Admiral’s meek performance sparks investor share sell off August 13, 2014 INSURER Admiral disappointed investors yesterday after revealing poor underlying growth and a sluggish one per cent profits. Shares in the business, which sponsors the Wales national rugby team, closed down 5.5 per cent, making Admiral the biggest faller on the FTSE 100 yesterday. “We have yet to see firm evidence of an inflection point and [...]
Brit Insurance profits dive after IPO costs eat into earnings August 13, 2014 Brit Insurance group reported an 18 per cent slump in the first-half profits yesterday, led lower by costs related to its initial public offering (IPO) this year. The Lloyd’s of London insurer which specialises in casualty, property and energy insurance, said profits for the first half of 2014 were down to £62m, compared to £75m [...]
Saga dips toe into M&A waters with Destinology deal August 13, 2014 Saga, the over-50s specialist, yesterday made its first acquisition since floating earlier this year, buying a 75 per cent stake in online travel firm Destinology . The deal, believed to be worth £20m, comes in the wake of Saga’s listing on the London stock market in May. The purchase will be funded from existing [...]
E.On UK supply profits dive due to mild weather August 13, 2014 German energy giant E.On’s UK subsidiary yesterday posted a 31 per cent drop in first-half profit for its supply arm – but its generation earnings rose by the same percentage. The warmer weather lowered demand for energy, causing revenue from the supply part of the business to fall 9.7 per cent to £3.95bn over the [...]
Amazon’s £6 card reader and mobile app signal retailer’s move to high street payments August 13, 2014 Amazon yesterday unveiled a $10 (£6) card reader and mobile app to allow high street businesses to accept card payments, marking the latest step by the online retail giant to expand its presence in the physical world. The move challenges a slew of rivals in the space, including startup Square, which popularised a payments dongle [...]
WeChat app boosts Chinese internet service portal Tencent’s profit August 13, 2014 Tencent, China’s leading internet service portal, yesterday reported a 59 per cent jump in profit during the quarter to the end of June on the back of a boom in smartphone gaming and mobile messaging. Mobile game revenue from its messaging app WeChat, and social network Mobile QQ, jumped two-thirds to 3bn yuan (£291.7m) in [...]
Global banks lend £255m to Russia’s Evraz despite Ukraine tensions August 13, 2014 Russian steelmaker Evraz yesterday said it had signed a $425m (£255m) loan from international banks, showing that western institutions were still comfortable doing business there despite increasing tensions over Ukraine. FTSE 250-listed Evraz, which counts oligarch and Chelsea Football Club owner Roman Abramovich as its largest shareholder, said it had secured the five-year loan with [...]
Glencore share price slides after a mixed first-half output report August 13, 2014 Commodities powerhouse Glencore saw its share price slump over three per cent yesterday on a mixed half-year production report. The integrated miner trader said production of copper – the metal it makes almost half its profit from – rose 13 per cent to 741,000 tonnes. But the FTSE 100 company, which completed a $40bn (£23.9bn) merger [...]
Dan Wagner gets his post Daffy-gate ducks in a row with ATTRAQT IPO August 13, 2014 Dan Wagner must really hate Daffy Duck. His decision to wear a waistcoat decorated with the cartoon character, to a media call before his last IPO 20 years ago, has haunted him ever since. But hopefully, when he takes tech firm ATTRAQT public on Aim on 19 August (his first IPO since Daffy-gate) he’ll be [...]
Land Securities sells its stake in Bristol’s Cabot Circus for £270m August 13, 2014 LAND Securities has sold its 50 per cent stake in Bristol shopping centre Cabot Circus to Axa Real Estate in a £267.8m deal. Cabot Circus, home to more than 140 shops and restaurants, was developed by Land Securities in partnership with Hammerson, which is retaining its stake. It was hailed as Bristol’s largest city centre [...]