Mitie Group achieves record turnover driven by new contracts, while new car sales drop and staycation spending surges. Nvidia nears $3 trillion milestone, HVPE expands credit facility, and Investment Association proposes stamp duty removal on shares to boost UK equities.
Business Updates: Key Developments on June 6
Mitie Group
Mitie Group has reported a record annual turnover, largely due to new contracts and its efforts to combat retail crime. Revenues saw an 11% increase, reaching £4.5 billion for the year ending March. This success was partly driven by projects with the UK Government, specifically with the Department for Work and Pensions and the Ministry of Defence. Additionally, Mitie’s efforts in AI-led security measures under Project Pegasus have contributed to revenue growth.
New Car Sales
Data from the Society of Motor Manufacturers and Traders (SMMT) showed a 12.9% decline in new car sales to private buyers in May compared to the same period last year. Only one in 25 new cars are priced below £20,000, indicating rising costs are affecting both petrol, diesel, and electric vehicle sales.
Staycation Spending Surge
During the early May bank holiday, spending on staycations increased significantly in regions like Dorset (29%), Cornwall (24%), and Devon (13%), according to Mastercard data. This rise was attributed to increased interest in domestic holidays and home improvements.
Nvidia’s Market Milestone
Nvidia is close to becoming the world’s third $3 trillion company. The tech company’s shares rose by 4.5%, driven by investor enthusiasm for its advancements in artificial intelligence.
HarbourVest Global Private Equity (HVPE)
HVPE expanded its revolving credit facility from $800 million to $1.2 billion, providing greater flexibility and additional working capital.
Fevertree
Fevertree’s shares saw a 2.5% rise as the company maintained its full-year expectations despite uncertainties about its growth trajectory.
Investment Association’s Call
The Investment Association has suggested scrapping stamp duty on shares to boost the attractiveness of UK equities, arguing this would help revitalize the local stock market.
This summary encapsulates key business events and updates for June 6, 2023.
