Record share dividend for Admiral July 31, 2008 Admiral, the insurance firm, yesterday revealed pre-tax profits of £100.3m for the first half of 2008, a 16 per cent rise from the same time last year. The group announced a record dividend of 26p per share, a 26 per cent increase. In addition, over £3m in shares will be distributed to staff who have [...]
Don Argus raises the stakes with Rio July 31, 2008 BHP Billiton chairman Don Argus issued Rio Tinto shareholders yesterday with a stern warning that their firm’s share price would lower without BHP’s £75bn takeover offer. Argus said that his group’s bid, which if successful would create the largest miner in the world and would be one of the biggest takeovers of all time, would [...]
RAB funds are on the rocks July 31, 2008 RAB Capital, the hedge fund that was one of Northern Rock’s biggest shareholders when the bank was nationalised, yesterday reported dismal results with first half profit down 44 per cent and a decline in assets under management. But the stock rose by 9.1 per cent to 42p on rumours that management would be willing to [...]
Lloyds TSB profit decline rocks the City July 31, 2008 Lloyds TSB shocked the City yesterday as it raised its dividend 2 per cent to 11.4p, despite posting a 70 per cent slump in profits. Pre-tax profits at the high street bank dipped to £599m, compared to £1.99bn last year, reflecting the impact of £585m of write-downs from the bank’s insurance business. And the bank’s [...]
Woolworths profits hit by retail slump July 30, 2008 Sweets-to-DVDs retailer Woolworths issued a profit warning yesterday, blaming a marked downturn in trading conditions, as it scrapped plans to sell out of DVD publisher 2 Entertain, sending its shares to a new low. The 100-year-old group, which last month agreed to part company with chief executive Trevor Bish-Jones, said it planned to rebuild its [...]
St James’s Place stands by its targets July 30, 2008 Wealth manager St James’s Place reported a 5.3 per cent fall in its first half profits, but chairman Mike Wilson said it was standing by its key long term sales growth targets, despite volatile market conditions. Group operating profits at the wealth manager, which sells insurance and investment policies to affluent clients, fell to £114.2m [...]
Few bright spots in a dark day for Sony July 30, 2008 There were few glimmers of hope for Sony yesterday, after it revealed that first quarter net profit had plummeted by 47.4 per cent to ¥34.98bn (£207m). Nearly every area of the Japanese giant’s business, from music sales to electronics, posted worse than expected performances. Although sales volumes in electronics were up, reduced margins and an [...]
Informa receives second full takeover approach July 30, 2008 Informa shares spiked after the publisher and events organiser revealed it had received an approach from another potential suitor. Informa said it is still in discussions with a Providence Equityled consortium, but it has also now provided information to the new bidder. It stressed the approach was preliminary only. Buyout firms Providence Equity, The Carlyle [...]
Merrill soars on bet worst could be over July 30, 2008 Shares in embattled US banking titan Merrill Lynch jumped nearly 8 per cent yesterday after the bank agreed to sell a massive debt portfolio at a discount, raising investor hopes it was putting its problems behind it. CEO John Thain has gone back to shareholders to boost the bank’s capital reserves, despite repeated assurances to [...]
Abbey grabs lending lead July 30, 2008 Abbey is poised to topple Halifax as the UK’s top lender of new mortgages after revealing first half results today that showed the Spanish-owned bank now writes one in three new mortgages in Britain. As rival lenders withdrew mortgage deals from the perilous credit market, Abbey’s share of new lending rocketed to 35 per cent [...]