Vodafone, Premier Foods, Post Office: Business news in brief on Tuesday May 17
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Version 0 of 1. Vodafone returns to annual growth for first time in eight years Vodafone said its earnings growth would accelerate this year after a programme to improve its networks boosted demand in Europe and helped the company return to growth for the first time in eight years. Vodafone posted a 2.7 per cent rise in earnings before interest, tax, depreciation and amortisation to £11.6 billon in the year to 31 March. Revenue from Europe grew 0.5 per cent in the fourth quarter as two of Vodafone’s biggest markets, Germany and Italy, returned to growth. Premier Foods serves up rise in profit and sales A profit rise at Premier Foods has pleased investors with shares rising more than three per cent in early trading. The maker of Mr Kipling cakes has reported a 3.5 per cent rise pre-tax profits to £86.1 million for the year to the start of April, while revenues went up by 0.6 per to £771 million. It also announced that the managing director of Japanese noodle maker Nissin Foods, which holds a 19.9 per cent stake in Premier, would join its board. Post Office to cut more than 500 jobs The UK Post Office is to axe 500 jobs in its cash handling the business, the Communication Workers Union (CWU) said on Tuesday. The CWU said the latest batch of job losses is to come from within the supply chain part of the business, which handles the distribution of cash throughout the entire Post Office network. The job losses come on top of the expected cuts of up to 500 positions in branches as 39 more crown Post Offices are franchised. Scotch Whisky Exports Decline Slowed in 2015 Scotch whisky exports continued to fall last year, but at a slower pace than before as the industry shows signs of recovery, The Scotch Whisky Association (SWA) said on Tuesday. The customs value of overseas sales fell by 2.4 per cent last year to £3.86 billion. This compares with a 7 per cent fall in the previous year. “Whilst the last couple of years have been more difficult, the longer-term picture has been one of increased demand and new investment,” said David Frost, chief executive of the Scotch Whisky Association. |