New Look’s turnaround man quits March 6, 2014 NEW LOOK chairman Alistair McGeorge, credited with driving the fashion retailer back into profit, is stepping down. McGeorge joined the firm three years ago from Matalan and guided the firm through last year’s £800m bond issue, enabling it to get back into the black. “It’s the right time to seek new challenges,” he said yesterday. [...]
Spotify snaps up Massachusetts music data firm The Echo Nest March 6, 2014 MUSIC streaming service Spotify yesterday bought The Echo Nest, a Massachusetts-based music data firm that helps users put together playlists and generates recommendations. Financial terms of the deal were not disclosed, but the tie-up will give Spotify access to The Echo Nest’s database of more than 30m songs. “We’ve been fans of The Echo Nest [...]
Thomas Cook wins big at the PwC Plc Awards March 6, 2014 THE GONGS were flying at the Grosvenor House Hotel last night for the PwC Plc Awards. Host Mishal Husain (of BBC fame) told the crowd how organiser Ian Restall likes to keep a tight ship and sure enough it was all over by 10pm with award-giving kept to an unusually neat 35 minutes. The Lazarus [...]
PLC awards 2014 and the winners are… March 6, 2014 …THE LIST IN FULL COMPANY OF THE YEAR Xaar ENTREPRENEUR OF THE YEAR Julian Dunkerton, Supergroup NEW COMPANY OF THE YEAR Merlin Entertainments TURNAROUND OF THE YEAR Thomas Cook Group FUND MANAGER OF THE YEAR Mike Prentis, Blackrock ACHIEVEMENT IN SUSTAINABILITY Thomas Cook Group BEST PERFORMING SHARE AWARD Ocado BEST INVESTOR COMMUNICATION IP Group BEST TECHNOLOGY [...]
Inmarsat gears up for space test March 6, 2014 INMARSAT hopes to start testing its new broadband service beamed from space later this year, following a solid 2014 for the satellite group that “ended with a flourish”, said boss Rupert Pearce. The firm, which launched its first Global Xpress satellite into orbit in December, has already signed up Air China to test the service [...]
Aggreko soars as investors get £200m payout March 6, 2014 AGGREKO delighted investors yesterday with in-line results, a £200m special dividend and a better-than-expected outlook for 2014. The FTSE 100 temporary power provider’s shares soared around nine per cent in early trading, before settling later in the day and closing 3.5 per cent higher. “After nine consecutive years of growth, 2013 proved to be a [...]
Investors dump IMI stock after it warns margins will be lower March 6, 2014 IMI’S share price slumped over four per cent yesterday, after the engineering firm warned that first-half margins would be hit by costs relating to new product launches and some emerging market exits. The FTSE 100-quoted company also warned that currency exchange rates would eat into profits, but said it expects modest organic revenue growth in [...]
New UK car sales are showing few signs of braking March 6, 2014 BRITISH motorists kept buying new cars in February, industry data out yesterday showed. Registrations rose three per cent on a year ago to 68,736 cars. February is a traditionally quiet month for car purchases ahead of the new year’s number plates being released in March. The Society of Motor Manufacturers and Traders has forecast a [...]
Unite launches £100m placing as it plots student digs expansion March 6, 2014 STUDENT housing developer Unite raised £100m yesterday through a share placing as the group seeks to take advantage of growing student numbers and expand its footprint in key regional university towns and cities around the UK. Half of the cash will go towards a £125m plan announced last year to develop 2,500 beds in regional [...]
Cobham boss warns of tough year ahead as profits fall 38pc March 6, 2014 COBHAM’S chief executive yesterday warned that trading would decline in 2014, as full-year profits plunged 38 per cent due to US budget cuts. “Trading conditions are expected to remain challenging in 2014 with potentially significant foreign currency headwinds and continued pressure on US defence and security investment accounts,” said Bob Murphy. “However, we anticipate that [...]