City news: Npower, Eone and AstraZeneca
UK GAS and electricity supplier Npower is heading for a loss this year, even before a proposed price cap on standard tariffs.
UK gas and electricity supplier Npower is heading for a loss this year
German owner Innogy is targeting more cost cuts after admitting UK prospects had “clouded considerably”.
Npower’s first-quarter pre-tax earnings fell 71 per cent to £29million on 8.5 per cent lower revenue of £1.72billion as its domestic customer accounts fell by 240,000 to 4.51 million.
Npower’s Paul Coffey said cost improvements had been outstripped by “rising commodity and energy policy costs and a tough environment”.
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£47m hit for Eone
Pig owner Entertainment One will see £47million sliced from its annual profit
PEPPA Pig owner Entertainment One will see £47million sliced from its annual profit after a shake-up.
The FTSE 250 firm, which has a partnership with Steven Spielberg, is trying to cut reliance on the children’s cartoon with film production and distribution investments.
It has renegotiated one of its fi lm distribution arrangements for a payment of $25million.
A further £25million hit comes from switching physical distribution to digital content.
Chief executive Darren Throop said: “These changes are part of the reshaping of our film business for the future.”
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Result at AstraZeneca
AstraZeneca shares were boosted 9 per cent yesterday after a cancer treatment trial
ASTRAZENECA shares were boosted 9 per cent yesterday after a cancer treatment trial.
Over £5billion was added to its market value after key immunotherapy drug durvalumab, brand name Imfinzi, cut the risk of lung cancer worsening among patients with stage 3 non-small cell who had not progressed after standard treatments.
AstraZeneca chief medical officer Sean Bohen said: “These results are highly encouraging for locally-advanced lung cancer where surgery is not an option.”