Higher rates hit Costain’s results March 10, 2010 COSTAIN, construction firm, posted a 22 per cent fall in full-year pre-tax profit yesterday, hurt by higher pension interest charges and lower interest rates, but said it was looking to the future with confidence. The company posted a pre-tax profit of £18.1m, compared with £23.1m a year ago. Sales climbed 6.5 per cent to £1.06bn. [...]
Industrial production down March 10, 2010 INDUSTRIAL production in the UK fell by 0.4 per cent in January, official figures showed. The drop came after a relatively strong performance in December. Manufacturing output fell 0.9 per cent, according to the Office for National Statistics (ONS). However year-on-year manufacturing output recorded its first rise since March 2008, up 0.2 per cent. The [...]
BAA passenger numbers up March 10, 2010 BAA saw its first rise in domestic passengers in two years for last month as Brits started flying again after improvements in the economy. The operator reported that the number of people flying between British destinations grew 1.1 per cent to 1.35m. BAA said its six British airports, including Heathrow, had an overall 2.4 per [...]
BAA passenger numbers up March 10, 2010 BAA saw its first rise in domestic passengers in two years for last month as Brits started flying again after improvements in the economy. The operator reported that the number of people flying between British destinations grew 1.1 per cent to 1.35m. BAA said its six British airports, including Heathrow, had an overall 2.4 per [...]
Tullow Oil profit plummets by 92pc March 10, 2010 TULLOW Oil’s full year profits plummeted as a slump in oil and gas prices took the shine off outstanding exploration success. The FTSE 100 oil exploration group posted a 92 per cent drop in after tax profit to £19m, compared to £226m in 2008, while sales revenue shed 16 per cent to £582m. The group [...]
Brown says budget to take place “in two weeks” March 10, 2010 THIS year’s Budget will be held in “two weeks’ time”, Prime Minister Gordon Brown has confirmed. The 24 March budget will be six weeks ahead of an election date tipped for 6 May. Brown said the government had guided the economy through a “storm” at a speech in Canary Wharf. The Prime Minister said on [...]
Northern Rock losses narrow March 10, 2010 LOSSES at nationalised bank Northern Rock shrank to £257.4m last year, as income levels picked up and bad loans lessened in the second half of the year. This compares to a £1.36bn pre-tax loss in 2008, when the beleaguered lender was feeling the full force of the financial crisis. Rock, which was taken into the [...]
Standard Life beats profit forecasts March 10, 2010 INSURER Standard Life saw its 2009 operating profit slip 1.5 per cent to £919m. The result was well above forecasts thanks to a strong performance in Britain and Asia. Standard Life aims to cut costs by £75m by the end of this year and has already achieved £47m of that by restructuring its customer services [...]
Barclays on hunt to buy US banks March 9, 2010 BARCLAYS is seeking to buy a large US retail bank in a bid to bolster its high street presence in the US, bringing it in line with the booming performance of its investment banking division Barclays Capital. Antony Jenkins, chief executive of global retail banking, is heading up an internal team charged with building on [...]
Break even or else, says soccer boss March 9, 2010 IVAN GAZIDIS, the chief executive of Arsenal, has told City A.M. he is firmly behind Europe-wide proposals to force all football clubs to break even. Clubs would have to balance the books over a three-year rolling cycle, starting in 2012, under so-called financial fair play rules discussed by leading sides and European governing body Uefa [...]