BUSINESS LIVE: Zahawi to chair The Very Group; Diploma lifts steerage

Recruitment in the private sector has fallen for the tenth month in a row, which is the longest decline since records began.

Accountancy firm BDO said its employment index, which tracks the UK job market, slumped to the lowest level in more than a decade in April.

Chief financial officer of British insurer Phoenix Group Rakesh Thakrar will step down this year, after about four years in the role.

Stephanie Bruce, former CFO at British asset manager Abrdn , will join the group in June and will thereafter take over as interim group CFO.

Boss Andy Briggs said:

‘Rakesh has been a great colleague and his counsel, knowledge and experience have been invaluable to Phoenix over the course of his tenure. 

‘We thank him for his significant contribution to the Group’s journey to become the UK’s largest long-term savings and retirement business, which has included his oversight of a number of transformational projects.

‘I am grateful to be working with him and Stephanie during the handover period and wish him every success for the future.’

Diploma has lifted full-year profit expectations after the FTSE 100 distributor of industrial components’ sales beat forecasts in the first half, boosted by six acquisitions.

Revenues came in at £638million for the six months to the end of March, up 10 per cent year-on-year.

Diploma now expects constant currency revenue growth of 16 per cent for the year, up from its previous forecast of 11 per cent, and an operating margin of 20.5 per cent, up from 19.7 per cent.

Chief executive Johnny Thomson said: ‘We’ve delivered another strong first half with good volume-led organic growth in a more challenging market environment.

‘Our momentum is encouraging going into the second half, underpinning our upgrade to full year guidance.’

London’s stock market has been given a shot in the arm as tech firm Raspberry Pi and fast fashion giant Shein accelerate listing plans.

Cambridge-based Raspberry Pi has chosen London for its initial public offering, which could launch within the next ten days.

An IPO would value the business – which helps children learn code – at up to £500m, the Sunday Times reported.

Former chancellor Nadhim Zahawi will become non-executive chair of Littlewoods-owner The Very Group when the Tory MP stands down at the next General Election.

Zahawi said: ‘As one of the UK’s largest digital retailers and flexible payments providers, the Company has an important role to play in helping families get more out of life.

‘With a heritage of over 100 years, Very has an unrivalled knowledge and understanding of its customer, demonstrating resilience even in the face of challenging conditions.

‘I am excited about the strategic opportunities for the Group and look forward to working alongside the management team as they further develop and grow the business for the future.’