The BBC cuts running costs in spite of a turbulent year July 16, 2013 THE BBC cut its running costs further in the last financial year, which saw three probes into Jimmy Savile, extensive Olympics coverage and the move to New Broadcasting House. The broadcaster’s annual report said it delivered £580m efficiency savings in the final year of its five-year cost-cutting drive, exceeding its goal to save three per [...]
Guardian losses narrow to £30m July 16, 2013 THE GUARDIAN News and Media, which owns the Guardian and Observer newspapers, reduced its losses before tax, interest and amortisation from £44.2m to £30.9m in the last financial year. Revenues for the continuing businesses of its parent company, Guardian Media Group, were almost flat at £206.8m, and the group posted a pre-tax profit of £22.7m, [...]
MoD slammed for accounting July 16, 2013 THE NATIONAL Audit Office has refused to sign off the Ministry of Defence’s accounts for the fourth year in a row. The NAO said a £1.5bn impairment booked on the army’s German bases was not handled correctly, meaning the department’s operating costs were underestimated. Under the NAO’s calculations, the MoD’s spending would have come in [...]
Private jet hire is in the ascent July 16, 2013 A PAIR of private jet companies said yesterday that the market for charter aircraft has been booming. Air Partner, a broker of private jets that counts the royal family among its clients, said business has been improving over the last two months. The firm said new work from tour operators and energy firms mean its [...]
HR Owen to top forecast July 16, 2013 LUXURY car seller HR Owen expects to beat its profit forecasts this year as early delivery of new models and “very promising” signs in its used car division help to lift sales. The firm said its Rolls-Royce and Bentley franchises had performed particularly well in the first six months of the year. With the new [...]
Prudential to sell off Japan unit July 16, 2013 Insurance giant Prudential revealed yesterday that it is set to offload a closed book life insurance wing in Japan. Tokyo-based SBI Holdings will pay around £56m for the PCA Life Insurance unit, so long as approval is granted by regulators. Prudential said that the sale does not mean it is turning its back on the [...]
Dairy Crest to make baby food July 16, 2013 Dairy Crest announced plans yesterday to enter into the booming baby food market by making demineralised whey powder, the key ingredient used in baby formula. The company had been debating what to do with the whey left over from the cheesemaking process at its Davidstow creamery in Cornwall, which can also be used in sports [...]
Michael Page sees tough job market ahead July 16, 2013 RECRUITMENT firm Michael Page posted a rise in quarterly profits in Britain yesterday but said the next three months are likely to be tough. Michael Page, which makes 40 per cent of its profits from finance and accounting, said gross profit was up 0.3 per cent in the UK. However, this was wiped out by [...]
Brand Index: Summer brings more warmth to Heat confidence index July 16, 2013 THE POSITIVE signs we have seen in the UK economy throughout the spring have continued into the summer. YouGov’s Household Economic Activity Tracker (Heat) shows consumers’ confidence is continuing its upward trajectory and has now grown by twelve points since January and stands at 106. HEAT HIGHEST SINCE FEBRUARY 2010The Index score is derived from how people feel [...]
Analyst Views | How did you take the figures from Michael page? July 16, 2013 PAUL JONES PANMURE GORDONAn update from Michael Page is towards the top end of expectations, and suggests some progress over quarter one despite what remains a challenging macro backdrop. Yet what indications there are for quarter three suggest little change in this outlook. Sell. GUY HEWETT ESPIRITO SANTOMichael Page’s second quarter trading update details a [...]
