UK Business News: John Lewis profits rise but no bonus for staff while housing market slows

Hello, and welcome to the latest business bulletin on Thursday, March 13.

The UK housing market slowed in February, thanks to weakening buyer confidence. Buyer demand slipped to its weakest levels since November 2023.

Concerns over stamp duty, interest rates, inflation, and geopolitical issues appear to be dampening buyer confidence.

There's more bad news for the UK economy today. One in three investors are not confident about the prospect of positive returns this year. According to research by Nutmeg, which is owned by JP Morgan, nearly 40% of investors with more than a decade of experience don't feel good about 2025. Economic uncertainty in the UK and geopolitical turmoil were given as the main reasons.

It looks like the Prime Minister is trying to do something about the uncertainty, though. Sir Keir Starmer is promising to slash red tape today. He's setting out plans to reshape the entire state to cope with what he calls an “era of instability”.

This will include cutting the cost of regulation for businesses by at least 25 per cent.

Deliveroo announce £2.8m profit

Deliveroo has posted its first full-year profit, despite an uncertain customer environment. The delivery app made a £2.8 million in profit last year, which up from a £31.8 million loss in 2023.

No John Lewis staff bonuses

John Lewis Partnership isn't paying staff a bonus for a third year in a row. Its situation has improved with a 73% jump in pre-tax profits to £97 million. But instead of bonuses it is prioritising reinvestment in the business.

DFS Furniture seems to be performing well. The company said today it expects its 2025 profit before tax to be between 25 million pounds and £29m. That's higher than forecast.

And Hornby plc, well-known for its model railway products has announced its intention to go private. The International hobbies product group is voluntarily cancelling training on the Alternative Investment Market.

The decision is down to the board believing this will serve its shareholders better by reducing regulatory burdens and giving them more freedom to manoeuvre.

That's all for today. More tomorrow. For more business headlines, news and features visit our sister website at InsiderMedia.com