Taylor Wimpey upbeat despite large 2009 loss March 3, 2010 TAYLOR Wimpey posted full-year losses of £640.6m yesterday but said there were signs that the house-building market is on the up. The results were an improvement on last year when it recorded a deficit of £1.97bn. However, its revenue for 2009 slipped to £2.5bn from £3.4bn in 2008. The company said “improving conditions” had led [...]
DSG feels VAT effect on sales March 3, 2010 DSG International, Europe’s No.2 electricals retailer, has seen a slight slowing in its UK market following an increase in VAT sales tax, but is enjoying stronger trading elsewhere, its chief executive said. John Browett also said the group was making good progress with its turnaround plan and eight new megastores in particular exceeding its expectations [...]
Advisers steering cash into stocks March 3, 2010 A year-and-a-half after the depths of the financial crisis, independent financial advisers are slowly shifting client assets out of cash and back into the market, brokerage giant Charles Schwab said yesterday. Advisers are pulling money from cash and mutual funds to boost allocations to exchange-traded funds. They are also funneling more dollars into large-cap international [...]
M&A activity in state of flux March 3, 2010 THE days of highly leveraged private equity deals are over, financial research group Mergermarket declared as it published its 2009 round-up yesterday. Reporting a plunge in the value of transactions carried out in Europe last year, the firm predicted “sensible” mid-market deals would replace headline-grabbing mergers as the norm in the post-crisis landscape. Just under [...]
Adecco confident as firms hire again March 3, 2010 ADECCO yesterday said it had gained confidence that the staffing industry will recover despite experiencing an “exceptionally tough” 2009. The Swiss-based group reported a pick up in demand for workers during the latter quarter of 2009 and the first two months of 2010, with North America and France reporting the biggest improvement. “I am pleased [...]
BEST OF THE BROKERS March 3, 2010 BP Nomura rates BP “buy” after the oil group’s recent annual strategy review. The bank said that although BP has not sought to radically shift its agenda, the strategy provides a basis for continued delivery of superior profitability against its sector peers. SCHRODERS Evolution reiterates its “neutral” rating on Schroders ahead of today’s full-year results. [...]
NYSE Euronext eyes derivatives March 3, 2010 THE chief executive of NYSE Euronext yesterday said he is focusing his attention on the exchange operator’s derivatives business in a sign the company sees it as the key driver of revenue growth in coming years. Duncan Niederauer has long said the company’s success hinged on derivatives trading and clearing in Europe and the US, [...]
Restaurant Group serves up profit rise March 3, 2010 RESTAURANT Group – which owns the Garfunkel’s and Chiquitos chains – saw a slim rise in profit last year. Revenues were up five per cent to £436m while pre-tax profits rose two per cent to a higher-than-expected £50m, the company said yesterday. The company has weathered the recession without the massive discounting seen by some [...]
Sportingbet bullish for 2010 in spite of February weakness March 3, 2010 ONLINE gaming firm Sportingbet said February margins had been hit by football results going against it but was confident for the year after posting a seven per cent rise in second quarter profit. The British firm, which gets almost 90 per cent of its bets from Europe, said yesterday its second quarter to 31 January [...]
Adidas looks to World Cup to boost sales as income plunges March 3, 2010 ADIDAS is counting on the World Cup and the revival of its Reebok brand to return to growth this year after posting a weak finish to 2009. The German sportswear company suffered a 64 per cent drop in net income in the last three months of 2009 from a year earlier. The company said yesterday [...]