Co-op hits out at Cameron’s austerity talk August 26, 2010 THE Co-operative Group blasted the government for damaging consumer confidence with talk of an “age of austerity” yesterday, despite revealing an 18 per cent rise in profits. Britain’s largest mutual retailer said it had beaten tough conditions to grow in the first half of the year but predicted a gloomy trading environment until at least [...]
F&C left reeling by fresh cash outflows August 26, 2010 SHAREHOLDERS in F&C Asset Management are watching for a move by activist investor Edward Bramson after the company released a nightmarish set of interim results. Shares in F&C tumbled six per cent to 58p yesterday after the fund manager cut its dividend in half to 1p in an effort to eliminate its net debt by [...]
Earthquake, rig explosion and windstorm curb Chaucer profits August 26, 2010 THE Chilean earthquake, Deepwater Horizon oil rig disaster and European windstorm Xynthia conspired to cut interim profits at Chaucer Holdings by 59 per cent to £7m. Shares in the Lloyd’s of London insurer fell 2.2 per cent to 45p yesterday as it said “an unprecedented level of catastrophes” and a slump in investment performance meant [...]
Diageo offers bleak outlook August 26, 2010 DIAGEO, the world’s biggest spirits group, expects slightly higher profits growth this year driven by developing markets but a cautious outlook hit its shares after meeting forecasts for annual earnings. The London-based maker of Smirnoff vodka, Johnnie Walker whisky and Guinness beer saw strong growth in Latin America, Africa and Asia, which account for a [...]
US and Europe shun premium brands August 26, 2010 RECEIVED wisdom tells us that hard-pressed customers hit the bottle in times of economic woe. If they’re doing that this time round, they aren’t reaching for Smirnoff Vodka or Johnnie Walker whisky. Save for a 13 per cent rise in net sales at the international division, which accounts for Africa, South America and the Middle [...]
William Hill is on track due to World Cup August 26, 2010 Britain’s biggest bookmaker William Hill said it was on track to meet full-year expectations after reporting a one per cent rise in first half earnings. Reflecting industry trends, the firm benefited from a major boost from the World Cup. The company, which operates over 2,300 betting shops in the UK and Ireland, said underlying profit [...]
Playtech sees profits soar as it grows further August 26, 2010 PLAYTECH, the online gaming software firm, yesterday reported a jump in profit of 14 per cent to €37m (£30m), as launches of Italian bingo and French poker networks increased its presence in new markets. Total revenue was up 29 per cent to €72.9 and core profit rose 20 per cent to €54.2. The firm now [...]
ANALYST VIEWS: IS WILLIAM HILL IN LINE FOR A BIG WIN? August 26, 2010 IVOR JONES | NUMIS The share price has continued to be weak and William Hill has fallen to a level where we believe it is right to pick up shares for the medium-term. We are changing our recommendation to ‘add’ from ‘hold’. GEETANJALI SHARMA | EXECUTION NOBLE William Hill’s performance is impressive as its 26 [...]
Avis Europe motors to a profit August 26, 2010 Car rental firm Avis Europe posted its best first-half results in five years, swinging to a profit on new contract wins and cost controls, and signalled growth in markets in Asia and the Middle East. January to June underlying pre-tax profit was €0.3m (£0.2m) compared with a loss of €13.9m a year ago. Rental income [...]
Hikma boosted by rise in sales August 26, 2010 Hikma Pharmaceuticals said a strong performance in US generics and product launches helped its first-half revenue rise 11 per cent and put it on track for similar growth for the year. The Jordon-based company, which sells off-patent generic drugs under its own brands and in-licensed products across the Middle East and North Africa, and generics [...]