THE DAILY BRIEFING

PROFITS PLUNGE

High- end grocer Booths posted a £5m loss in the year to March 31, compared with a £14.8m loss a year earlier, as sales fell by £5.3m to £258.1m.

HOT TOPIC

Pension funds must consider the impact of climate change on their long-term investments under rules drawn up by the City watchdog, the Financial Conduct Authority.

GERMAN MOVE

online estate agent Purplebricks is taking a stake in German rival Homeday as it aims for further growth amid tough conditions in the UK.

DEAL DONE

Lender CYBG has completed its £1.7bn takeover of Virgin Money, marking one of the first major banking deals since the financial crisis.

SIN STOCKS

Investment manager Brooks Macdonald has launched a responsible investment service, where clients can choose whether to avoid ‘sin stocks’ such as tobacco or focus on businesses which advance good practice.

NEC SOLD

Buyout giant Blackstone bought NEC Group, the owner of Birmingham’s National Exhibition Centre, from LDC, Lloyds’s private equity arm.

AI WARNING

Wealth manager Smith & Williamson has warned companies that fail to adopt artificial intelligence could ‘disappear in the coming years’.

FIRM SOLD

British engineering business Deep Sea Electronics has been sold for £162m to fund Caledonia Investments.

SWEET SUMS

Fresh cake manufacturer Cake Box expects annual sales to jump 40pc to £ 8.3m compared to last year with full-year profits predicted to come in ahead of market estimates.

EARNINGS FALL

Restaurant group D&D London posted an 11pc fall in profits to £11.6m in the year to March 31 after being hit by business rates, rising staff costs and higher food prices.

NEW CHAIR

Paul Moody, former boss of Britvic, is joining Card Factory as chairman.