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LIVE BUSINESS LIVE: Thames Water reveals turnaround plan; SSP reinstates dividend; THG buys Biossance By Live Commentary Updated: 02:58 EST, 5 December 2023 e-mail View comments The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Thames Water, SSP Group, THG, Marston's, Ashstead, Moonpig and Quiz. Read the Tuesday 5 December Business Live blog below. > If you are using our app or a third-party site click here to read Business Live 07:54 Global turmoil sends gold price to a record high... and bitcoin tops $42,000 for the first time in 20 months Gold spiked to a record high and bitcoin surged above $42,000 as global assets reacted to an attack on an American warship in the Red Sea and speculation about US interest rate cuts. On a day of wild swings on financial markets, the price of the precious metal surged to $2,111.39 per ounce before falling back. And the surge for bitcoin saw it breach the $42,000 mark for the first time since early 2022. The moves reflect a complex series of factors driving asset markets including prospects for the US and global economy and the potential repercussions of war in the Middle East. Turmoil in the Middle East sends gold price to record high On a day of wild swings on financial markets, the price of the precious metal surged to $2,111.39 per ounce before falling back. This is Money 07:52 SSP Group reinstates dividend SSP Group has resumed annual dividend payouts and forecast higher 2024 sales and profit as air travel boomed from pandemic lows. The Upper Crust owner, whose stores are mostly located in airports and train stations, had to stop dividends in 2020 after entering funding agreements that restricted it from paying returns to shareholders. Sales for 2024 are expected to come in between £3.4billion and £3.5billion, up from £3billion logged for 2023, the company said. Underlying core profit is forecast to be in the range of £345million to £375million, compared with £280million for the 12 months to 30 September. Analysts on average expect £3.4billion in sales and £353million in profit for 2024. The group declared an annual dividend of 2.5p a piece. 07:49 Thames Water reveals turnaround plan Debt-laden Thames Water has revealed a three-year turnaround plan as Britain’s biggest water utility seeks to ease concerns over its financial stability. It is feared the group, which said it had a high level of liquidity, could buckle under the weight of its £14billion debt prompted the government to ready a rescue plan earlier this year, before the company's financial investors agreed to invest additional equity in July. A supplier of water to 15 million customers, more than a fifth of Britain's population, Thames Water said on Tuesday that it had total liquidity of £3.5billion, as well as further funding resources, and added that its shareholders supported its investment plans. 'Our shareholders support this much needed investment, underscoring their commitment to delivering Thames' turnaround,' Co-CEOs Cathryn Ross and Alastair Cochran said. Share or comment on this article: BUSINESS LIVE: Thames Water reveals turnaround plan; SSP reinstates dividend; THG buys Biossance e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. Comments 0 Share what you think No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. Add your comment Enter your comment By posting your comment you agree to our house rules . Submit Comment Clear Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. No Yes Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy . More top stories
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