Business News: Travelodge and Next announce cash boost as Morrisons sales jump against backdrop of job cuts

Hello and welcome to the latest business bulletin on Thursday, March 27.

Next has revealed an annual profit haul of more than £1 billion. The retailer's hiked its outlook for the year ahead - despite worries over the impact of Budget measures on consumer confidence. The high street retail giant reported pre-tax profits of £1.01 billion for the year to January - up 10.1 per cent on the previous year.

Travelodge sales boost

Travelodge annual sales have edged higher. The budget hotel brand says consumers prioritised experiences and leisure trips were bolstered by events like the Six Nations rugby and Crufts. Travelodge revenues topped £1 billion in 2024, about 0.1 per cent higher than the year before.

Morrisons sales jumped to £4 billion in its most recent quarter. The news comes just days after it said hundreds of its staff are facing redundancy. The supermarket giant said sales were 2.4 per cent up in the quarter to January 26. The company's made £56 million in savings during the period and increased its long-term savings goal from £700 million to £1 billion.

‘No tax rises’ - Reeves

Rachel Reeves has denied there will be further tax rises or spending cuts at the Autumn budget. However, after delivering her Spring Statement yesterday, she's this morning stopped short of ruling them out entirely.

And Dragons' Den star Sara Davies has invested in a global swimming brand co-founded by triple Olympic Champion Adam Peaty.

AP Race was established by the 14 times world record holder and his former training partner Ed Baxter. Davies and Peaty met a number of years ago and the pair have remained close. She'll provide mentoring to both founders.