Analyst Views: Were Serco’s full-year results in line with your expectations? March 4, 2014 SAM THOMAS | CANTOR FITZGERALD The results were disappointing, as we expected. Pre-tax profits decreased around two per cent to £254.4m, below consensus of £258.7m. While we welcomed Friday’s announcement that Soames would become group chief executive, he will have his work cut out. Serco is in need of serious repair. MIKE ALLEN | PANMURE [...]
Verizon in talks over TV content March 4, 2014 Verizon Communications is in talks with content providers to deliver web-based TV services to mobile platforms, chief executive Lowell McAdam told investors yesterday. A day earlier, Dish Network and Walt Disney announced a landmark deal that will allow the no2 satellite TV provider to deliver Disney-owned network content online, outside of a traditional TV subscription. [...]
Private client merger for law firms March 4, 2014 Law firms Bircham Dyson Bell and Ambrose Appelbe yesterday announced plans to merge, creating a new 47-partner practice with a combined annual turnover of around £33m. Ambrose Appelbe’s four private client partners will move into Bircham Dyson Bell’s Victoria office when the tie-up is completed at the start of April, following a unanimous partner vote [...]
JLT reports strong 2013 results March 4, 2014 Insurer Jardine Lloyd Thompson announced strong results for 2013 yesterday, with revenue up 11 per cent to £979.2m from 2012 and profit before tax at £177.4m, 13 per cent ahead of the previous year. Chief executive Dominic Burke said he was pleased with such a “strong set of results.” Analysts welcomed the results but Panmure [...]
Steve Ballmer doesn’t fit the Bill at Oxford March 4, 2014 COULD Microsoft’s former chief executive Steve Ballmer be destined to remain forever in the shadow of the tech giant’s illustrious founder Bill Gates? The recently retired boss appeared at Saïd Business School, Oxford yesterday to talk in front of a packed audience of MBAs and was repeatedly called “Bill” by host, Professor Peter Tufano. Ballmer [...]
Justin King swears off crisps for Lent as City figures quit meetings March 4, 2014 STOCKS of crisps at the Sainsbury’s Local next to the supermarket’s Holborn HQ are likely to be more bountiful than usual from today, as it turns out chief executive Justin King has given up crisps for Lent. Forty days of abstinence kicks off today – but what are City figures giving up? Well, CEO of [...]
Livery Master falls flat as a Pancake in race March 4, 2014 THE CITY’S historic Livery Companies gathered at Guildhall yesterday for the annual Poulters Company Pancake Race. Dressed in their fur-lined robes, topped with chef hats and armed with frying pans they raced. Unfortunately, one (unidentified) Master came a cropper but luckily St John’s Ambulance was on hand and no injuries were sustained.
BP plans oil and gas spin-off to compete in US March 4, 2014 OIL MAJOR BP yesterday said it plans to spin off its US onshore oil and gas assets into a separate business, to help it compete better in the rapidly changing North American energy market. The new business will operate separately from the rest of BP, with a different management team. The changes are intended to [...]
Ashtead soars as it reaps the rewards of American recovery March 4, 2014 EQUIPMENT rental firm Ashtead soared to the top of the FTSE 100 yesterday, after it unveiled a 54 per cent rise in third-quarter profit and lifted its full-year guidance. The company, which makes 85 per cent of revenues from its US division Sunbelt, reported pre-tax profit of £80.4m, with revenue up 22 per cent to [...]
Meggitt chief eyes acquisitions this year after revenues grow March 4, 2014 THE CHIEF executive of Meggitt yesterday said the engineering firm is open to M&A deals this year, as it posted strong full-year results that were in line with expectations. “Our customers want to reduce their supply chain,” Stephen Young told City A.M. “We’re absolutely interested in acquisitions, but it has to be at the right [...]