British tourists rank value for money as number one holiday requirement
Brits abroad want as many freebies as possible when on holiday, data by the mobile banking service Monese revealed on Monday.
British tourists are not fussy when they go abroad, as long a they can get their hands on as many freebies as possible.
Value for money has been rated by British tourists as their number one requirement when they go away, according to Monese.
When abroad, 52% of British tourists expect free Wi-Fi, whilst 16% expect dinners out and 27% want excursions included in the price at no extra cost.
Nine out of ten holiday makers dislike paying for Wi-Fi, with 61% objecting to pay for alcohol. Moreover, 56% of Brits abroad dislike paying for public transport when taking a trip.
Lack of freebies is not the only thing upsetting Brits abroad, hidden bank charges are also unpopular with holiday makers.
Indeed, 47% of British tourists want fee-free cash withdrawals and 44% want to be free from credit and debit card charges when leaving the UK. Equally, 30% of Brits do not like tipping and additional service charges.
Excess baggage costs are also unpopular with 36% of Brits disliking these additional charges. Low-cost airline Ryanair is notorious for its restricting baggage policy which it switched to last year.
“Holidays are important and special moments for individuals, families and friends. Brits save hard for their holidays and this research shows that many of the services we expect to be free of charge are not, and we don’t like paying extra,” Norris Koppel, CEO and Founder at Monese, commented on the data.
“At Monese, we know that more and more people are demanding financial freedom, as they head off on holiday this summer, and don’t like to be tied down with charges or hidden extras,” Norris Koppel continued.
“We believe simple banking services, like taking out cash and using your card abroad, should be free for all holiday makers, wherever they may be, so their money can go even further and they can get on enjoying the things they love doing whilst on holiday.”
Shares in the low-cost Central and Eastern European airline Wizz Air (LON:WIZZ) were up 0.059% as of 10:29 BST on Monday. Ryanair (LON:RYA) shares were also up, trading at +0.6% as of 10:30 BST Monday, as were shares in EasyJet (LON:EZJ) at +1.66% as of 10:31 BST. Shares in Lufthansa (ETR:LHA) were down 0.73% as of 11:17 CEST.
Eurozone manufacturing PMI down fifth month in a row
Manufacturing operating conditions in the Eurozone diminished for a fifth consecutive month in June, new data on Monday reveals.
The EUR/USD has dropped to the low 1.1300s.
The IHS Markit Eurozone Manufacturing PMI (Purchasing Managers’ Index) fell to a three-month low of 47.6 in June. This is down from the 47.7 recorded in May and is below the earlier flash reading of 47.8.
Operating conditions for consumer goods companies improved the most since January.
Operating conditions were mostly weak, latest country data shows. Germany remained the weakest-performing country, though its PMI did improve to a four-month high.
Austria, Spain, Ireland and Italy each recorded PMI readings below the 50.0 no-change mark and growth in the Netherlands was small.
France recorded its highest PMI for nine months and Greece remained the strongest-performing nation, even though its PMI was the lowest reading it has recorded for 19 months.
“Eurozone manufacturing remained stuck firmly in a steep downturn in June, continuing to contract at one of the steepest rates seen for over six years. The disappointing survey rounds off a second quarter in which the average PMI reading was the lowest since the opening months of 2013, consistent with the official measure of output falling at a quarterly rate of approximately 0.7% and acting as a major drag on GDP,” Chris Williamson, Chief Business Economist at IHS Markit, commented on the data.
“Deteriorating inflows of new work meanwhile meant manufacturers increasingly focused on keeping costs down, notably by cutting staff numbers and warehouse stocks,” Chris Williamson continued.
“The downturn is also increasingly feeding through to lower inflationary pressures, as producers and their suppliers compete on price to retain customers and generate sales. In stark contrast to the steep rise in producers’ costs and charges seen at the start of the year, raw material prices are now falling for the first time in three years and selling prices are barely rising.”
“The downturn is also showing no signs of any imminent end. The survey’s forward-looking indicators remained worryingly subdued in June, adding to concerns about the economy in the second half of the year.”
SIMEC Atlantis Energy losses double on innovative renewables investment
Tidal power and vertically integrated turbine supplier SIMEC Atlantis Energy (LON: SAE) saw its annual losses double on-year, due to the financial strain of investment in alternative energy projects.
While the Company were able to celebrate some success with revenues jumping from £0.3 million to £2.2 million on-year, their profits were ultimately weighed down by extensive expenditure. This caused the firm’s pre-tax losses to widen from £11.1 million to £24.2 million for the full year through December.
The central cause of this loss Simec Atlantis said, was its continued investment in its tidal power and waste-derived pellet projects – which we can only speculate at being part of the Company’s long-term strategy.
SIMEC Atlantis comments
Tim Cornelius, Chief Executive of Atlantis, commented on the results: “In many ways, 2018 was a breakthrough year for SIMEC Atlantis. In April, Phase 1A of our flagship MeyGen tidal energy project entered its fully operational phase helping us to grow revenues and, with all four turbines successfully installed, has now delivered over 17 GWh of predictable and sustainable energy to the grid. In June, we completed the acquisition of the 220MW Uskmouth power station.” “Our ambition is to grow quickly to become the leading independent generator of sustainable energy in the UK and we are making significant steps towards achieving that goal: we have commenced work on the world’s first conversion of a coal power station to 100 per cent waste derived fuel at Uskmouth; and we are expanding MeyGen with Phase 1B (Project Stroma) through the installation of two additional turbines.” “Our sustainable energy projects are not just good business, they are making a meaningful contribution towards tackling some of the biggest issues facing society today: climate change and the war on plastics.”Update on acquisition agreement
SIMEC Atlantis announced on the 18th of June 2019 that they had successfully reached a conditional agreement to acquire Green Highland Renewables and on Friday the Company updated investors on this subject: “As announced on 18 June, the Company is considering an alternative transaction structure in relation to GHR. Atlantis now has agreed to release the SIMEC group from its obligations under the SPA in consideration for receipt of a payment in cash of approximately £5 million, pursuant to a payment agreement, (the “Payment Agreement”) which will be deployed towards the delivery of its flagship 220MW Uskmouth waste-to-energy conversion project. Furthermore, SIMEC has agreed pursuant to a loan agreement made between Atlantis and SIMEC, subject to the satisfaction of certain conditions precedent, to make a £2 million interest free loan available to Atlantis (the “Loan Agreement”). Further information on these agreements is provided below.”Investor notes
The Company’s shares are currently trading down 12.75% or 2.2p at 15.05p a share as of Friday afternoon 28/06/19 14:22 GMT. Elsewhere in the renewable energy sector, there have been recent updates from; The Renewables Infrastructure Group Ltd (LON: TRIG), Tekmar Group Plc (LON: TGP) and Remote Monitored Systems PLC (LON: RMS).TomCo books H1 loss while testing Utah prospect
Oil shale company TomCo Energy Plc (LON: TOM) posted a loss for the first half as it developed its Utah prospect.
The results were posted as the Company are soon to conduct a field test at its Utah venture, and the latest round of pre-tax losses amounted to £524,000, up from £209,000.
The Company said that it could expect a field test at its Holliday A block to commence in early August and conclude around four weeks later.
TomCo Energy Comments
Company CEO John Potter, responded to the update:
“The main objective of the Field Test is to recover oil using TurboShale’s RF technology by heating kerogen in-situ. With the extensive survey work undertaken in the period and the expansion of the project team our confidence in meeting our objective is very high.”
Noting the precariousness of its current position, TomCo said the following in the ‘Going concern’ segment of its statement:“The Directors are confident that they can secure the requisite funding in the short term and looking further ahead, assuming a positive outcome from the Field Test, the Directors believe that the Group will be able to target various alternative sources of longer-term funding and will actively explore and consider all potential funding options. However, there can be no certainty that the Group will be able to secure the necessary funding as and when required or that if such funds are available as to the terms of such funding.”
“As a result, these conditions are considered to represent a material uncertainty, which may cast significant doubt over the Group’s ability to continue as a going concern and in the event that it is unable to secure the requisite funding, it is likely that the Company will not be able to meet its liabilities as they fall due and that it may therefore be forced into insolvency proceedings (be that administration or liquidation) and in such a case it is highly unlikely that there would be any value attributable to shareholders.”
“Whilst acknowledging this material uncertainty, the Directors remain confident of raising the additional funds required and therefore the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern.”
Investor notes
Following the release of the results, TomCo shares dipped during Friday trading, down 1.43% or 0.04p to 2.76p a share 28/06/19 11:40 GMT. In the oil sector, there have been updates from; Rose Petroleum PLC (LON: ROSE), Petrofac Limited (LON: PFC), Eco Atlantic Oil and Gas Ltd (CVE: EOG) and Mayan Energy Ltd (LON: MYN).Versarien shares jump on graphene order
Advanced materials group Versarien PLC (LON: VRS) has seen its shares spike during trading on Friday, following the Company’s announcement that it had secured its first graphene order.
https://platform.twitter.com/widgets.js The order followed a course of successful laboratory tests and industrial trails by the buyer. The Company will now deliver 12 kilograms of their high purity graphene nano platelets to a US-based company in the oil and gas industry. The enhanced material will be used for down-hole drilling components for their customer’s inital scale up venture. If this scale up process proved to be a success, larger orders were expected in future.@versarien is pleased to announce that the Company has secured its first graphene order from a US based company, operating in the oil and gas exploration sector. Click for more information….https://t.co/1VvKVILRln
— Versarien® plc (@versarien) 28 June 2019
Versarien comments
Company CEO, Neill Ricketts, commented on the news, “We are very pleased to have secured this order following extensive testing of our material by the Customer. It is validation of both the benefits our graphene can deliver in this application and our focus on building our US customer base.” “The oil and gas exploration sector is constantly looking for new technology to enhance drilling activities, allowing new sources to be reached more efficiently. This provides for significant cost and environmental benefits and we are proud that our graphene can play its part.” “We believe we are in a strong position to build a wider customer base in the oil and gas sector.”Investor notes
The Company’s shares rallied 12.62% or 11.99p to 106.99p per share on Friday 28/06/19 13:23 GMT. Elsewhere in materials and minerals businesses, there is news from; Arc Minerals Ltd (LON: ARCM), Ferrexpo Plc (LON: FXPO) and Altus Strategies Plc (LON: ALS). In the oil and gas sector, there have been updates from; Rose Petroleum PLC (LON: ROSE), Petrofac Limited (LON: PFC), Eco Atlantic Oil and Gas Ltd (CVE: EOG) and Mayan Energy Ltd (LON: MYN).Rose Petroleum shares spike on narrower loss announcement
Oil and gas producer Rose Petroleum PLC (LON: ROSE) has seen its share price jump on the release of its full-year financial performance and the announcement of new board appointments.
The results
The Company announced that they were able to narrow their margin of loss on-year, owing to spending reductions and favourable exchange rate movements. As such, pre-tax losses for the year fell from $3.5 million to $0.8 million on-year. “The headway achieved by the group during 2018 was made against the backdrop of challenging market conditions that saw volatility in oil prices, particularly towards the end of the year,” the Company said in its statement today. “In spite of this, Rose made progress with continued preparations for the start of drilling at its primary asset in the Paradox Basin, Utah, US.”New appointment
In addition to the latest round of results for the year ended 31st December 2018, the Company informed investors and press that it had appointed a new Non-Executive Director.“Rose Petroleum (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce the appointment of Rick Grant as a Non-Executive Director of the Company, effective immediately.”
“Rick has a 40-year track record of success in the oil and gas industry. Rick is co-founder and Chairman of Origin Creek Energy LLC (“OCE”). OCE makes $2-$20 million foundational investments in the domestic US energy sector. The firm’s capital is provided by its partners and two affiliated family offices.”
Following the appointment, the Company reflected on upcoming tasks, as well as departures from its Board: “The Board continues to evaluate roles and needs at the executive and Board levels. Related to this process, Matthew Idiens has informed the Company of his intention to step down as a Board member and CEO after assisting through a transition period to an updated management team. The Company expects to make additional announcements about changes to the executive team during the next quarter.”Rose Petroleum investor notes
The Company’s shares rallied sharply in morning trading, up 26.36% or 0.29p to 1.39p a share on Friday morning 28/06/19 11:53 GMT. Elsewhere in the oil and gas sector, there have been updates from; Petrofac Limited (LON: PFC), Eco Atlantic Oil and Gas Ltd (CVE: EOG) and Mayan Energy Ltd (LON: MYN).REACT restructuring and sales growth narrow losses
British industrial cleaning company React Group PLC (LON: REAT) posted a narrower first half loss owing to what the Company described as the ‘success of restructuring’ and improved sales.
For the six months through March, the company’s gross profit was up 23% to £419,000, which was led by revenue growth of 8%, up to £1.6 million.
This improved performance caused losses to shrink from £306,000 to £59,000 on-year and while this is still a loss, it resembles a marked improvement and the effects of a change in strategy to a formula that may soon start working.
Further, in its statement, REACT lauded the work done in regard to personnel restructuring (new appointments) and financial restructuring (counting costs and debt collection).
REACT comments
“REACT Group plc is beginning to experience the benefits of recent restructuring, reporting an increase in turnover alongside rationalisation of the cost base and better debt collection, all of which has contributed to the reporting of improved financial results when compared on a likefor-like basis to the same period in the previous financial year, ending 31 March 2018.” “We are delighted with the progress made on key appointments; the post-period appointment of Shaun Doak as Managing Director is the next step in developing the Company’s sales and operational management strategy. Shaun’s appointment is complemented by the arrival of Andrea Pankhurst as Group Financial Controller and the non-executive Board appointments of Michael Joyce, (BSc, ACA) and Rob Gilbert, all of whom joined the Company during the period.” Looking forward, the Company’s outlook is positive and measured: “Through restructuring and strategic focus REACT is beginning to position itself well for future development. With the restructuring largely behind us and an experienced management team now in place, the focus is on building a scalable business producing profit and generating cash.”Investor notes
The Company’s shares have rallied following the announcement, up 2.44% or 0.01p to 0.42p a share in morning trading on Friday 28/06/19 09:09 GMT. Elsewhere in sanitary businesses, there have been updates from Itaconix PLC (LON: ITX) and Biffa PLC (LON: BIFF).UK gig economy more than doubles in three years, new data shows
The British gig economy has more than doubled over the past three years, now accounting for almost 5 million workers, a report by the TUC and the University of Hertfordshire reveals.
The gig economy is a labour market characterised by the prevalence of short-term contracts or freelance work, according to one definition.
Back in 2016, 1 in 20 working adults were employed in the gig economy. Now a tenth of working adults are in this arena.
As app-driven purchases and services become more popular, many are making the switch to freelance and flexible jobs. This kind of employment allows people to work for multiple employers during flexible hours that better match their lifestyle.
Moreover, research from ETZ Payments reveals that 4.3 million middle class workers have switched to working freelance from traditional jobs.
These employees span across a range of industries such as fintech, finance and medicine.
The flexible style of work is beneficial to both individuals and the country – in 2016, the gig economy contributed £119 billion to the UK economy.
“The gig economy is growing and evolving with more and more Brits choosing to work in this style. App technology is helping the gig economy to grow by providing needed work, but it needs to develop further to ensure that workers are getting paid for their work correctly and on time,” said Nick Woodward, CEO of ETZ Payments.
“It is hugely unnerving to see that many Brits are being dissuaded from pursuing working in the gig economy due to inconsistent and late payments and shocking to see that this is causing over a tenth of freelance workers to turn to payday lenders,” the CEO of ETZ Payments continued.
Earlier in March, UK employment hit its highest rate since records began, according to the Office for National Statistics.
Elsewhere in employment, recent data from the REC shows that employers’ confidence in the UK economy and in their own hiring and investing has improved since the extension of the original Brexit date.
The Renewables Infrastructure Group makes wind farm investments
British renewable energy trust The Renewables Infrastructure Group Ltd (LON: TRIG) announced that it had made two investments in onshore wind power in France, for what is understood to be an undisclosed fee.
It made an investment in a smaller venture, the Epine wind farm in northern France, which it acquired from Nordex (ETR: NDX1) and TTR Energy and has a 36 megawatt output.
The larger project it undertook was the acquisition of all shareholder loans and a 34.6% equity interest in holding company Fujin, which owns five wind warms in France with a collective generation output of 87.8 megawatts.
The Renewables Infrastructure Group comment
In its statement, the Company told investors, “The Board of TRIG is pleased to announce that the Company has made two onshore wind investments, increasing the proportion of the portfolio in France from 10% to 13%.”“The Fujin portfolio was acquired with project finance in place which is fully amortising during the subsidy period whilst Epine is in the process of raising project finance which will amortise on the same basis.”
“These investments have both been financed from the Company’s cash resources following its recent fund raise.”