FTSE LIVE: SSE profits hit by Government price cap; Debenhams gets green light for £200m refinancing; City watchdog to investigate rising funeral costs
- Utility giant SSE said profits margins would be hit by the new price cap
- Debenhams has been given the go-ahead for its urgent restructuring plans
- The competition watchdog will lift the lid on the funerals market it said today
Energy firm SSE said today that profit margins at its its household supply business will more than halve as a result of the new default tariff price cap.
Debenhams has been given the go-ahead by bondholders for its £200million refinancing plan, paving the way for the likely wipeout of existing shareholders – including Mike Ashley’s Sports Direct, who won’t like it one jot.
Meanwhile, Britain’s competition watchdog has launched an in-depth investigation into the funeral sector amid fears that grieving families are being ripped off.
FTSE 100 opened in the green today – up 0.3 per cent after the bell at 7,217.68