Snow+Rock set to expand after management buyout September 14, 2010 OUTDOORS specialist Snow+Rock Sports has been bought by its management, backed by private equity firm LGV capital, for an undisclosed sum. The management, led by managing director Dion Taylor, have put their own money into the retail chain, which has 35 stores and three commercial websites. Taylor said: “Andrew Brownsword and Jeremy Hancock helped us [...]
Rio Tinto plans to expand its diamond mine September 14, 2010 LONDON-listed miner Rio Tinto announced plans to expand its Argyle diamond mine in Western Australia yesterday, the latest step in its plan to spend about $13bn (£8.4bn) through the end of 2011 to boost growth. Rio Tinto said it plans to invest $803m to develop an underground mine under the existing open pit, ramping up [...]
SuperGroup in sales boost September 14, 2010 SuperGroup – the British company behind the Superdry fashion brand – yesterday reported soaring sales after a highly successful flotation. Total sales leapt 59.8 per cent to £32.8m in the three months to 1 August as its trademark hoodies and checked shirts continued to fly off the shelves. The company’s shares closed 3.7 per cent [...]
Debenhams is bullish as tips profit up 20pc September 14, 2010 DEBENHAMS yesterday said that its pre-tax profit for the year would rise 20 per cent – thanks to rising online sales and the performance of its designer ranges. The company suggested profit would hit £150m as its discounting and store expansion helped to fuel figures £3m above analysts’ forecasts. However, sales at stores open at [...]
ANALYST VIEWS: IS DEBENHAMS’ FORECAST REALISTIC? September 14, 2010 CAROLINE GULLIVER| EXECUTION NOBLE Debenhams’ guidance for the full-year looks as though profits, margins and debt levels are encouraging. Debenhams is the cheapest retailer in the sector, and we think the valuation does not give sufficient credit to the 20 per cent profit growth that will be achieved this year, or the continuing opportunity for [...]
Ashmore sees a 36 per cent hike in profits September 14, 2010 Emerging markets fund manager Ashmore smashed forecasts with an astonishing 36 per cent rise in full-year profit. It was boosted by a sharp increase in investor appetite for its core debt products. The British-based specialist manager reported a pre-tax profit of £217m for the year to June, compared with a forecast for £196m. Performance fees [...]
National Express granted extension for East Anglia September 14, 2010 The Department of Transport yesterday granted National Express a 28- week extension on its East Anglia rail franchise. East Anglia services run between London’s Liverpool Street Station and Eastern England destinations, including Peterborough and Norwich. It was announced by the Labour government in late 2009 that National Express would have its seven year franchise agreement [...]
Crossrail, Tube investment worth £78bn to UK economy September 14, 2010 INVESTMENT in Crossrail and Tube upgrades are worth £78bn to the UK economy, the London Assembly’s transport and economic development committees have argued in a letter to chancellor George Osborne. The committees urged Osborne to protect Crossrail and Tube upgrade work from the austerity cuts, warning to do so would be a “false economy” for [...]
Unite: Finance jobs face axe September 14, 2010 OVER 100,000 jobs have been lost in the financial services sector during the last three years with continuing fears by trade union Unite that a “significant” number of jobs are still at risk, despite reports from the UK’s major recruiters that financial services personnel are high in demand. Unite has warned over dangers that a [...]
Shore Capital eyes potential acquisitions after profit lift September 14, 2010 BOUTIQUE investment bank Shore Capital yesterday said pre-tax profits doubled over the first half, despite a challenging period for the markets that included the election uncertainty and sovereign debt crisis in Europe. Shore posted a pre-tax profit of £4.73m for the six months to June, boosted by comparison with £2.92m of balance sheet losses in [...]