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VMO2 targets £800m savings as it scales back fibre investment


By Goran Nastic

Virgin Media O2 is launching a major restructuring programme targeting £800m in annual cost savings by 2029, alongside plans to halt further investment in its fibre upgrade programme and make greater use of AI.

The telecoms operator expects to deliver £400m of annualised savings in 2027, rising to £600m in 2028


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ABF struggles in ‘challenging operating environment’

Associated British Foods (ABF) has reported that it has traded in a "challenging operating environment" and against macroeconomic headwinds in the year to 12 September, as its profit before tax dropped 14% year-on-year to just over £1.45bn

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Drax and Brookfield in partnership for AI data centre development

Drax has agreed a partnership with Brookfield and its AI infrastructure platform Radiant to develop a potential gigawatt-scale data centre at Drax Power Station in North Yorkshire, in a project that could attract more than £20bn of investment

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Ibstock lowers earnings expectations as market conditions hit

Shares in Ibstock have fallen by over 11% after the clay bricks and concrete products manufacturer stated that its second-half performance is to be "materially below" its previous expectations

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Supermarket Income REIT announces £50m equity raise

Supermarket Income REIT has unveiled plans for a £50m proposed equity issue to fund a transaction pipeline for "six earnings enhancing transactions"

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Businesses face automatic VAT and PAYE collections under HMRC reforms

HMRC is pressing ahead with plans to collect VAT and PAYE payments from businesses by direct debit, despite overwhelming opposition from respondents to its consultation, according to accountancy firm UHY Hacker Young

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VMO2 to slash 4,000 jobs as pressures mount

Virgin Media O2 is expected to announce that it is cutting up to 4,000 jobs, around a quarter of its 16,000-strong workforce, under a major restructuring aimed at reducing costs and tackling its £22bn debt pile.

The UK telecoms operator, jointly owned by Liberty Global and Telefónica, is expected to unveil a transformation programme alongside its third-quarter results on 3 November, following pressure from investors over its ability to service its borrowings

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FirstGroup agrees £109m assets sale to WYCA

FirstGroup has agreed the sale of assets to the West Yorkshire Combined Authority (WYCA) for £109m

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Convatec appoints Jill McConnell as new CFO

FTSE 100 medical technology company Convatec has appointed former Fortrea finance chief Jill McConnell as its new CFO

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Binance hit with $6.3bn hack

Binance has suffered what is believed to be the largest cryptocurrency theft on record, with an estimated $6.3bn (£4.7bn) of digital assets affected, prompting fresh concerns about cyber security across the financial sector.

The world's largest cryptocurrency exchange said its initial investigation suggested the breach may have originated from a compromised DevOps engineer's laptop

BP profits almost quadruple

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AstraZeneca launches $1.5bn cost-saving programme

AstraZeneca reported stronger-than-expected third-quarter earnings and unveiled a three-year restructuring programme aimed at generating $1.5bn (£1.1bn) in annual savings to reinvest in its drug development pipeline
LondonMetric CFO Martin McGann to retire

FTSE 100 real estate investment trust LondonMetric Property has announced that long-serving CFO Martin McGann will retire in summer 2027, with a succession process already underway

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