Business news in brief
Just Eat boss says eat out scheme not hurting business
The boss of food delivery giant Just Eat has said the government’s scheme to give diners half-price restaurant meals has not damaged his business. Chief executive Jitse Groen said that, despite takeaways being excluded from “Eat Out To Help Out”, which gives diners a 50 per cent discount, he is seeing little effect. “Food delivery is rarely in direct competition with restaurant visits, and that doesn’t change under these circumstances,” the Dutch boss said yesterday. Restaurants have limited capacity because they can only seat a certain number of people, he said. “We don’t believe that there will be a material impact on our figures because of these relief measures from the UK government.” PA
Dr Martens to pay back furlough funds as growth continues
Dr Martens is to pay back furlough funds to the government as sales continued to grow in recent months despite the closing of stores in the face of the coronavirus pandemic. The boss of the boot retailer said it was “morally right” to return the funds it claimed after furloughing staff at its UK stores and manufacturing site. Kenny Wilson, chief executive officer of the brand, said the company made the decision as strong demand for online sales kept the company in growth for the period since the start of April. He told the PA news agency: “We made sure we would have significant liquidity and could pay everyone, so when we saw positive sales continue we knew we had to repay that.” PA
Admiral reinstates dividend after profits buoyed by fewer claims
Insurance firm Admiral has brought back its special dividend after it was boosted by a slump in motor claims as Britons stayed off the roads. Shares in the company rose in early trading after it reinstated a dividend of 91.2p per share, having suspended an interim pay-out in April due to the coronavirus pandemic. Admiral said its pre-tax profits for the six months to June increased by 30 per cent to £286.7m. It said this was particularly driven by lockdown restrictions in core markets, which resulted in “significantly lower motor insurance claims frequency as customers stayed at home and fewer miles were driven”. PA
Cybersecurity firm boosted by increased working from home
Cybersecurity firm Avast has posted higher revenues after it was buoyed by the increase in people working from home. The FTSE 100 company hailed a “strong” operational and financial performance through the outbreak as it was “aided by the work-from-home trend”. It revealed that company revenues increased by 1.5 per cent to $433.1m (£332m) over the first six months of the year. However, it also saw statutory operating profits slip by 16.9 per cent to $134.5m over the period. PA
NatWest to cut 550 branch jobs
High street lender Natwest is set to reduce its headcount by around 550 as it slashes jobs at its branches and those of the Royal Bank of Scotland. A spokesperson from the bank said that it was asking for staff who want to take voluntary redundancy to come forward, and promised not to force anyone out of the company. It said it is looking to shed 550 full-time equivalent roles. The bank is also set to close its Regents House office in London, which has enough space for 2,500 people. PA