Promethean shares hit record low as margins shrink and outlook dims August 24, 2010 Promethean World yesterday saw its shares tumble to an all-time low after a disappointing trading update. The interactive education technology firm posted a surge in profit, but lower margins and a lacklustre outlook sent investors running for cover. The firm, which supplies interactive white boards and learning software to schools, said its gross margins declined [...]
Burger King hikes profit but warns on jobs August 24, 2010 BURGER King reported higher-than-expected quarterly profit as it kept a tight rein on expenses yesterday. Yet the fast-food chain, which counts the infamous Whopper beefburger among its products, said business would remain under pressure in the new year because of lingering unemployment and government austerity programmes in several European countries. Burger King is more vulnerable [...]
CITY VIEWS: DO YOU THINK GCSE EXAMS ARE GETTING EASIER? August 24, 2010 DAVID MARSHALL | CORK, BAYS AND FISHER “I now view schools as politicised agencies. Education has changed, and governments use exams to make themselves look good. Students are taught to get a good grade, and are no longer prepared for life outside of the parameters of the exams.” VAIBHAV TIWARI | EPARTNERS “I am here [...]
Good trading helps Punch cut net debt August 24, 2010 Punch Taverns, the country’s largest pubs group, said yesterday it expected full-year earnings to be slightly ahead of its previous expectations – reflecting a pub improvement programme, a good World Cup and sunny summer weather. The company, which runs more than 7,100 pubs, said sales at pubs it directly manages, which have been open for [...]
Aer Lingus swings to profit and vows to retain its independence August 24, 2010 IRISH airline Aer Lingus swung to profit in the second quarter after cost cuts more than offset the revenue hit from a volcanic ash cloud, and vowed to defend its independence by cutting costs further into next year. Aer Lingus has cut unprofitable US routes, reduced staff and fuel costs to survive in Ryanair’s shadow [...]
ANALYST VIEWS: ARE YOU ENCOURAGED BY THE POSITIVE UPDATE FROM PUNCH? August 24, 2010 HUGH-GUY LORRIMAN | SEYMOUR PIERCE The public statements of Punch are about stabilisation. However, the underlying trend which affects group profit forecasts remains, we believe, negative for the annual period. SIMON FRENCH | PANMURE GORDON We remain positive on Punch as the group continues to make quicker-than-expected progress in improving the operating performance of the [...]
Arctic gas find falls short of Cairn hopes August 24, 2010 OIL explorer Cairn said yesterday it has found “encouraging” gas and oil bearing sands in the Arctic, and remains confident it can produce fuel in the region despite the failure of its first well. Shares dipped four per cent to 445.50p as investors hoping for a major oil find at the well near Greenland were [...]
KNOC says it won’t increase its £1.67bn Dana Petroleum bid August 24, 2010 KOREA National Oil Corporation (KNOC) ruled out raising its £1.67bn hostile bid for Dana Petroleum yesterday after winning the backing of almost half the UK oil explorer’s shareholders, and said it plans to make more acquisitions. Despite a strong set of interim results expected from Dana on Friday, the state-owned KNOC said in a statement [...]
Vedanta vows commitment to India despite government tussle over mine August 24, 2010 VEDANTA suffered a blow to its plans in India yesterday after the government there rejected its plans to mine bauxite in the east of the country. The London-listed miner is already facing regulatory issues over its $9.6bn (£6.2bn) bid for control of Cairn India, which would give billionaire Anil Agarwal’s group a slice of India’s [...]
Wood upbeat despite flat revenue August 24, 2010 British energy services firm John Wood Group said yesterday it is gaining confidence on prospects for the next 18 months from a resumption in projects by oil companies, after suffering a 24 per cent first-half profit drop. The firm, whose customers include oil majors Total and BP, posted a pre-tax profit of $122.6m (£79.3m) for [...]