Matalan: Rainy weather and shift back to stores sees revenue slump

LAURA MCGUIRE line this year for ramping up borrowing costs and inflicting pain on mortgage holders while failing to pass on the same hikes to savers, but Atom has been near the front of the pack in passing on rates.

Savings deposits at the firm reached £6.6bn over the past 12 months, more than double the previous year, as customers looked to cash in.

Atom’s net interest margin meanwhile stayed broadly flat on the previous year at 2.84 per cent.

The profitability may add to anticipation over the firm’s float on the public markets after a series of delays.

The float of Atom, which was linked with a New York listing last year, has been a topic of speculation as policymakers look to convince more homegrown tech firms to come to market.

Mullen publicly backed London as the firm’s home for an IPO for the first time in an interview earlier this year. However, the bank’s biggest shareholders Toscafund and Spanish bank BBVA will hold significant sway over the eventual destination.

MATALAN yesterday reported a challenging first quarter as poor summer weather impacted sales against the backdrop of cost of living pressures and a shift away from online shopping. The clothing retailer said revenues in the 13 weeks to 27 May declined eight per cent to £263m.