ANALYST VIEWS: WHAT DID YOU MAKE OF CENTRICA’S RESULTS? February 25, 2010 JONATHAN JACKSON | KILLIK CAPITAL Centrica was slightly ahead of market expectations. Earnings per share were maintained at 21.7p as a strong performance at British Gas Residential and a lower tax bill helped offset weaker wholesale gas prices and lower production. The outlook for 2010 is positive. LAKIS ATHANASIOU | EVOLUTION SECURITIES Solid set of [...]
CIBC and National Bank of Canada deliver stronger than expected growth February 25, 2010 TWO of Canada’s big banks kicked off earnings season with stronger-than-expected growth in profits yesterday, setting the stage for a rise in bank shares and upping the ante for rivals’ profits next week. Canadian Imperial Bank of Commerce said profit more than quadrupled in the first quarter, helped by volume growth in its retail markets [...]
EADS secures Airbus rescue February 25, 2010 EUROPEAN nations agreed yesterday to pump in €3.5bn (£3.1bn) to save the delayed Airbus A400M airlifter, but left key details unresolved after more last-minute haggling over loans and jobs. Technical problems have pushed the troop plane four years behind schedule and €11.2bn over budget, threatening 10,000 jobs. After savings and writedowns, Airbus parent EADS still [...]
Iberia bets on BA merger as it reveals record losses February 25, 2010 SPANISH airline Iberia posted a record operating loss yesterday, hit by declining air travel and underscoring challenges facing the industry as the airline seeks shelter in a merger with British Airways. “This market has changed for good. Traditional airlines as we know them will disappear, but we’re not crying here,” Iberia chairman Antonio Vazquez said. [...]
Centrica is confident on the future February 25, 2010 CENTRICA, the UK’s largest energy supplier, recorded a seven per cent drop in profit for 2009 due to lower wholesale gas and power prices. However, sales were up five per cent to £21.96bn and the supplier expects wholesale gas prices to rise again in 2010, although this is expected to be below levels seen in [...]
GKN sees its profits halve February 25, 2010 Automotive and aerospace engineer GKN said full-year trading profit halved but the outlook for its major markets is mainly positive. Trading profit fell to £152m for the year ended 31 December 2009 from £221m the year before. Sales for the period were down three per cent at £4.2bn.
Dunelm’s first half results cheer February 25, 2010 British homewares retailer Dunelm yesterday reported a 69.3 per cent rise in first-half pre-tax profit, with Seymour Pierce saying the results came in well ahead of its expectations. Dunelm posted first-half profit before tax of £46.2m, compared to £27.3m for the same period last year, and also proposes a return of capital to shareholders of [...]
Profits plunge at Bodycote February 25, 2010 Engineering firm Bodycote reported a decline in full-year pre-tax profit warning that it expects a full recovery from the slump to take several years. Headline pre-tax profit fell to £3.7m for the year ended 31 December from £67.6m a year before. Revenue declined to £435.4m from £551.8m the year before.
Capita loses out on contracts February 25, 2010 Capita reported a sharp drop in contract wins in the past year, overshadowing the outsourcing company’s hopes for a strong 2010 once Britain’s forthcoming general election is out of the way. The contracts figures eclipsed a 17 per cent rise in underlying pre-tax profit last year to £325m, ahead of an average analyst consensus estimate [...]
A £53M CHEQUE GETS YOU THINKING February 25, 2010 WITH The Capitalist taking a well earned holiday, this ancient scribe has been ruminating over a few whimsical anecdotes that he has come across over the past 47 years in the City of London. My first recollection while learning the merchant banking ropes at Philip Hill, Higginson, Erlangers was to be sent to collect a [...]