Travelex warms up for IPO with rising earnings March 10, 2014 FOREIGN exchange shop Travelex yesterday confirmed it is hoping to float on the stock market after a period of investment in its overseas business and technology division drove profits higher. The firm, a fixture of airports around the globe, said it was exploring a number of strategic options for the group, which included an initial [...]
Mothercare takes baby steps with interim hire March 10, 2014 MOTHERCARE yesterday announced it had hired retail veteran Mark Newton-Jones as its interim chief executive as it searches for a long-term boss for the struggling business. Newton-Jones, who takes up the reins next Monday, was chief executive of the internet and home shopping business Shop Direct for nearly a decade, until July last year. His [...]
Fallon boost to energy industry with tax cut hint March 10, 2014 GOVERNMENT minister Michael Fallon hinted at good news for the energy industry in the chancellor’s Budget next week, during a speech yesterday. The energy and business minister warned that green levies are still crippling the industry and keeping consumer’s bills high. In a bid to avoid job losses, Fallon said the government would look at [...]
Rolls-Royce investors hail Tognum takeover March 10, 2014 ROLLS-ROYCE shares led the FTSE 100 yesterday as the market cheered Friday’s news that the engineering giant is buying the rest of Tognum. Rolls-Royce, which bought the German engine maker in a 50-50 venture with Daimler three years ago, is spending an estimated £1.9bn to buy out its partner. “The using of cash and borrowing [...]
Analyst Views: What does owning the rest of Tognum do for Rolls-Royce? March 10, 2014 BEN BOURNE | LIBERUM The other half of Tognum and Bergen allows Rolls-Royce to progress R&D without any conflicts and brings more balance to the group between gas turbines and reciprocating engines. The technology is complementary and offers exposure to different long term market and investment cycles. ANDY CHAMBERS | CANTOR FITZGERALD The acquisition should [...]
Reckitt shares slide up after K-Y acquisition March 10, 2014 RECKITT Benckiser, the consumer conglomerate behind Nurofen painkiller and Durex condoms, has expanded into lubricants after buying the global rights to K-Y from Johnson & Johnson yesterday. Shares in the firm defied a tumbling FTSE 100 yesterday to close up 0.3 per cent. Reckitt, which did not disclose the price of the deal, said K-Y [...]
Asos Indian rival Koovs raises £22m in London market debut March 10, 2014 AN INDIAN online fashion retailer set up by the former chairman of Asos launched on London’s Aim yesterday after raising raised £22m via a share placing. Shares in Bangalore-based Koovs were placed at 150p but jumped to 184p last night, valuing the company at around £44m. The company was founded in 2012 by Lord Alli [...]
Goals Soccer scores £11m placing March 10, 2014 GOALS Soccer Centres raised £11.4m through a share placing yesterday as the group revives expansion plans that were put on ice last year after a failed takeover approach bid by a Canadian pension fund. The five-a-side football pitch operator placed 5.2m new shares, equal to around 9.9 per cent of its existing share capital, to [...]
HgCapital figures disappoint March 10, 2014 HgCapital Trust, the listed private equity vehicle, reported a poor set of full year results yesterday. The group behind brands such as spreadbetters Sporting Index and telecom firm Manx said the value of its assets fell 1.6 per cent for the full year ending December. Weak trading at two of its firms – Lumesse and [...]
Capita selected for MoD contract March 10, 2014 FTSE 100 outsourcing firm Capita yesterday said it has been selected as preferred bidder by the Ministry of Defence for a £400m 10-year contract to support the management of its military estate. “The partnership will help to unlock the knowledge, skills and resources that already exist within the defence infrastructure organisation, while adding capability to [...]