BUSINESS LIVE: BoE interest rates decision looms; Next eyes £1bn profit; Ocado Retail targets double-digit growth

Ocado Retail is expecting to post double-digit revenue growth this year after sales soared 15.5 per cent in its most recent trading quarter, thanks to a focus on value attracting mroe customers.

The busienss, a joint venture between Ocado Group and Marks & Spencer, said it now expected annual revenue to rise by low double digits, up from previous guidance for mid-high single digits.

It said its core earnings margin would come in around 2.5 per cent, unchanged from its previous view.

Rolls-Royce’s nuclear power ambitions received a major boost last night as the firm secured a key contract.

The British engineering giant has been selected to build mini nuclear power plants for the Czech government.

Rolls-Royce beat competition from French, American and Japanese rivals to be named as a preferred supplier to state-owned power group CEZ.

Fears over the future of British Steel are mounting after the Chinese-owned company revealed that losses had spiralled to more than £400million.

In just the latest blow to the UK steel industry, the firm said losses rose eightfold in 2022, from £49.5million to £408.4million.

Next expects to make an annual profit of almost £1billion after the high street giant raised its outlook for the second time in two months on the back of better-than-expected recent trading.

The group, often considered a useful gauge of how British consumers are faring, reported a 7.1 per cent rise in first half to July pretax profit and said full-price sales over the first six weeks of its second half had ‘materially exceeded’ its expectations and were up 6.9 per cent.

As a result, Next upgraded its forecast for second-half sales growth to 3.7 per cent, up from previous guidance of 2.5 per cent.

It also now expects full-year 2024/25 profit before tax of £995million, ahead of previous guidance of £980million and an 8.4 per cent increase on 2023/24.