Thursday, 29 Jul 2021

Cove Appliance Recalls Dishwashers For Fire Risk

Paul George leads way as Clippers get win over Jazz in Game 5 without injured Kawhi Leonard

The Los Angeles Clippers finished with a 119-111 win over the Utah Jazz in Game 5 on Wednesday night despite missing star Kawhi Leonard due to a potential season-ending right knee injury.

The Clippers have a 3-2 lead and could close out the series with a decisive Game 6 win in L.A. on Friday. If the Clippers do so, they would advance to the Western Conference finals for the first time in franchise history. They would face the Phoenix Suns, led by former Clippers guard Chris Paul, beginning Sunday if the Clippers close out the series in six.

How did the Clippers do it in Game 5? They relied on Paul George and a strong supporting cast.

George finished with 37 points on 12-of-22 shooting, 16 rebounds and five assists. He became the first player in franchise history to score at least 20 points in 12 consecutive playoff games and at least 30 points in three consecutive playoff games. George nearly matched his playoff career high of 39 points against the Toronto Raptors on April 26, 2016 while he was with the Indiana Pacers. 

British fintech firm Wise plans to go public in London via direct listing

LONDON — British financial technology firm Wise said Thursday it expects to go public on the London Stock Exchange through a direct listing.

Wise, which was formerly known as TransferWise, said it was seeking a direct listing rather than an initial public offering. Direct listings allow firms to go public without raising any fresh capital.

The news marks a big win for Britain, which is hoping to lure more large tech firms to list in London rather than New York.

Wise said it would also introduce a customer shareholder program called OwnWise, which would let users own a stake in the company.

"Wise is used to challenging convention, and this listing is no exception," said Kristo Kaarmann, CEO and co-founder of Wise.

"We're ten years into building a new way to move money around the world — faster, cheaper, easier and completely transparent. A direct listing allows us a cheaper and more transparent way to broaden Wise's ownership, aligned with our mission."

Safestore HY Pre-tax Profit Rises

Safestore Holdings plc (SAFE.L) reported that its profit before income tax for the six months ended 30 April 2021 rose to 167.3 million pounds from 99.7 million pounds in 2020 driven by strong trading performance and increased gain on investment properties.

Profit for the period was 158.3 million pounds or 74.4 pence per share up from 89.5 million pounds or 42.4 pence per share in the previous year.

Revenue for the period was 88.1 million pounds up from 79.3 million pounds last year.

Reported Group revenue increased 10.5% at CER with like-for-like9 revenue growing by 8.3%. The Group’s like-for-like average occupancy grew by 10.7% with the like-for-like average storage rate down slightly by (1.0%) at CER.

The company anticipates earnings for the full year being at least at the top end of its previous guidance of adjusted EPRA earnings per share for 2020/21 of 37 pence to 38 pence.

The company noted that trading in the third quarter has started well. Group like-for-like sales (CER) for the month of May were up 16% on May 2020, which is slightly ahead of expectations at the time of issuing earnings guidance in 10 May announcement.

N Brown Group Q1 Trading In Line With Expectations, Group Rev Up 0.5%

N Brown Group plc (BWNG.L), on Thursday, reported a 0.5% group revenue growth and a good momentum in product revenue, which returned to growth with a 4.6% increase in the first quarter.

Group revenue improved 0.5% to £168.7 million for the first quarter, and product revenue grew 4.6% to £106.9 million, driven by the five strategic brands which grew 15.5% in the period.

In the first quarter of fiscal 2022, strategic brands were 81% of product revenue compared to 67% in the same period 2 years ago and this represents the first quarter of product revenue growth since the third quarter of 2018.

The Group finished the period with net cash of £84.9 million, leaving it well positioned to continue its investment in strategic initiatives to drive profitable growth. Adjusted net debt was £287.7 million, incorporating £84.9 million of cash and £372.6 million of debt drawn against the securitisation funding facility which is backed by the eligible customer receivables.

For fiscal 2022, the company expects product revenue growth of between 3% and 7%, while financial services revenue is expected to be lower compared to fiscal 2021. The company sees fiscal 2022 group revenue growth to be 1% – 4%.

Steve Johnson, Chief Executive, said, “The strategic transformation initiatives we have enacted over the past two years have now started to deliver product revenue growth, with customers responding well to the new ranges across our core brands… Whilst the external environment remains challenging, we have made a good start to the financial year and trading remains in-line with our expectations.”

Cove Appliance Recalls Dishwashers For Fire Risk

Cove Appliance Inc. is recalling about 42,000 units of built-in dishwashers citing fire risk, the U.S. Consumer Product Safety Commission said.

The recall involves Cove Appliance 24-inch built-in residential dishwashers model numbers DW2450 and DW2450WS. The recalled dishwashers have serial numbers 20000100 through 20044445.

The products, manufactured in the United States, were sold at home appliance stores nationwide from February 2018 through May 2021 for between $2,400 and $2,500.

According to the agency, the heating element in the dishwasher can fail to properly shut off and can overheat, posing a fire hazard.

The recall was initiated after the Madison, Wisconsin-based company received five reports of burning smells, flames and smoking inside the dishwashers. However, no injuries have been reported to date related to the recalled products.

Consumers are urged to contact Cove Appliance to schedule a free repair. Cove Appliance will install a second thermal protection device and replace the dishwasher’s heating element.

In similar recalls citing fire risk, Metal Ware Corp. in April called back about 5,350 units of NESCO coffee bean roasters, and Rapala USA in January recalled about 128,000 units of rechargeable fillet knives.

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