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Grocery price inflation subsides to two-year low
Supermarket prices increased at their slowest rate in two years over the course of March, at 4.5%.
As reported by Kantar, this was the smallest increase seen since February 2022, while the figure also marked a hefty drop from February’s 5.3%.
Branded goods sales outdid those of own-labelled products, according to the market researcher, while demand for premium own-branded goods rocketed.
“Grocery inflation has come down significantly since hitting an eye-watering peak of 17% in March 2023,” Kantar consumer insight head Fraser McKevitt commented.
“However, despite this continued slowdown, many British households are still feeling the squeeze.”
Co-operative Bank to cut one in 10 jobs
The Co-operative Bank has unveiled plans to slash approximately 400 roles, equating to one in 10 of its workforce.
A consultation will be carried out over the restructuring, which will cut 12% of staff, the bank said, in an attempt to reduce costs.
“Today, we have announced a series of changes across the bank which are essential for the delivery of the next phase of the strategic plan,” a statement read.
“These include the commencement of a consultation on a proposed operating model restructure.
“The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues.”
Revolution Bars sinks as sale, restructuring explored
Revolution Bars Group PLC (LON:RBG) plummeted almost 50% on Tuesday morning after confirming strategic options, such as a restructuring or sale, were being explored to improve its health.
Responding to reports that plans were being drawn up which could include job cuts, Revolution said ways were being looked to to improve the group’s prospects.
This includes sales of all or part of the group, a restructuring and emergency fundraising, including potentially from former Pizza Express chairman Luke Johnson.
“It’s not a major surprise to see the company confirm speculation it is looking to raise emergency cash and slash its workforce,” AJ Bell’s Russ Mould said, citing Covid and inflationary pressures.
“The share price reaction suggests the market is expecting a discounted and highly dilutive fundraising.”
Shares fell 47% to 1.52p.
US overtakes UK as Fevertree's biggest market
Fevertree Drinks PLC (LON:FEVR) has said the US is now its largest revenue-generating region after 2023 saw growth stall in the UK.
Overall revenue for the year climbed 6% to £364.4 million, the group reported in full-year results, with a 22% increase to £117 million in the US coinciding with a 1% contraction to £114.8 million in the UK.
“2023 was a year when the Fever-Tree brand once again grew in breadth and depth, with market share gains across the globe,” chief executive Tim Warrillow commented.
“Perhaps the most significant milestone was establishing the US as our largest region, and with it, extending our market leadership position in both the tonic water and ginger beer categories.”
Gross profit slipped by 2% to £177 million, Fevertree added, as gross margins narrowed from 34.5% to 32.1%.