fashion retailer’s international business experienced longer delivery times as a result of pandemic-related supply chain pressures.

• More frequent returns compared with a year earlier also impacted the company’s net sales growth

National Express Group Plc: The travel company fully hedged their fuel at rates lower than 2021, and fixed their U.K. energy prices for three years, meaning it is well positioned to weather high commodity prices. 

• Easing pandemic restrictions helped the company return to profit, with passenger journeys up 37% year on year
• Yesterday, Stagecoach Group Plc accepted a higher offer from a fund run by DWS Infrastructure, trumping their deal with National Express

Spirax-Sarco Engineering Plc: The steam and industrial fluids company reported organic sales that surpassed pre-pandemic levels despite industry-wide supply chain issues.

Outside The City

Russian and Ukrainian foreign ministers will hold in-person talks in Turkey today, the highest level talks since the war began. Early this morning, the U.S. House voted for a ban on imports of Russian oil, which will come into effect 45 days after it is signed into law.

In Case You Missed It

U.K. consumers are more pessimistic about their financial prospects than at any time in at least a decade, a survey showed Wednesday, as the war in Ukraine escalates the cost of living crisis. 

On top of that, U.K. trucking companies warned they must pass on a jump in fuel costs to consumers. The cost of running a truck has risen about 40% in the past 12 months because of a surge in diesel prices, according to estimates.

Looking Ahead

London’s largest property developer Berkeley Group Holdings Plc will round off the week’s earnings tomorrow. Earlier this week, data showed U.K. house prices surged at the fastest annual pace since 2007. Also on Friday, data on industrial and manufacturing production will show how those sectors are faring this year.

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