GRAHAM HISCOTT Profits up but wages flatline Firms rake it in while workers struggle

BIG companies are continuing to hand out paltry pay rises while raking in soaring profits.

Research shows that 65 firms in the FTSE 350 announced annual results in the three months to the end of June.

They made a combined £22.7billion, The Share Centre calculated. The figure was up a whopping 41% year on year.

Yet the surge will fuel the debate about why many big businesses are making bumper profits, or sitting on cash mountains, while making muted pay rises.

The Share Centre data did not include wage rises for the 65 companies concerned. However, the average wage increase across the economy has dwindled to 1.8%.

The below-inflation rise has piled pressure on millions of households.

The Office for National Statistics will publish updated wage figures tomorrow.

The Share Centre report found that revenues at the 65 firms rose at the fastest rate since 2014, climbing 5.7% to £346.1bn.

However, it warned that companies could struggle in the coming year amid an economic slowdown and a harsher environment for consumers.

Helal Miah, investment research analyst at The Share Centre said: “Looking ahead, the picture is much murkier.

“Since the beginning of the year, the domestic economy has slowed markedly, sparking a succession of profit warnings.”

Retailers dominated those reporting their annual results between April and June.

It was the first time since 2011 that food retailers delivered sales of more than £100bn.

Cornwall, home of the hit TV series Poldark, could be on the verge of a mining bonanza. The county, famed for its tin mining past, may be sitting on billions of pounds worth of lithium. The precious metal is used in everything from mobile phone...