Porta Communications snapping up media agency Redleaf Polhill April 23, 2014 PORTA Communications yesterday bought a majority stake in smaller rival agency Redleaf Polhill as part of its effort to expand further. Aim-listed Porta, which this week announced a new office in Doha, said it will pay £1.8m for a 51 per cent holding in Redleaf, with an option to buy the rest over the next [...]
Paper distributor Connect jumps as plan to diversify stays on track April 23, 2014 NEWSPAPER and magazine wholesaler Connect Group, formerly known as Smith News, yesterday reported a 20 per cent rise in pre-tax profits as acquisitions and cost cutting helped offset a slide in revenues. The company reported £898.7m in revenue in the six months to the end of February, down 0.7 per cent from a year ago, [...]
Kentz secures £75m deal in Kuwait April 23, 2014 Kentz, the FTSE 250 engineering and construction firm, yesterday said it has been awarded a $125m (£74.5m) by Fluor Kuwait Company. Under the five-year deal, Kentz will supply technical and supervisory staff to meet Fluor’s requirements on a contract for Kuwait Oil Company. “We are very pleased to have been awarded this major contract that [...]
Petra rises on sparkling results April 23, 2014 Petra Diamonds’ share price climbed over three per cent yesterday, after the diamond miner reported a 55 per cent increase in third-quarter revenue to $163.9m (£97m). The FTSE 250 company said it is “firmly on track” to meet its full-year production target of around three million carats. Revenue will be weighted towards the second half [...]
Rolls-Royce wins new contracts April 23, 2014 Aerospace giant Rolls-Royce yesterday said that it has secured a $400m (£238m) engine service support agreement from a new client, Azul Brazilian Airlines. The Brazilian budget carrier has also agreed to operate 11 Airbus aircraft, powered with Rolls-Royce’s Trent engines. The FTSE 100 firm separately unveiled a $39m contract to support engines for aircraft operated [...]
City Moves for 24 April 2014 | Who’s switching jobs April 23, 2014 Bircham Dyson Bell Harriet Morgan has been appointed partner in the law firm’s private wealth team. She joins from Reed Smith, where she has been a tax partner since 2006. Morgan has particular experience in tax issues involving banking and asset finance, private equity and real estate. AMP Capital The specialist investment manager has appointed [...]
Best of the Brokers for 24 April 2014 April 23, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com PREMIER FOODS Jefferies has restarted coverage on the food maker with a “buy” rating and 90p target. The broker thinks fears of a grocery price war are overdone and believes the company can weather the pressure to deliver on its 2014 forecasts. THOMAS [...]
London Report: Takeover hope and US expansion keep FTSE 100 on a high April 23, 2014 US expansion plans for Associated British Foods and expectations of consolidation in the drugs sector kept Britain’s top share index near a two-week high yesterday. Clothing and food conglomerate AB Foods surged 8.8 per cent, its best one-day percentage gain for 14 years, after saying its fast-growing clothing chain Primark is to set up in [...]
New York Report: Wall St breaks winning run April 23, 2014 US stocks dipped yesterday to snap a six-session winning streak as gains in Boeing and Gilead were offset by slides in AT&T and the wider biotech sector. The Dow Jones industrial average fell 12.72 points or 0.08 per cent, to end at 16,501.65. The S&P 500 lost 4.16 points or 0.22 per cent, to 1,875.39. [...]
Retail successes and failures in the US April 23, 2014 Primark is making its first foray into the US, which has in the past proved to be a tough market to crack and one often described as the graveyard of UK retailers. However alongside a number of failures there have been several success stories. BurberryBurberry has proved to be one of the biggest British retail [...]