Caledonia reveals strong performance May 28, 2014 Investment trust Caledonia has revealed strong full-year results for the period ending 31 March. Net asset value per share was up 14.9 per cent on the previous year and the company posted a net asset value of £1.45bn. The annual dividend per share is 49.1p, compared to 47.2p for 2013. Chief executive Will Wyatt said: [...]
Brewin delivers the goods amid cost reductions May 28, 2014 WEALTH manager Brewin Dolphin yesterday reported a near three-fold increase in pre-tax profits after boosting margins and cutting costs. The business, which reshuffled its management in March 2013 by ap-pointing new chief executive David Nicol, said pre-tax profits for the six months ending March this year rose to £21.4m, up from £6.8m. The FTSE 250 [...]
Telford Homes doubles earnings as Londoners clamour for houses May 28, 2014 HOUSING developer Telford Homes saw its profits double over the past year and said it expected them to double again by 2018, thanks to the unsated appetite for homes in the capital. The London-focused group reported yesterday that profit before tax increased to £19m in the year to 31 March, compared with £9m the previous [...]
Tchenguiz former property firm says turnaround plan paying off May 28, 2014 PEVEREL, the property services group that was once owned by Vincent Tchenguiz, said yesterday that its turnaround plan was paying off as parts of the business returned to growth last year. In its first set of results since being bought out of administration, the group said turnover was broadly flat at £72.49m last year while [...]
World Cup tips? Check out who Goldman backs May 28, 2014 WHEN it comes to getting your World Cup odds this summer, you’re more likely to head to Ladbrokes or your mate Tommy down the local boozer than banking giant Goldman Sachs, but there’s a chance you’d be better off going with Goldman. The bank’s World Cup and Economics Guide is out: it backs Brazil to [...]
Top City PR Brian Basham returns May 28, 2014 VETERAN City-spinner Brian Basham is back on the scene. The Broad Street Associates legend has launched a crowdfunding firm called ArchOver, aiming to help out cash-strapped SMEs. Some of the advertising planned for the firm involves slogans such as “RIP Banks” – but Basham isn’t worried about upsetting his old City pals. “It’s slightly tongue-in-cheek,” [...]
City Moves for 29 May 2014 | Who’s switching jobs May 28, 2014 Julius Baer The private bank has appointed Massimo Luca Hilber to its UK management team as head of relationship management. He has over 32 years’ experience in wealth management, and joins from Aris Primepartners,having previously worked at Marcuard Asia, Deutsche Bank and Credit Suisse. Atom Bank The challenger bank has appointed Paul Hanks as chief [...]
Best of the Brokers for 29 May 2014 May 28, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com VODAFONE Berenberg has downgraded Vodafone to “hold” from “buy”, reducing the target price to 214p from 265p as a result of higher pressure on margins and sharply reduced prospects of an offer from AT&T. The broker said that the reduction in price target [...]
London Report: Investors brush off Glaxo fraud probe as FTSE edges up May 28, 2014 BRITAIN’S top shares edged up yesterday, with pharma giant Glaxosmithkline’s stock falling by only a relatively modest amount after the UK fraud office launched a criminal investigation into its commercial practices. The FTSE 100 closed up 6.28 points, or 0.1 per cent, at 6,851.22 points. The drugmaker fell 1.6 per cent on news of the [...]
New York Report: Dow Jones falls on a quiet day May 28, 2014 PROFIT taking sent US stocks down yesterday as investors took a breather after four days of solid gains fueled by positive economic data. The Dow Jones industrial average fell 42.32 points or 0.25 per cent, to 16,633.18. The S&P 500 lost 2.13 points or 0.11 per cent, to end at 1,909.78, and the Nasdaq Composite [...]