Virgin Money eyes dividend this year as profits more than double March 5, 2015 Challenger bank Virgin Money could start paying dividends as soon as the middle of this year, chief executive Jayne-Anne Gadhia told City A.M. yesterday. Virgin announced operating profits of £121.2m for 2014, more than double the £53.4m recorded in 2013. However, its statutory profits slumped to £34m – 2014’s figures include the costs of its [...]
Morgan Stanley possible target for lawsuit over OW Bunker float March 5, 2015 MORGAN Stanley is one of the banks that could be sued by the Danish Shareholders’ Association (DSA) over the disastrous initial public offering (IPO) of OW Bunker in March 2014. The Danish marine fuel company, which was originally valued at $1bn (£656m), was rocked by scandal in November 2014 when it revealed it was facing [...]
TSB chief exec Paul Pester receives £1.9m March 5, 2015 New bank TSB’s chief Paul Pester received £1.89m in 2014, the bank reported yesterday. The boss’ salary came to £651,588, while his legacy bonus from Lloyds – paid up to June 2014 – came to £377,000. His TSB award was smaller at £36,167, in line with all staff who hit their targets then get a [...]
Aviva rebounds from restructure and regulations March 5, 2015 AVIVA has turned a corner but still has a long way to go said chief executive Mark Wilson as the company reported a rise in profits yesterday. The insurance giant boosted its dividend by 30 per cent and its strong figures for 2014 pushed shares up 7.05 per cent at the close. The company has [...]
IPO flurry helps London Stock Exchange to 19pc profit hike March 5, 2015 The London Stock Exchange (LSE) yesterday reported a 19 per cent jump in profits for the year ended 31 December, boosted by the healthy flow on initial public offerings over the period. The 214-year-old bourse reported adjusted profits before tax of £491.7m for the period, up from £412.7m in 2013. Total income also expanded 26 [...]
Earnings surge as fund manager Schroders reports a record year March 5, 2015 BRITISH fund manager Schroders yesterday said it had achieved a record 16 per cent growth in profits for the year ended 31 December. The London-based firm saw profit before tax jump to £517.1m for the year, up from £447.5m in 2013. The multinational asset manager also saw inflows almost triple to £24.8bn over the period, [...]
Moncler boosted by growth from piste to the high street March 5, 2015 Italian luxury down jacket-maker Moncler posted a surge in sales and profits last year after launching new stores on some of the world’s most upmarket high streets. The fashion brand, a favourite with celebrities including David Beckham, posted a better-than-expected 21 per cent jump in earnings before interest and tax (Ebit) to €201.6m (£145.9m). Revenue [...]
VIMTO-maker full-year sales fizz higher March 5, 2015 VIMTO maker Nichols posted a 14 per cent jump in full-year pre-tax profits to £25.7m after the group outperformed the soft drinks market in the UK. Sales were up 3.5 per cent to £109.2m thanks to strong demand in the UK and overseas, particularly in the Middle East. International sales grew by 4.3 per cent. [...]
AbbVie in $21bn acquisition of cancer drug firm March 5, 2015 PHARMA giant AbbVie is to buy Pharmacyclics in a $21bn (£17.78bn) deal, giving it access to what is expected to be one of the world’s top-selling cancer drugs. It was reported that AbbVie had barely beaten Johnson & Johnson, which was said to have come close to agreeing, if not actually agreed, a deal hours [...]
More spin-offs ahead as execs bullish on deals March 5, 2015 ONE IN two company executives believe corporate spin-offs will accelerate this year amid higher levels of corporate merger and acquisition activity, a survey has found. Just over half (54 per cent) of the executives polled by EY said strategic sales will rise this year, with unsolicited approaches from opportunistic buyers sparking the increase. Most executives [...]