Deloitte, Bohoo, WHSmith: Business news in brief on Wednesday June 8

Deloitte faces inquiry over Serco tags scandal; Bohoo celebrates global growth; WHSmith travel business boosts sales

WHSmith said it remains confident in the outcome for the full yea (Rex)

Deloitte faces inquiry over Serco tags scandal

The Financial Reporting Council (FRC) has launched an investigation into Deloitte over its role as auditor to Serco in 2011 and 2012, when the outsourcing company overcharged the Government for electronic tagging of prisoners.

The investigation comes after the Serious Fraud Office (SFO) passed on information to the FRC.

Firms can be fined or censured by the disciplinary body.

Bohoo celebrates global growth

Online fashion retailer Bohoo saw its total revenue soar by 41 per cent in its first quarter to May 31.

The company, which targets 16 to 24 year olds, has seen its shares rise 50 per cent this year and back above its 50p flotation price.

The retailer on Wednesday said UK sales grew by 42 per cent to £37.4 million while Boohoo's Rest of Europe business increased by 40 per cent. In the rest of the world, sales were also up by 37 per cent.

Industrial production grows fastest in 4 years

UK industrial production grew by 2.3 per cent, the fastest pace in nearly four years in April, boosted by the pharmaceutical and energy sectors, according to the Office for National Statistic (ONS).

The wider measure of industrial output increased by 2 per cent, also the biggest rise since July 2012. City economists had expected flat figures.

Pharmaceuticals drove the increase with a rise of 8.6 per cent, the biggest monthly rise since February 2014, with evidence of large export orders in the industry. Gas and electricity output rose 3.9 per cent, according to the ONS.

WHSmith travel business boosts sales

WHSmith said its travel business, which operates 757 outlets across the UK, grew like-for-like sales by 3 per cent, offsetting a 3 per cent decline in high street sales.

The retailer said it remains confident in the outcome for the full year.

Shares in the group fell 3 per cent after the update.