Market participants noted that while top-line performance met expectations, operating profitability came in stronger than anticipated, helped by improving trends across key segments and the gradual impact of GST rate cuts.

Commenting on the results, Kaustubh Pawaskar, Lead Analyst, ICICI Direct said revenue performance was broadly as expected, while margins exceeded forecasts.

“On the revenue front, numbers are broadly in line with what we were anticipating for the quarter. Margins came in a little better than expectations. We were anticipating around 22.5% EBITDA margin, while margins came in at around 23%. So, at the margin level, the numbers are better than what we had anticipated. Also, we are seeing that there is a bit of recovery in growth sequentially in most of the segments like home care and beauty. So, I think the benefit of the GST rate cut is also coming in. It came with a lag, but now it has started coming in for most of the companies, and we are seeing that impact.”

ET Now also sought clarity on profitability after adjusting for one-time costs related to labour code implementation.

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Pawaskar noted that excluding exceptional employee-related expenses, margins remained comfortably ahead of expectations.
“Yes, so profitability, if you exclude the ₹113 crore of one-time expenses, which is part of the employee cost regarding the labour code, if you exclude that, the EBITDA margins came in at around 23%, which is better than what we were anticipating at around 22.5%.”The sequential improvement across categories such as home care and beauty, along with easing cost pressures and the delayed benefits of GST rate reductions, suggest that operating conditions may be gradually stabilising for FMCG players.

Analysts will continue to track volume recovery trends and margin sustainability in the coming quarters as consumption demand and input costs remain key variables for the sector.

MPC member hails resilience of Northern businesses

The Bank of England should soon take its “foot off the monetary brake” and cut interest rates as inflation continues to ease, a member of the bank’s rate-setting committee has predicted.

Sarah Breeden, deputy governor for financial stability at the Bank of England and a member of the Monetary Policy Committee (MPC), was in Manchester to hear from businesses about what they would like to see from the Bank. She praised the resilience of Northern businesses – and told BusinessLive that without any further economic shocks, she expected a rate cut could come in the next couple of meetings.

At the most recent MPC monthly meeting last Tuesday, she was one of four members who voted to reduce Bank Rate by 0.25 percentage points, to 3.5%. But the rate stayed at 3.75% as five members voted to keep the rate the same.

The minutes of the MPC meeting showed members felt inflation would soon fall back to its 2% target as pay growth and price inflation were easing, but there was debate over how persistent those inflationary pressures still were, and whether a rate cut was needed now or later.

Like other MPC members, Ms Breeden, who is originally from Stockport, regularly tours the country to talk to businesses about how their sectors are performing. She said those discussions help members get a true picture of the wider UK economy, and help them to state their cases at the MPC table.

Asked why she had voted for a cut in rates, she said she felt it would help give more support to businesses sooner.

She said: “When we, all of us, are looking at interest rates and the path for monetary policy, what we’re looking at is ‘where is inflation going to be in the medium term’.

“We’ve had some really good news recently in that inflation is going to hit our 2% target nine months earlier, 12 months earlier, than we had expected it to. We will be at 2% or thereabouts in April and our expectation is that it should stay there from here.

“But of course there are risks around that outlook and so our debate around the MPC table was about the upside risk to inflation, if we continue to have high wages, if they are fuelling increases in prices.

“On the upside, are we having inflation persistence continuing, versus the risk to the downside? Are we going to see a pick-up in activity as we’re expecting? Might there be more of a loosening in the labour market and might that bring inflation below target?

“For me, I was more focused on those downside risks. I wasn’t confident that we’re going to see that pick-up in activity. And so I thought it was appropriate for us to take our foot off the monetary brake a little bit and provide a bit more support for the economy.”

This time round, Ms Breeden’s argument was outvoted on the MPC. But she says that while “there’s no preset path for policy”, a cut remains likely soon if the economy continues on its current path and risks to inflation subside.

She said: “If we continue to have the economy develop as we expected and if there are no shocks – to be clear those are two big ifs… I think it’s reasonable to expect there to be a cut over the next couple of meetings.”

Ms Breeden was confident though that, without shocks, inflation would continue on its downward trend.

She said: “We’ve had four years, haven’t we, when inflation has been above our target of 2%. That’s a really, really long time.

“The original source of those inflationary shocks were external to the UK economy. It was the almost doubling of energy prices, food prices increased by 20%. And perhaps naturally in that context, people were looking to address the cost of living pressures through higher wages.

“What we’re seeing now is that in contrast to the position then when there was a tight labour market, when it was more likely that businesses were to be able to have high wages and then to pass those higher wages on into their costs, we’re seeing less activity in the economy.

“We are seeing a looser labour market and all of that means that the persistence in wage and price inflation, those second round dynamics that have been with us for a long, should be falling away.”

North West businesses ‘resilient’ in face of shocks from Brexit to pandemic

Her overall feeling was that the mood among local businesses was “resilient”.

She said: “There’s been an awareness of some green shoots, some positive stories to tell, but also a recognition that the story isn’t the same across all industries. The story that manufacturing is facing is different to the one in finance and professional services.

“And that’s something that we find really valuable from coming out and talking to businesses, because the more we understand about why firms are experiencing the economy differently, the better able we are to understand it and make policy right.”

That resilience, she said, was particularly striking given the challenges the UK economy has faced.

She said: “If you think about the shocks that the economy has suffered over the last several years, it’s amazingly resilient that we are where we are. We’ve left the European Union, we’ve had a once-in-a-hundred-year pandemic, we’ve had war in Europe, we’ve had the fastest rise in energy prices in many decades, we’ve had the fastest rise in interest rates in decades, and we’ve had a new leader in the U. And all of that has created shocks that businesses have been able to absorb incredibly well – much better than I would have expected.”

Why MPC members must get out and meet businesses

Ms Breeden said she “cannot underscore enough” the importance to MPC members of getting out to meet businesses in person.

She said: “It’s always important to understand businesses and households’ lived experience of the economy. But after those extraordinary shocks that we’ve faced, it is even more important to get out and about and ask people what is happening with their costs, what’s happening with the labour market, what’s happening with demand, what does all of that mean for pricing – and that feeds in very really very really into our decisions. We can’t just look at our models, we’ve got to look out of the window.”

PDF conversion often looks like a technical step that happens at the end of a task. In practice, it shapes how documents get read, shared and reused.

A poorly converted PDF creates friction long after the file leaves the editor. Layout breaks, missing text and compatibility issues usually trace back to small oversights made during conversion. Knowing where these mistakes appear helps keep documents clear, stable and professional.

1. Unclear Purpose for the Converted File

Problems appear when the role of the PDF remains undefined. Some documents require ongoing edits, while others serve as a fixed version for distribution or submission. Treating both cases the same introduces unnecessary rework and delays.

When a file reaches its finished state, it makes sense to convert to PDF once content and structure are complete. Keeping an editable original alongside the published version preserves flexibility without affecting stability.

2. Poor Source File Preparation

Many conversion issues originate in the source file rather than the PDF itself. Inconsistent fonts, manual spacing and mixed formatting styles pass directly into the converted document. Since conversion tools preserve the existing structure, these issues remain visible instead of resolving automatically.

Basic preparation improves outcomes significantly. Standardised styles, consistent spacing and clearly defined sections create a predictable layout before conversion begins. This foundation reduces layout shifts, prevents formatting drift and produces a PDF that reflects the document’s intended structure.

3. Mismatch Between Content and Page Layout

Different file types behave unpredictably once placed into a fixed page format. Long tables, wide spreadsheets and multi-column layouts often exceed page limits, which causes content to compress, break or shift in unintended ways.

Small layout adjustments improve conversion results. Margin settings, page orientation and column width benefit from review before conversion begins. Content designed for scrolling or flexible screens rarely transfers cleanly to a static page without these changes, which makes early layout planning essential.

4. Text Loss in Scanned Documents

Scanned files often appear complete but lack selectable text. Without text recognition, PDFs become image files that limit search, editing and copying. Applying OCR during conversion restores usability. This step turns visual documents into functional ones without altering appearance.

5. Disappearing Interactive Elements

Forms, hyperlinks and annotations may vanish during conversion if settings do not account for them. A document that once collected input can become static. When interactivity matters, conversion options should preserve these elements. Rebuilding forms afterwards wastes time and increases the risk of errors.

6. Excessive File Size

Large PDFs introduce friction during sharing and long-term storage. Oversized images, embedded media and unused elements increase loading time and often exceed email or platform limits, which delays distribution and access.

Careful optimisation improves usability. Adjusted image resolution, compressed assets and removal of unnecessary components reduce file weight while preserving readability. A balanced file size supports faster delivery and smoother use across everyday workflows.

7. Inconsistent Behaviour Across Devices

A PDF that appears correct on one screen may behave differently elsewhere. Fonts, spacing and page flow can shift between desktop and mobile views. Testing on multiple devices confirms consistency. This step matters when documents reach external recipients with varied setups.

8. Overreliance on Default Conversion Settings

Default settings favour speed over accuracy and rarely reflect the needs of complex documents. Important details such as layout behaviour or font handling may not receive proper attention.

Adjusting options to match content type improves results. Text-heavy reports, forms and image-based files benefit from settings chosen with their purpose in mind.

9. Missing Security Controls

Sensitive information often passes through conversion without protection, which allows files to circulate beyond their intended audience. Permissions and access limits define how a document can be viewed, edited or shared. Applying these controls during conversion reduces risk and supports secure document handling.

10. No Final Review Before Sharing

Files often get shared as soon as conversion finishes, even though small issues remain easy to miss at that stage. A brief final check helps confirm layout accuracy, text clarity and element placement before the document reaches recipients, which prevents avoidable confusion and follow-up corrections.

A Simple Way to Reduce Most Conversion Errors

Many mistakes stem from the same habit: rushing conversion as a background task. A short checklist helps avoid this:

• Review and clean the source file.
• Confirm the document’s purpose.
• Adjust conversion settings for content type.
• Check the PDF on more than one device.

This approach shifts conversion from an automatic step to a controlled decision point. When each check aligns with the document’s role, errors surface early and files reach recipients in a usable, consistent state.

When Conversion Supports the Workflow

Treating conversion as a deliberate stage in document handling improves reliability. Most issues stem from unclear intent, weak preparation or skipped checks rather than the format itself.

With the right approach, files remain stable, readable and consistent across devices and use cases. When conversion supports workflow goals instead of interrupting them, documents keep their value long after they leave the editor.

FIRST ON FOX: For millions of Americans, retirement feels less like a milestone and more like a moving target — and a new BlackRock survey finds many are open to doing things differently.

About 30% of voters say they have no funds stashed away for post-work years and about 63% say they have less than $150,000 saved. Given that backdrop, about 34% say they have difficulty immediately paying an unexpected bill for $500.

Even so, most voters say they’re open to letting retirement plans invest in more than just stocks and bonds if it could help their savings grow. Respondents said they would consider options that include private companies not traded on the stock exchange, real estate, and infrastructure projects such as data centers, energy and transportation.

TWO-THIRDS OF AMERICANS BACK TRUMP’S $1,000 BABY SAVINGS PLAN PROPOSAL, NEW SURVEY FINDS

About one in three Americans do not have any retirement savings, according to a BlackRock survey. (David Paul Morris/Bloomberg/Getty Images)

“People see the capital markets working and people want to have more access to the capital markets, and that’s critical,” Nick Nefouse, BlackRock’s global head of retirement solutions, told Fox News Digital. “Capital markets have done very well in the United States, not just in the last 10 years, but the last 150 years. The more people we can get into the capital market, the more wealth we’re going to generate across generations,” Nefouse added.

TRUMP EXPECTED TO REVEAL MORE ABOUT ‘TRUMP ACCOUNTS’ FOR NEWBORNS — HERE’S WHAT WE KNOW

Support extends beyond retirement plans. The survey also finds broad backing for Trump Accounts, a government-backed, tax-advantaged savings account for newborns. The BlackRock survey shows that 71% of voters across the political spectrum support the concept. Support is strongest among younger generations, signaling growing interest in policies that help Americans build wealth earlier in life.

Treasury estimates that a fully funded account would earn as much as $1.9 million by age 28. (Tim Clayton/Corbis/Getty Images)

When asked about the popularity of Trump Accounts, Nefouse said the strong backing reflects a broader belief in long-term investing and early wealth-building.

“I think this [Trump Account] really brings Americans together across party lines. You’re talking about having people with better education and more money when they’re younger to hopefully build into these accounts as they’re older,” he said.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Trump Accounts are expected to become available in mid-2026. (Rebecca Noble/Getty Images)

Trump Accounts are designed to function much like traditional long-term investment vehicles, but with rules specifically intended to protect young savers. To kick-start the nest egg, the federal government will deposit an initial $1,000 into each new account. 

The program is scheduled to become available in mid-2026, with initial contributions occurring after July 4, 2026. Parents of babies born in 2025 through 2028 may open an account by completing IRS Form 4547 or by enrolling via the online portal at TrumpAccounts.gov.

Lloyds Banking Group has announced plans to close a further 95 High Street branches, as the UK’s largest banking group continues to scale back its physical network in response to falling in-branch usage.

The closures will affect 53 Lloyds Bank sites, 31 Halifax branches and 11 Bank of Scotland locations between May this year and March 2027.

The latest move comes in addition to an existing programme that will see 49 branches close by October. Once all announced closures are complete, Lloyds Banking Group will operate 610 branches nationwide.

A spokesperson for the group said: “Customers want the freedom to bank in the way that works for them, and we offer more choice and ways to manage money than ever before.” The bank said more than 21 million customers now use its mobile app as their primary method of banking.

The decision reflects a wider industry trend, as digital banking adoption accelerates and footfall in physical branches declines. Increasing numbers of services, from account management to mortgage consultations, are now offered online or remotely.

The announcement follows a similar move by Santander UK, which recently confirmed it would close 44 more branches, putting nearly 300 jobs at risk.

In contrast, the UK’s largest building society, Nationwide Building Society, has pledged to keep all 696 of its branches open until at least 2030, although it has reduced its estate in the past.

Banking hubs, shared spaces where multiple banks provide in-person services, are being rolled out in some areas, but the pace of openings remains slower than the rate of branch closures.

The closures span towns and cities across England, Wales and Scotland, including sites in Birmingham, Bristol, Cardiff, London, Manchester, Glasgow, Aberdeen and Swansea, among others.

Critics of branch closures argue that vulnerable and elderly customers risk being excluded as services move online. Banks, however, maintain that they are adapting to customer demand and investing heavily in digital infrastructure.

With more than 21 million customers now primarily banking via smartphone, Lloyds’ latest decision underscores the structural shift reshaping the UK’s retail banking landscape, and the continuing retreat of traditional High Street branches.

Full list of closures

Lloyds Bank – Aberdare
Lloyds Bank – Altrincham
Lloyds Bank – Birkenhead
Lloyds Bank – Birmingham, Blackheath
Lloyds Bank – Birmingham, Bordesley Green
Lloyds Bank – Birmingham, Highters Heath
Lloyds Bank – Birmingham, Upper Kingstanding
Lloyds Bank – Bournemouth
Lloyds Bank – Bristol, Fishponds
Lloyds Bank – Cardiff, Victoria Park
Lloyds Bank – City of London, Cheapside
Lloyds Bank – Clevedon
Lloyds Bank – Coalville
Lloyds Bank – Crowborough
Lloyds Bank – Daventry
Lloyds Bank – Didcot
Lloyds Bank – Ebbw vale
Lloyds Bank – Golders Green
Lloyds Bank – Heswall
Lloyds Bank – Hinckley
Lloyds Bank – Hoddesdon
Lloyds Bank – Honiton
Lloyds Bank – Horncastle
Lloyds Bank – Hull, Hessle Road
Lloyds Bank – Hull, Ings Road
Lloyds Bank – Kingswinford
Lloyds Bank – Lancaster
Lloyds Bank – Llangefni
Lloyds Bank – London, Camberwell
Lloyds Bank – London, Fitzrovia
Lloyds Bank – London, London Bridge
Lloyds Bank – London, Streatham
Lloyds Bank – London, Victoria
Lloyds Bank – London, West End
Lloyds Bank – Lymington
Lloyds Bank – Moreton-in-Marsh
Lloyds Bank – Newmarket (Suffolk)
Lloyds Bank – Norwich, Aylsham Road
Lloyds Bank – Reading, Woodley
Lloyds Bank – Redhill
Lloyds Bank – Ringwood
Lloyds Bank – Sevenoaks
Lloyds Bank – Southam
Lloyds Bank – Staines-upon-Thames
Lloyds Bank – Stoke-on-Trent, Longton
Lloyds Bank – Street (Somerset)
Lloyds Bank – Swansea, Winch Wen
Lloyds Bank – Tewkesbury
Lloyds Bank – Uttoxeter
Lloyds Bank – Wareham
Lloyds Bank – Wednesbury
Lloyds Bank – West Byfleet
Lloyds Bank – Wolverhampton, Tettenhall
Halifax – Ashington
Halifax – Ashton-under-Lyne
Halifax – Billingham
Halifax – Bognor Regis
Halifax – Bridgend
Halifax – Cardiff, Roath
Halifax – Chichester
Halifax – Chorley
Halifax – Croydon
Halifax – Cwmbran
Halifax – Doncaster, Armthorpe
Halifax – Ellesmere Port
Halifax – Goole
Halifax – Greenford
Halifax – Halesowen
Halifax – Horsham
Halifax – Leeds, Bramley
Halifax – Liverpool, Hunts Cross Shopping Park
Halifax – London, Hammersmith
Halifax – London, Pentonville
Halifax – London, Surrey Docks
Halifax – Manchester, Didsbury
Halifax – Mexborough
Halifax – Nottingham, Beeston
Halifax – Nottingham, West Bridgford
Halifax – Shipley
Halifax – Skelmersdale
Halifax – Southgate
Halifax – Sutton Coldfield
Halifax – Thornaby-on-Tees
Halifax – Torquay, Lymington Road
Bank of Scotland – Aberdeen, Bridge Of Don
Bank of Scotland – Balivanich
Bank of Scotland – Blairgowrie
Bank of Scotland – Broughty Ferry
Bank of Scotland – Glasgow, Baillieston
Bank of Scotland – Haddington
Bank of Scotland – Kelso
Bank of Scotland – Lochgilphead
Bank of Scotland – Penicuik, John Street
Bank of Scotland – Rutherglen
Bank of Scotland – Stonehaven

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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