Soaring profits at UK’s biggest firms

BRITAIN’S biggest businesses have posted their best profits since 2012 in a fresh sign of the economy’s resilience.

FTSE 350 firms reported £22.7bn of annual profits in announcements made between April and June – up 41.3pc on last year, according to analysis by The Share Centre.

It was a particularly bright picture for food retailers, which saw sales climb above £100bn for the first time in six years. This was partly from rising prices due to the fall in the pound, but was also driven by better performance against discounters Aldi and Lidl.

Mining firm Vedanta had the biggest success of the period, swinging from a £3.3bn loss to a £1bn profit due to improved aluminium and zinc prices.

It came as a survey by Lloyds revealed business activity in England and Wales had expanded in July for the 12th month in a row, with Yorkshire the fastest-rising region.