BUSINESS LIVE: Currys sells Greek business;  Safestyle UK becomes ‘cash shell’; Wickes sees DIY dip

Apple’s revenue fell for the fourth straight quarter despite strong demand for the company’s new iPhone.

The tech giant reported a turnover of £73.5 billion for the three months to the end of September – down 1% on the same period last year.

Bosses at British life science company Instem have secured a multi-million pound windfall after pushing through a £203 million buyout yesterday, which was strongly opposed by major shareholders.

A crucial vote on the future of the Staffordshire company was left hanging, but investors ultimately backed the 883p per share bid from French private equity firm Archimed.

Revolut has hired a new British CEO as the former fintech darling awaits a decision on its two-year bid to gain a banking license in this country.

The troubled company has appointed Francesca Carlesi, a former Deutsche Bank executive and currently CEO of little-known digital mortgage lender Molo.

The maker of a weight-loss drug promised to supply “significantly” more doses next year as sales and profits rise.

Danish giant Novo Nordisk is struggling to keep up with growing demand – especially in the US – for its appetite-suppressing anti-obesity injection Wegovy.

The parents of Sam Bankman-Fried erupted in court Thursday evening after their son was found guilty of embezzling $10 billion of his clients’ money, which prosecutors called “one of the largest financial frauds in the U.S.” history’.

Bankman-Fried now faces a maximum prison sentence of 115 years.

Philip Jansen may face another challenge before he hands over his position as BT CEO to Allison Kirkby at the end of this year.

Aggressive cost cutting and stronger prices have reversed BT’s revenue decline in the last quarter.

Wickes Group has reiterated guidance for 2023 despite a 4.4 percent decline in like-for-like sales across its do-it-for-me (DIFM) business in the third quarter.

The group told investors this was partly due to “a more normalized order book” compared to previous quarters, as well as “delays in delivered sales due to the transition to a new software solution that fulfills customer orders.”

Wickes said measures are being taken to resolve the issue, but admitted there will be “some impact” on delivered sales in the final quarter of this year.

David Wood, CEO of Wickes, said:

‘Once again thanks to our great colleagues, we have delivered a solid performance in a challenging market, while continuing to deliver in line with our strategic growth drivers. We have further gained market share in our core activities and achieved a return to volume growth. We have met strong demand from our trade customers and are encouraged by the increased stability in the DIY sector.

‘As we continue to roll out our program of store openings and refurbishments, I am confident we have the right product offering and the most attractive locations, enabling us to deliver value for customers and shareholders.’

Safestyle UK has become a cash shell after the glass company was placed into administration earlier this week.

The group, which recently reported a pre-tax loss of £6.7m, fell into administration after talks with stakeholders to strengthen its debt-laden balance sheet failed. Its failure will cost almost 700 jobs.

Safestyle UK said this morning: ‘Following the appointment of the administrators, Safestyle no longer has control and/or management of substantially all of its business and assets and as a result, Safestyle is now considered a lender under AIM Rule 15.

‘In light of such developments, the directors are now seeking legal advice and will likely have to place Safestyle into liquidation in due course.

‘As an AIM Rule 15 Cash Shell, Safestyle is required to make an acquisition or acquisitions constituting a reverse takeover under AIM Rule 14 within six months from October 30, 2023, or become an investment company under AIM Rule 8, failing which whose shares will remain suspended.

‘Given the liquidation process now expected to commence, Safestyle is not currently pursuing such a transaction and it is therefore expected that once the liquidators have been appointed, the admission to trading on AIM of the Company’s ordinary shares will be withdrawn.’

Shell will make almost £20 billion available to investors this year in the form of a share buyback and dividend bonus, despite a slump in profits in the third quarter.

The gas and oil giant said yesterday it will buy back a further £2.9 billion of shares over the next three months and pay a 27p dividend for the third quarter.

That brings the total payouts planned so far this year to a total of £19 billion.

The huge payday for shareholders sparked a backlash from unions, who accused the company of profiteering from high consumer energy bills.

Currys has agreed to sell its Greek Kotsovolos unit to Public Power Corporation for an enterprise value of £175 million, in efforts to reduce debt and reduce the pension deficit.

Currys, whose shares have fallen 29 percent in the past year, says the sale will simplify its structure, allowing the company to focus on its larger markets of Britain, Ireland and Scandinavia.

The deal, expected to be worth approximately £156 million after various costs, will also strengthen the balance sheet, increase flexibility to invest and grow the business, and improve shareholder returns.