Tax

British shoppers drive surge in EU VAT-free spending after UK scheme scrapped

British spending on VAT-free shopping in the European Union (EU) has risen more than fivefold since 2021, as consumers increasingly choose to buy luxury goods abroad rather than in UK stores, according to the Times.  New figures from the Association of International Retail (AIR) show that Britons spent £742m in…

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Naked Wines FY losses narrow to £4.9m

Naked Wines has narrowed its statutory pre-tax loss by 70%, from £16.3m to £4.9m, for the year ended 31 March. This comes despite the specialised wine retailer’s revenues falling 14% to £250.2m during the period, which was reportedly in line with management expectations.  Meanwhile, adjusted EBITDA – excluding costs from…

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Virgin Wines beats market expectations despite FY profit fall

Virgin Wines has reported that pre-tax profits fell to £1.6m in the year ended 30 June 2025, down from £1.9m in the previous year. Despite the decline, this was ahead of market expectations by 23.1%. Meanwhile, EBITDA fell to £2.3m, down from £2.8m the prior year, which the group attributed…

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Pets at Home lowers FY guidance amid subdued market growth

Pets at Home has lowered its FY26 guidance after a subdued first quarter saw a fall in retail revenues, as the group reported there was no growth in the pet retail market over the period.  In the quarter ended 17 July 2025, group revenues fell by 1.9% year-on-year to £435m,…

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Games Workshop profits soar 29.5% to £262.8m

Games Workshop has revealed that its profit-before-tax rose 29.% to £262.8m for the year ended 1 June 2025, on a guidance of £255m. Alongside this, the company’s revenues rose 205 from £525.7m to £628.7m on a constant currency basis. The company’s core revenues rose 14% to £565m up from £494.7m…

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Greggs sees pre-tax profits fall 14.3% to £63.5m

Greggs has revealed that its pre-tax profit fell 14.3% to £63.5m, down from £74.1m, for the 26 weeks ended 28 June 2025. Alongside this, the company saw its operating profit fall 7.1% to £70.4m, down from £75.8m. Despite this, the company’s total sales rose 7% to £1.03bn, up from £960.6m.…

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Family food bills rise as shop price inflation hits 0.7%

Shop price inflation rose to 0.7% in July, up from 0.4% in June, according to the British Retail Consortium (BRC). The latest figures from the Shop Price Monitor, which was formerly known as the Shop Price Index, show inflation running above the three-month average of 0.3%. Food inflation reached 4%…

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Wickes hits record market share as H1 sales rise 5.6%

Wickes has “gone from strength to strength” in the first half of the year, with sales up by 5.6% year-on-year to £847.9m, as the group also hit a “record” market share.  Over the period, volume-led growth momentum was reported across all areas of the business, and retail sales rose by…

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Consumer confidence dips in July as inflation bites

Consumer confidence dipped in July as inflation and economic contraction weighed on household sentiment, new figures from the British Retail Consortium (BRC) show. According to the BRC-Opinium Consumer Sentiment Monitor, expectations for the UK economy over the next three months fell to -33, down from -28 in June. Forecasts for…

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UK food inflation forecast to hit 5.1% this summer

Food inflation in the UK is expected to peak at 5.1% in late summer 2025, outpacing general inflation, according to a report by grocery research group IGD. In its latest Viewpoint report, IGD warned that rising food prices will put further strain on households and businesses as the UK economy…

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