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Lionel Laurent

Record U.K. Profits Are Nothing to Sing About

Not everyone is "in the money" in the run up to Brexit.

The people, singing.

The people, singing.

Photographer: Michael Le Poer Trench/Aidem Press Agency

The sight of J Sainsbury Plc CEO Mike Coupe singing "we're in the money" neatly sums up the dichotomy between those feeling the pinch from Brexit and those who aren't.

U.K. corporations have rarely been this flush. They reported record pretax profits in the first quarter, according to the Share Centre, a broker. Average revenue growth for members of the U.K.'s benchmark FTSE 100 Index was 12.6 percent last year, according to data compiled by Bloomberg -- well ahead of comparable growth posted by peers in Japan, Germany, the U.S., and France. CEO pay, meanwhile, was up 25 percent on average. All but one FTSE 100 CEO earned more than $1 million, whether their pay rose or fell.