Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Did they???
Oh Boo paid far less for PLT than ASOS paid for Top Shop
How would that campare with PLT???
Interesting article about the future of Top Shop.
Asos paid £330m for it in 2021. Boo paid £55m for Debenhams.
I'd guess the value of each independently is still in the hundreds of millions.
https://www.retailgazette.co.uk/blog/2024/04/asos-boss-topshop/
Equities in Europe traded lower in the premarket on Friday as investors assessed the effects of Israel's reported retaliatory drone attack on Iran. They also anticipated the newest reports on Germany's producer prices and the United Kingdom's retail sales.
The DAX slid by 1.35% at 7:25 am CET. At that minute, the FTSE 100 lost 0.91%. The CAC 40 decreased by 0.98%. The Eurostoxx 50 declined by 1.35%.
The euro fell by 0.11% against the dollar at 7:35 am CET to sell for $1.06315. Simultaneously, the pound sterling went down by 0.16% against the United States currency to go for $1.24160.
Baha Breaking News (BBN) / JR
Happy Friday y’al
Enjoy your weekend
Definitely worth it watching ASOS investor call. Shows some insight in to how BOO’s results may fair. Especially positive as we do not have the old stock problem that has cursed ASOS over the last few years and the higher margin we have operated on should really help us here. Input costs have largely fallen this past year and Mahmud and co will really be squeezing our suppliers for the best deals.That coupled with falling freight costs, automation and reduced headcount could really surprise in the gross margin improvements.
Red Sea costs will impact us negatively in H2 but i think this will be marginal here as BOO tends to have a very flexible supply chain.
Generally interested to see the numbers come May. 🤞
Lol every week seems a long one at the moment
Roll on a bit of sunshine
Million or two*
No idea what my brain did there.....its been a long week!
Anecdotal but I have worked at some medium to large organisations and the redundancy was statutory, especially if you aren't management tier and the reason for the redundancies is closing operations. Generalising here but whilst morale always takes a hit regardless due to worry for the future, the ones who are safe tend to think along the lines of being glad they still have a job.
I think you are probably right about the headlines but Boo already had a bad reputation and I doubt enhancing redundancy would change that image so I am not sure if its worth it. I think an extra million are too are probably needed considering the increasing negative FCF on last update. Times are tight in BOO land!
"I'm thinking the silence from the company could be attributed to that they are saving all the finer details for the results in May."
Reardon,
I might be wrong but Im sure ASC held back a TU at the sametime as BOO did and there were no nasty surprises there.
I am most interested to see how the USDC is going.
Why? If that's addressed at me it's quite simple.
A lot more people will be staying than are leaving and doing the right thing by the ones leaving will increase the motivation of the ones staying.
I've never come across a large business that pays statutory redundancy, they all pay more. The last thing we need now is a load of headlines about a heartless business kicking out a load of employees without a penny.
I'm all in favour of automation and I'm really glad we have done it, but paying a couple of months extra salary to a few hundred people is jack all in the bigger scheme of things
Why? Most redundancies outside of voluntary/acquisition related or mid-upper management just end up with statutory redundancy? Its not as if we are in a profitable position and any enhanced would make a net profit worse. Moreover, I think there is a fair chance that there is a high staff turnover there and there will be a sizable cohort with under 2 years of service which wont get anything.
Surely, this is the end game of the mass articles complaining about Boo working practises whilst turning a blind eye to Chinese competitors. The old adage of if you cant beat them then join them doesn't apply when double standards are being applied. Automation or offshoring operations to a cheap labour market is really the only cards we could play if we still want to differentiate ourselves as low price fast fashion. I am not saying I would have wanted to work there and I empathise with those losing their jobs, but this needed to happen.
I'm thinking the silence from the company could be attributed to that they are saving all the finer details for the results in May.
Hopefully that will be enough to burn the shorts here and finally get the SP moving in the right direction again.
Should I move my profits from Roy's Rolls into Boo? Which is likely to rise by 10% quickest? I suspect it will be Boo.
Like a slow trickle down still .
Getting closer to the 30p, mind
I hope they are doing the right thing by the people being made redundant and paying more than statutary redundancy.
These articles always seem to ignore the fact that Boo could have gone anywhere and are still contributing massively to the Sheffield economy.
I'd hope that we see the benefit of the automation in the second half of this year, although I may be a little optimistic as there will still be USDC costs to cover
Outstanding employer
Boohoo ar known for treating folks well
You'd assume there wouldn't be much in the way of redundancy payout, given most warehouse type roles these days are agency/ zero hour contracts or just temp to cover peak periods.
Waiting for a job
Those £125m of cost savings will be doing wonders for the bottom line. How much we will see translated in the next set of financials?
FY2026 is where we will see most of the efficiencies realised here with redunancies, automation and cost savings baring fruition as well as returns on the Debenhams platform and the "labels" in them.
Perhaps there is a lot of good news to come out of BOO. The SP just doesn't reflect this currently.
Yeah lots to do today - you on a tacho break or still loading muck?
Another early start then DT
390 jobs lost at Sheffield due to Boohoo's automation infrastructure.
More jobs to go at Tetley due to all the lost tea breaks - a changing world is when all you need is a squirt of oil (like 88e).
https://www.sheffieldtribune.co.uk/p/the-rise-of-the-machines-is-automation
Major European stock indexes traded mixed in the premarket session on Thursday, following the release of March inflation data from the Eurozone where prices remained up 2.4%. Meanwhile, in the UK, prices rose by 3.2%. Investors are still digesting this information from the previous day.
At 8:00 am CET, the FTSE 100 rose 0.24% while the DAX lost 0.08% and the CAC 40 went down 0.06%. The Euro Stoxx 50 traded flat.
The euro gained by 0.07% against the dollar at 7:58 am CET, selling for $1.06803. Meanwhile, the pound traded 0.13% higher against the US currency to go for $1.24701 simultaneously.
Baha Breaking News (BBN) / AC
Asos (ASC) is still making turnaround progress despite falls in sales and revenues, says Hargreaves Lansdown.
The group reported half-year underlying revenues of £1.5bn, representing a fall of 18%, while underlying losses before tax grew 32.7% to £120m.
Analyst Guy Lawson-Johns said that falling revenues ‘may not feel like progress’ but ‘in response to a tougher environment, Asos is undergoing a significant makeover, shifting focus to profitability and cash generation’.
‘The move to enhance the balance sheet and get the business on track for a more profitable future is encouraging, but it hasn’t been easy for investors,’ he said.
Lawson-Johns said that ‘behind the scenes, there are early signs that strategic ambitions are starting to bear fruit’, as the firm streamlines inventory, releasing cash for investment elsewhere.
There have also been operational improvements but there are still ‘structural hurdles to overcome’ and it faces competition from the likes of new entrant Temu.
‘Successfully expanding into international markets, like the US, will be crucial for the company’s future,’ Lawson-Johns said.
The shares climbed 4.9% to 349.6p yesterday, but have shed half their value over the last 12 months.