BUSINESS LIVE YouGov sales accelerate; Upheaval of hipgnosis; Meta Stocks Soar

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The FTSE 100 is up 0.5 percent in early trading. Companies with reporting and business updates today include YouGov, Revolution Beauty and Hipgnosis Songs Fund. Read the Business Live blog from Friday February 2 below.

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TSB cuts jobs, branches as part of £29m restructuring plan

Major bank TSB says it will cut jobs and close branches this year.

The lender’s Spanish owner Sabadell announced a £29m restructuring plan on the same day Deutsche Bank said it would cut 3,500 roles.

Meta, owner of Facebook, will pay its first dividend

Facebook owner Meta announced it would pay its first dividend as three of the world’s biggest tech companies reported bumper figures.

In an announcement last night, the social media giant proposed a $0.50 per share split, which would be a major boost for investors.

Bingo! Mecca prepares to sell out for Mother’s Day, its busiest day of the year

Mecca Bingo is gearing up for its busiest day in years as punters flock to their halls to mark Mother’s Day.

John O’Reilly, chief executive of Mecca owner Rank Group, is eyeing bumper trading as families celebrate March 10.

Revolution Beauty faces claims from investment firm

Revolution Beauty has received a pre-action letter regarding potential claims from investment firm Chrysalis Investments.

The cosmetics group told its shareholders that the claims relate to Chrysalis’ purchase of Revolution Beauty shares in July 2021 and the sale of those shares at the end of 2022.

Revolution Beauty disputed the allegations and said Chrysalis had not initiated formal legal proceedings over the matter.

Hipgnosis shaken amid dispute with Songs fund

Hipgnosis Songs Management (HSM), the investment advisor to the eponymous music royalty fund, announced Friday that its founder Merck Mercuriadis will hand over the CEO position to COO Ben Katovsky and assume the role of president.

This comes amid a dispute with the board of directors of the Hipgnosis Songs Fund, which is currently the subject of a strategic vision that could result in its liquidation and sale of its assets.

The board says a call option held by HSM, which would give it the right to buy HSF’s assets, hurts the value of the portfolio and deters potential buyers.

Facebook owner Meta to pay first dividend as three tech giants post bumper numbers

Facebook owner Meta announced it would pay its first dividend as three of the world’s biggest tech companies reported bumper figures.

In an announcement last night, the social media giant proposed a $0.50 per share split, which would be a major boost for investors.

This came as Meta reported revenues of £106 billion for 2023, up 16% from the previous year.

YouGov sales accelerate

YouGov expects to meet its profit forecast after the data and research group saw sales momentum pick up in the second quarter following a slow start to the financial year.

The group said: “The board remains cognizant of challenging market conditions and customer budgetary pressures as we enter the second half of the financial year.

“Customers are increasingly looking for high-quality, data-driven solutions, and while we continue to experience longer sales cycles, we remain confident in our products and our business momentum, which after a slow first quarter , accelerated considerably in the second quarter.



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