La Senza goes bust again July 1, 2014 LA SENZA, the lingerie chain, has fallen into administration for the second time in two and half years, putting 752 jobs at risk. Marnixheath, the retailer’s parent company, yesterday appointed PwC as the administrators for 55 stores and three Pinkberry outlets. The firm will continue to operate while PwC tries to find a buyer.
Ocado delivers a profit but sales growth slowing July 1, 2014 Shares in Ocado slid 4.3 per cent yesterday despite the online grocer moving into the black in the first half, paving the way for its first annual profit in its 13-year history. The company said pre-tax profits totalled £7.5m for the 24 weeks to 18 May, following a £3.8m loss last year, thanks [...]
Bottom Line: Ocado thinks above and beyond Morrisons July 1, 2014 Ocado has understandably been coy over the last year about its plans beyond its tie-up with Morrisons. Running the supermarket’s online groceries business was a leap into the unknown and both companies needed time to bed down. The challenging part was copying the online platform it used to run its own grocery business and creating [...]
Focus on banking helps deliver boost for Allen & Overy profits July 1, 2014 ALLEN & Overy recorded a seven per cent jump in profit before tax during the last financial year, according to results released by the law firm this morning. The group’s profits before tax rose to £532.1m while revenues rose at a slightly slower place, up two per cent to £1.23bn. Profit per equity partner also [...]
Greggs share price rises as baker shifts to more food-on-the-go July 1, 2014 Shares in bakery chain Greggs jumped 3.8 per cent yesterday after the company said it was expecting a forecast-beating 48 per cent surge in first-half profits, driven by its turnaround plan. Under chief executive Roger Whiteside, who joined last year, the company has been shifting away from its roots in the dwindling bread business and [...]
Analyst Views: What did you make of Greggs’ first-half pre-close statement? July 1, 2014 MARK HODGES | EDISON INVESTMENT RESEARCH We had an encouraging interim statement from Greggs. Sales comparables strengthened in the second half, but the company continues to expect to make solid progress, and the risk of further cost inflation is reducing. We continue to like the stock and have a fair value of 597p. DARREN SHIRLEY [...]
MPs blast lack of urgency on energy policy July 1, 2014 THE GOVERNMENT’S convoluted energy policies are deterring much-needed infrastructure investment, a committee of MPs warned yesterday. “We are concerned that the complexity and changing nature of the policy landscape affecting infrastructure investment, particularly in the energy sector, may be causing investors to hold back from making investment decisions,” said a report by the Public Accounts [...]
Sterling jumps to 2008 high on industrial surge July 1, 2014 THE POUND climbed to a fresh high yesterday, rising to its strongest level against the dollar for five and a half years, as a bullish report from manufacturing firms suggested that the recovery was steaming ahead. Sterling pushed to around $1.716 during the day. The latest survey of UK industrial companies by Markit and the [...]
Asian manufacturing firms bouncing back after spring slump July 1, 2014 Two of Asia’s largest manufacturing sectors indicated more robust growth in June, with businesses in both China and Japan reporting an improved expansion last month. Data from Nomura and JMMA suggest that Japan’s manufacturing firms are bouncing back from their decline around April’s sales tax hike, with a purchasing managers’ index (PMI) score of 51.5. [...]
Eurozone manufacturing sectors show slow growth July 1, 2014 The Eurozone’s industrial growth slowed for a second month in June, according to a series of business surveys which suggested the currency union was still expanding only at a weak pace. Markit’s manufacturing purchasing managers’ index (PMI) released yesterday came in at just 51.8 in June, the lowest of 2014 so far. New business inflows [...]