Ashmore slides on revenue fall February 22, 2013 MONEY manager Ashmore Group yesterday said half-year profits fell seven per cent in 2012 after a slump in fees bit into revenues. Performance fees fell from £23m to £15.3m in the six months ending December, leading to a ten per cent fall in net revenue. But the emerging market specialist said Ebitda margin – a [...]
Lancashire profit rises February 22, 2013 LLOYD’S of London insurer Lancashire Holdings yesterday launched a new capital management division as it unveiled a slight rise in year-end income. Net operating profit hit $220.3m (£144m), up $1.3m on last year, despite the company booking a $44.5m loss on claims associated with superstorm Sandy. Chief executive Richard Brindle said the decision to set up Lancashire [...]
London’s new issues market is thawing, but slowly February 22, 2013 Not so long ago I asked an investment banker in London how long he and his colleagues had deliberated before deciding to float a Salford-based materials technology company called Luxfer in New York. “About 30 seconds,” he said, quickly and pointedly. But then this was October last year and the new issues market in London [...]
EasyJet edges win in face of Stelios protest February 22, 2013 EASYJET clinched a narrow victory at its AGM yesterday, with founder Sir Stelios Haji-Iaonnou and other investors lodging a significant protest vote against director pay and outgoing chairman Sir Mike Rake. The budget airline’s remuneration report garnered just 55.29 per cent support, after Sir Stelios voted his family’s 37 per cent stake against the plans [...]
Ladbrokes betting on digital growth as revenues hit £1bn February 22, 2013 LADBROKES chief executive Richard Glynn said yesterday he is betting on the troublesome revamp of its digital operation finally paying off this year. The bookie’s £50m online facelift had been repeatedly delayed, and saw the sacking of digital operations head Richard Ames in July last year. The revamp finally started to go live at the [...]
Asda to expand George abroad as UK sales slow February 22, 2013 ASDA is to expand its fast-growing clothing brand George into Europe, Britain’s second largest supermarket revealed yesterday, as it reported a slowdown in fourth quarter sales. The Walmart-owned group said it will launch the brand’s UK website in 24 countries by September after George enjoyed “a record year”. It also plans to open more stores [...]
Kingfisher hopes efficiency savings will recover ground February 22, 2013 KINGFISHER is looking to further efficiency savings to offset a worse than expected sales fall and allow it to meet full-year profit forecasts. The group, which owns B&Q in the UK as well as Castorama and Brico Depot in France, has been hit along with other European retailers by a weak demand for “big ticket” [...]
Premier Foods posts a profit February 22, 2013 AMY-JO CROWLEY PREMIER Foods, the owner of Mr Kipling and Hovis, swung to a full-year profit yesterday after a turbulent 12 months. Pre-tax profits at the food firm, whose new chief executive Gavin Darby has been working to turn its business around, jumped to £4.4m from a £259.1m loss a year earlier. Excluding disposals, underlying [...]
Sports Direct’s profits continue winning streak February 22, 2013 SPORTS DIRECT has shrugged-off any signs of gloom on the high street after posting a 23 per cent rise in third quarter profit yesterday. The sports retailer, controlled by Newcastle United owner Mike Ashley, said group sales for the 13 weeks to 27 January rose 21 per cent to £589.5m, driven by strong growth in [...]
Analyst Views | Did Sports direct’s results meet your expectations? February 22, 2013 FREDDIE GEORGE | CANTOR FITZGERALD The company continues to benefit from recent acquisitions, strong momentum with the internet and capacity coming out of the market. The stock, however, is expensive … but with newsflow on sales expected to remain positive, we believe the shares will continue to perform. PHILIP DORGAN | PANMURE GORDON Sports Direct [...]
