Reckitt defies recession with annual profit surge February 10, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. “Our five per cent target is [...]
Single stain on spotless results February 10, 2010 ON the surface, these results are sparkling, as if they’ve been polished up with a can of Reckitt Benckiser’s Brasso. Full year sales are up 18 per cent, pre-tax profit is up 28 per cent and the final dividend of 57p brings the total to £1 – a 25 per cent hike. Emerging markets are [...]
Hands in call to arms against regulation February 10, 2010 GUY Hands, the chairman of private equity group Terra Firma, yesterday urged members of his industry to push back against “populist moves” to increase regulation. Hands, speaking at the Super Returns conference in Berlin, said that current moves on both sides of the atlantic to tighten regulation of the private equity industry, would “hamper and constrain [...]
Hargreaves beats 50pc tax February 10, 2010 HARGREAVES Lansdown, the investment advisory giant, is to hand its shareholders a special dividend to maximise returns before the top rate of income tax jumps in April. The Bristol-based company announced the unusual move as it revealed a nine per cent increase in pre-tax profits to £39.8m for the six months to the end of [...]
Temasek sets up an Asian focused investment firm February 10, 2010 SOVEREIGN wealth fund Temasek Holdings yesterday confirmed that it is setting up a new global investment firm called Seatown, which will be headed by its chief strategist Charles Ong. Seatown – the English translation of Temasek – is expected to have an investment capital of around $3bn (£1.9bn) to be invested in emerging markets with [...]
Vacancies lure bankers into new role hunt February 10, 2010 The jobs market in the City got off to a good start this year, with job opportunities in financial services jumping by 60 per cent last month. Newly available job vacancies surged to 4,646 from 2,898 a year ago, when hiring in the sector hit a low point. Following the usual seasonal dip in hiring [...]
Encouraging signs for job-seeking graduates February 10, 2010 THE number of opportunities for graduates remains in decline, but not by as much as previously expected. And for those hoping to enter the City after university, prospects remain good, according to the latest report from the Association of Graduate Recruiters (AGR). As I have argued in this column before, the City remains an excellent [...]
Autonomy builds a £500m war chest for acquisitions February 10, 2010 AUTONOMY was back on the acquisition trail yesterday, raising £500m in a convertible bond issue to snap up a target in the US. Chief executive Mike Lynch said: “We’ve got our eye on a couple of potential targets, but we need to get the cash before we can start having proper conversations.” He said Autonomy [...]
Bidders circle German Kabel February 10, 2010 A CLUSTER of private equity firms are circling Kabel Deutschland, the German cable TV operator chaired by former BSkyB chief executive Tony Ball, it emerged yesterday. BC Partners and CVC Capital Partners joined forces earlier this week to launch a combined offer for the business. Bain Capital is also considering making an offer, while other [...]
Competition Commission to continue fight over BAA sale February 10, 2010 THE Competition Commission (CC) is continuing its fight to force BAA to sell some of its airports, challenging a tribunal judgement giving BAA the right to appeal. The Competition Appeal Tribunal (CAT) last year ruled that the CC’s decision that Ferrovial-owned BAA should dispose of London Stansted and Scotland’s Edinburgh or Glasgow airports within two [...]