Shell Profits Hit Highest in a Decade: The London Rush

(Bloomberg) -- Here's the key business news from London-listed companies this morning.

Shell Plc: The oil giant's profits rose to the highest level in more than a decade amid soaring prices for energy and commodities.

The company said it will take a $3.9 billion accounting charge on its planned exit from Russia, but despite that, it indicated it would return as much as 30% of its cash flow from operations to investors in the second half of the year

Next Plc: The clothes and homeware retailer's full priced sales increased more than 20% in the first quarter compared to last year, despite rising inflation squeezing shopper's income.

Retail sales were up an impressive 285%, explained primarily by most of the company's stores being closed in the comparable period last year

Ideagen Plc: The software company has received proposals on possible cash offers from both Astorg and Hg.

Meanwhile, Cinven, who was also considering a bid for the company, said it doesn't intend to make an offer

Reach Plc: The newspaper publisher reported lower demand from advertisers after the war in Ukraine led to less "brand safe" content for news publishers.

The price of print newspapers has also soared beyond the publisher's previous expectations

Outside The City

British voters are heading to the polls for local elections today, an event widely seen as a referendum on Boris Johnson's government.

Read the latest coverage of the war in Ukraine here.

In Case You Missed It

Billionaire Jim Ratcliffe has seen his £4.25 billion bid for Chelsea FC dismissed by Raine Group, the U.S. bank running the sale. “We've been rejected out of hand by Raine, but we will keep reminding people we are still here,” Tom Crotty, a director at Ratcliffe-owned chemicals producer Ineos Group Ltd., told Bloomberg.

Meanwhile, the number of U.K. exporters fell in the two months since Russia invaded Ukraine, according to a trade body report.

Looking Ahead

The Bank of England is expected to raise rates to a 13-year high later today, as it seeks to balance inflation against the risk that tighter financing conditions will slow the U.K.'s recovery.

On Friday, British Airways-owner International Consolidated Airlines Group S.A. will report first-quarter results, following Heathrow's warning of a winter freeze after a busy summer of travel.