THE DAILY BRIEFING

FLOOD HIT

Esure profits took a knock from last winter’s flooding.

The insurer said underlying pre-tax profit fell 1.9pc to £45.6m in the six months to the end of June, adding that Brexit would have limited impact on its business. The number of general insurance premiums they wrote increased 16.3pc to £320.4m while gross written motor premiums rose 18.2pc.

MOD TALKS

Shares in engineer TP Group jumped after it revealed it is in talks with the Ministry of Defence over a contract worth up to £22.6m.

The AIM-listed firm is in negotiations to supply oxygen systems in submarines over eight years starting from 2017. It follows a £1m submarine contract signed in South East Asia last month. Shares closed up 21pc or 1p at 5.75p.

LOSSES BLOW

LinkedIn has posted losses of £91.6m in its worst results since listing on the stock market after a hefty one-off charge.

The networking site saw an 18pc rise in subscriptions to reach 450m members. Revenue grew by 31pc to £716m in the three months to June 30.

But the website, which allows professionals to network, was hit by a charge of £77.5m after writing down the value of some of its assets.

DEAL SEALED

Click and collect lockers company ByBox has completed a management buy-out which values the business at £105m.

The firm, whose clients include BT and Marks & Spencer, received a £37.5m backing from the private equity arm of Lloyds Banking Group, LDC, and £55m from a banking syndicate led by RBS.

NEW VIEWERS

Virgin Media has signed up 24,000 customers after slashing prices in a war with rivals.

The firm, owned by Liberty Global, has upped its revenues by 3pc to £2.4bn in the half-year to June 30, because of expansion of its networks and it offering discounts to customers.

JOBS BOOST

US employment rose by more than expected last month and wages picked up, with non-farm payrolls increasing by 255,000 jobs.

The strong figures will fuel expectations that economic growth is going to pick up and increase the probability of an interest rate hike from the Federal Reserve later this year.