Cobham warns sales will fall short next year November 12, 2013 DEFENCE and aerospace supplier Cobham yesterday cut its sales forecast for 2014, becoming the latest company to warn shareholders over the impact of US budget cuts. Cobham said the US, which is cutting $37bn from its defence spending this year in a bid to cut the deficit, remains a “highly uncertain” market, which has been [...]
HSBC and Standard Chartered chairmen demand EU reform November 11, 2013 THE CHAIRMEN of two of the UK’s biggest banks yesterday called on Brussels to promote free trade and slash regulation as the best way to increase competitiveness and cut unemployment in the region. HSBC chairman Douglas Flint and Standard Chartered chairman Sir John Peace were among dozens of business leaders who demanded the changes in [...]
Merlin plumps for 315p price for new shares November 7, 2013 SHARES in the Madame Tussauds owner Merlin Entertainments will start trading today following a sales process that had to be brought forward because it was going so well. Advisers to the float, which include Goldman Sachs, Barclays, Citigroup, Morgan Stanley and Lazard, yesterday agreed a price for the new shares of 315p, valuing the firm [...]
Energy switch enquiries lift Moneysupermarket November 6, 2013 SWATHES of customers looking to switch energy suppliers boosted Moneysupermarket.com’s revenue 25 per cent in the first few weeks of October. The company, whose website helps customers to compare insurance, utilities and energy prices, reported overall revenue growth for the third quarter to 30 September of five per cent. Moneysupermarket attributed the dramatic increase in [...]
Wetherspoons ups target to open new pubs November 6, 2013 PUB OPERATOR JD Wetherspoons yesterday raised its target for new pub openings in 2014 and said like-for-like sales were up 3.7 per cent during the first quarter to 27 October. Wetherspoons plans to open between 40 and 50 new pubs this year, it said in an interim management statement yesterday, up from its earlier target of [...]
Imperial’s chair to step down as earnings grow November 5, 2013 IMPERIAL Tobacco yesterday announced its chairman Iain Napier will step down early next year as it reported strong earnings growth during the year. Napier said he is “confident that I am leaving a board that is well equipped to provide the necessary leadership and direction”. Napier will be stepping down at Imperial Tobacco’s annual general [...]
Weir Group plummets on 2013 profit warning November 4, 2013 FTSE 100-listed engineer Weir Group saw its shares plummet yesterday morning after it warned that its full-year profit would miss analysts’ expectations, joining a host of mining equipment makers hit by cost cutting at mining companies. Peers such as Caterpillar, Sandvik, and Atlas Copco have all seen order bookings fall this year as lower metal [...]
London Report: HSBC lifts FTSE as Ryanair and Weir Group sink November 4, 2013 BRITAIN’S FTSE 100 share index pushed ahead yesterday, as its biggest stock HSBC rose after solid results, outweighing weakness in the airline and engineering sectors following profit warnings. HSBC advanced 2.3 per cent in its biggest one-day rise in four months after quarterly profits rose by a tenth, year-on-year, meeting analyst expectations and reassuring investors [...]
Countrywide lifts forecasts as it predicts housing volumes boost October 31, 2013 BRITAIN’S biggest estate agency Countrywide increased its full-year profit forecast yesterday as it bets on a strong uplift in housing sales. The company, which raised £200m when it returned to the stock market earlier this year, has been helped by the housing market recovery, fuelled by government measures to help struggling Britons purchase their own [...]
Standard Life misses targets as staff leave October 30, 2013 INSURANCE giant Standard Life yesterday announced lower-than-expected new business sales, which analysts pinned on the departure of key staff members over the summer. Star fund manager Euan Munro jumped ship to be chief executive at Aviva Investors this summer, causing some leading investors to withdraw their money from the GARS fund that he controlled. As a [...]