Growth figures show signs of rebalancing February 26, 2014 Latest estimates from the Office for National Statistics have confirmed that the UK's economy grew by 0.7 per cent in the fourth quarter of last year. That's in line with analyst estimates, who expected no change from the initial estimate. The ONS noted that "there have been encouraging signs recently across the three approaches to [...]
Big six energy companies face fresh scrutiny over accounts February 26, 2014 Energy regulator Ofgem has outlined plans for further scrutiny of the accounts of the big six energy companies, as well as attempts to remove barriers to entry for new competitors. The regulator confirmed that a range of new measures will make the annual statements of the larger energy companies more useful and accessible. In a [...]
Co-op confirms farm sell-off amid group turmoil February 26, 2014 The Co-op is preparing to sell its farming operations, which includes 15 farms, as well as its 750 pharmacies in an effort to stem the company's losses. The Co-op is expected to post its worst ever results of a £2bn loss, primarily from the company's banking arm, when it releases its results on 26 March. [...]
Taylor Wimpey announces special dividend on profit jump February 26, 2014 Taylor Wimpey is the latest house builder to report impressive results on the back of a surging housing market. The developer saw profit before tax jump 47.6 per cent last year, to £268.4m. It said it saw a “significant step in both interest levels and sales rates” because of Help to Buy. It said it [...]
Travis Perkins profits jump as Help to Buy boosts confidence February 26, 2014 Building merchant Travis Perkins has reported a rise in profits before tax of 12 per cent to £321m for the year ended 31 December. Revenue climbed to over £5bn, with annual growth of five per cent on a like-for-like basis. The company partly attributed the rising confidence in the building industry to the government's controversial [...]
What you need to know before the open February 26, 2014 Markets are set to open mixed this morning ahead of UK GDP data, and with China fears pulling down metal prices. US markets finished a touch lower yesterday, but have weathered well the string of unimpressive data the country’s seen. Over in Asia, the Nikkei came down from a 4-week high, tainted by US data, [...]
Petrofac sees modest growth but reiterates cautious outlook February 26, 2014 Petrofac saw modest growth in net profit last year, up three per cent to $650m (£390m). But the oil and gas services firm expects little growth if any this year before heading back to increased earnings in 2015. The British company says it expects to deliver “flat to modest growth” in net profit in 2014. [...]
ITV profits boom after best on-screen performance for a decade February 26, 2014 Broadcaster ITV has reported a jump in profits before tax of 30 per cent to £435m for the year ended 31 December. 2013 marked the fourth year in a row of double digit profit gains for the company. Growth in online, pay & interactive of 16 per cent drove broadcast and online revenues up by [...]
Asian shares flat as investors look to Yellen testimony February 26, 2014 Asian markets are flatlining in the wake of a relatively calm day on Wall Street and a lack of significant economic data. Investors are remaining cautious ahead of Federal Reserve chair Janet Yellen's testimony on Thursday. Markets will also be looking to whether the People's Bank of China will undertake further market reforms and seek [...]
Tesco retreats as Clarke puts the brakes on February 25, 2014 Supermarket pulls out of the space race with plans to slash spending and cut prices TESCO’S chief executive pledged yesterday to put the brakes on its UK expansion and spend £200m slashing prices as Britain’s biggest grocer seeks to revive sales and win back falling market share. Speaking at an investor conference, Philip Clarke laid [...]