E&Y forecast warns of hard times to come January 24, 2010 UK companies should brace themselves for “a bumpy recovery”, despite a fall in the number of profit warnings in the final quarter of 2009, says a report from accountants Ernst and Young. While only 50 companies issued profit warnings in the fourth quarter, the lowest level in six years, this year is expected to be [...]
Aim growth forecast in 2010 as market hits four year low January 24, 2010 THE number of firms listed on the Alternative Investment Market (Aim) fell in 2009 to its lowest level in over four years, after the combined impact of low share prices, illiquidity and fundraising difficulties prompted a slew of delistings during the crisis. Last year saw 293 firms leave Aim, according to accountancy firm Baker Tilly. [...]
CITY MOVES | WHO’S SWITCHING JOBS January 24, 2010 Cobham The aerospace and defence systems group has appointed National Express chairman John Devaney as its new non-executive chairman, effective from February. Devaney, 62, has a wealth of experience in the business world. He has just stepped down as a non-executive director at Northern Rock, and has also previously been chairman of technology and telecoms [...]
BEST OF THE BROKERS January 24, 2010 CLOSE BROTHERS Shore Capital has resumed coverage of Close Brothers with a “hold” rating after a pre-close update last week. The broker said the group’s mixed divisional performance – with strength in banking and securities but a more modest start to the year in asset management – shows it remains susceptible to the uncertain economic [...]
Hugh Osmond returning to the market January 24, 2010 THE founder of pub chain Punch Taverns is returning to the market to raise up to £500m for an investment vehicle aimed at buying distressed companies and funds. Hugh Osmond, who also floated Pizza Express, is joining other City heavyweights to launch Horizon, which will try to raise the cash via a public offering on [...]
Swiss yet to deliver UBS client data for US probe January 24, 2010 Switzerland has not yet handed over data on clients of UBS to the US authorities as part of a probe into possible tax evasion among wealthy bank customers, a government spokesman said yesterday. However, the Swiss government does not know how many UBS customers may have handed over their details to the US tax authorities, [...]
M&B row with rebel reaches fever pitch.. January 24, 2010 BOSSES of All Bar One owner Mitchells & Butlers are steeling themselves for a showdown with rebel shareholder Piedmont at its annual meeting on Thursday. The company is facing a bid by Piedmont, which owns 23 per cent of the business, to install four independent directors on the board. Piedmont is understood to want M&B [...]
Headwinds will continue for years to come January 24, 2010 At the time of writing, Britain is the only G20 country still in recession but finally, after two years in decline, there is hope that our economy is finally growing again. It is widely anticipated that the Office for National Statistics will tomorrow announce that the most prolonged recession to hit the UK since records [...]
…as pub groups report strong sales January 24, 2010 MITCHELLS & Butlers is unlikely to report significant trading news at its annual meeting, although other companies in the sector will update the market this week. Numis Securities said January trading at M&B is unlikely to have changed after a sales rise since late November. On Wednesday, brewer Greene King is tipped to report a [...]
Iceland asks for state mediation January 24, 2010 Iceland has approached several governments about the possibility of mediating talks over $5bn its owes to Britain and the Netherlands after the island’s banking crisis, Icelandic media reported yesterday. Local television said Norway was the most likely candidate for such a role. Oslo is seen as sympathetic to Iceland’s plight and mediated between London and [...]