UK economic growth slows in the first quarter
Gross domestic product fell to 0.4 percent in the first quarter of the year, according to the Office for National Statistics.
The figure was 0.2 percent down from the last quarter of 2015, with growth on an annual basis standing at 2.1 percent. Construction output saw a sharp fall, down 0.9 percent, with production output down 0.4 percent. However, these weaker figures were countered by a 0.6 percent growth in the service sector, the biggest part of the British economy.
Twitter results disappoint again
Shares in Twitter plunged 13 percent after the release of their first quarter results, with figures yet again coming in below analysts expectations.
Twitter reported a revenue of $595 million, significantly below the $607.8 million expected. However, their number of active monthly users rose by 3 percent to 310 million, a positive sign that may well lead to a much-needed increase in advertising revenue.
Home Retail reports sharp fall in profits ahead of Sainsbury’s takeover
Home Retail, the owner of Argos and Homebase, reported a 28 percent fall in annual profit on Wednesday, just after agreeing to a takeover by supermarket chain Sainsbury’s.
Underlying pretax profit fell to £94.7 million for the year to February 27th, down from £132.1 million in 2014-15 but slightly above analysts’ expectations. Sales were flat at Argos and down 3 percent at Homebase.
Shares in Home Retail (LON:HOME) are trading down 0.62 percent at 169.14 (1033GMT).
27/04/2016
