Severn Trent hikes dividend as profits soar May 29, 2014 SEVERN Trent yesterday unveiled a 7.1 per cent rise in pre-tax profits, slightly ahead of market expectations, but ongoing negotiations with the regulator over its spending plan continue to overshadow the water company. New chief executive Liv Garfield, who joined eight weeks ago, said the FTSE 100 firm was in “constructive dialogue with Ofwat” over [...]
Analyst Views: What did you make of Severn Trent’s results? May 29, 2014 ANGELOS ANASTASIOU | WHITMAN HOWARDSevern Trent Water appears to be on track with no surprises, and Severn Trent Services is performing in line with the updated guidance in the company’s statement from 14 February. However, of greater interest remains the outcome of the price control review and potential takeover attractions. JAMES BRAND | DEUTSCHE BANKSevern [...]
Shares slump at Kingfisher after earnings miss May 29, 2014 KINGFISHER’S shares fell nearly five per cent yesterday after first quarter profits fell short of City expectations, despite its B&Q chain delivering its best performance in a decade. The group, which also owns Screwfix and Castorama in France, said underlying operating profits increased by 20.3 per cent to £142m in the 13 weeks to 3 [...]
Westfield delays vote to split up its empire as shareholders object May 29, 2014 WESTFIELD yesterday delayed plans to restructure its AU$70bn (£39bn) empire after shareholders failed to back the plan. Westfield Group, which is listed in its Australian homeland, plans to form a company called Westfield Corporation to house its UK and overseas operations, but delayed the crucial vote by up to two weeks after shareholders looked unlikely [...]
Watchdog fears it is scaring off City innovators May 29, 2014 INVENTORS creating new finance technology will be welcomed into the City watchdog to find out how regulations can be made to work for them, Financial Conduct Authority (FCA) chief executive Martin Wheatley said yesterday. He has spent the last year setting up a new era in regulation which aims at protecting consumers from possible misleading or [...]
Electra spared Bramson activism as investment and returns mount May 29, 2014 ELECTRA Private Equity yesterday said it was still in the dark about why activist Ed Bramson had built a near 20 per cent stake in the firm, as it unveiled encouraging results. Management at the listed group, which yesterday posted a five per cent rise in the value of its assets, said it had met [...]
3i selling spree gathers pace May 29, 2014 PRIVATE equity outfit 3i yesterday continued its bout of selling portfolio companies by offloading German motor engine part maker Hilite International. The deal, which is worth £384m, follows a series of disposals last year by the group, which made the company £669m. Hilite has been sold to a subsidiary of Aviation Industry Corporation of China. [...]
Row over Uber app heading to the High Court May 29, 2014 TRANSPORT for London has asked the High Court to endorse its view that the Uber car booking service complies with laws on taximeters. The Licenced Taxi Drivers Association, which has criticised the app for unfairly competing with London’s black cabs, said the decision does not affect its plans to hold protests over Uber’s tactics on [...]
Profit down at Hastings despite 25 per cent increase in customers May 29, 2014 INSURER Hastings has announced a fall in pre-tax profit for the first quarter of the year, from £17m in the first three months of 2013 to £14m in 2014. The news comes despite an increase in customer numbers from 1.20m to 1.51m, a 25 per cent rise, and a 26 per cent increase in gross [...]
Pay policy blow for Lookers as 36 per cent vote against plan May 29, 2014 MORE than a third of voting investors voted against pay plans at London-listed car dealership Lookers yesterday, making it the latest firm to endure a rebellion. The firm said 36 per cent of shareholders who voted rejected its remuneration policy, while a further nine per cent abstained on the vote. All other resolutions at the [...]