UK car production grows for second month

The Aim-listed marketing company is to cease operations permanently at its US advisory business Mach49, which has been under scrutiny for “potential serious misconduct”.

In June, the company said it had uncovered potential misconduct after a review of a big contract for Mach49, which was cancelled early in September. It warned on profits and said Tim Dyson, the company’s chief executive of more than 30 years, would step down. Three members of Mach49’s senior management team were sacked, including its founder.

Next15 anticipates that Mach49, based in Silicon Valley, will cease operations before the end of the 2026 financial year. The group’s guidance for its continued operations for the full year remains unchanged.

The owner of the UK’s largest power station said the Financial Conduct Authority is investigating historical statements regarding its biomass sourcing and the compliance of Drax’s 2021, 2022 and 2023 annual reports with the listing rules.

Drax, which supplies about 5 per cent of Britain’s electricity, said it is co-operating with the financial regulator, and provided no further details.

This year MPs on the House of Commons public accounts committee said they were worried about weaknesses in certification schemes that are supposed to ensure that plant matter burnt for fuel is sustainably sourced. The MPs calculated that Drax had received £6.5 billion in renewable energy subsidies since 2002.

Greggs made the statement to the stock exchange

ALAMY

Robert Moorhead, the former finance director of WH Smith, has requested to defer his appointment to the board of Greggs, the FTSE 250 high street baker, the company said in a 53-word stock exchange announcement.

He was joining as independent non-executive director and was set to become chairman of the audit committee, as well as a member of the nominations and remuneration committees.

Last week WH Smith warned shareholders that it had overstated trading profit in its American business and that full-year profits would be £30 million lower than forecast, sending shares in the retailer 40 per cent lower. Deloitte has been appointed to conduct an independent and comprehensive review of the accounts of the North American business.

Moorhead was finance director of WH Smith for 16 years before standing down in November 2024.

Car production grew for the second month in a row in July but a slump in commercial vehicle manufacturing due to plant restructuring and a bumper month last year meant overall vehicle output fell.

A total of 69,127 cars were made during the month, a rise of 5.6 per cent on the same period in 2024, figures from the Society of Motor Manufacturers and Traders (SMMT) showed. Commercial vehicle output fell by 81.1 per cent compared with the same month last year, which was the highest figure in 17 years. This brought total production down by 10.8 per cent year on year to 72,006.

Domestic and export markets improved, rising 13.6 per cent and 3.7 per cent respectively with overseas markets taking 79.4 per cent of output. The EU was still the main destination for UK car exports at 45.6 per cent, followed by the US at 18.1 per cent.

Exports to the US rose by 6.8 per cent to almost 10,000 units, reversing three months of decline after an agreement with President Trump imposed a reduced 10 per cent tariff on exports of up to 100,000 vehicles a year to America. Any exports beyond that are subject to the original 25 per cent tariff.