Moneysupermarket sees earnings drop February 24, 2010 Price comparison website Moneysupermarket.com saw its revenues for the full-year plunge 23 per cent to £137m while adjusted earnings before interest, tax, depreciation and amortisation fell 26 per cent to £36m. Despite this it will pay a special dividend after saying its business has stabilised and trading improved in February as customers hunt for better [...]
Changing the private equity model for good February 24, 2010 THE shift in investors’ attitudes towards private equity has been stark, with the relationship in some cases approaching complete breakdown. It is clearly an emotive subject – as evidenced by the response to the idea that IPO failures have given private equity a bloody nose. So what alternatives are there to the traditional private equity [...]
New legislation for Finance Bill 2010 February 24, 2010 Stephen Timms, finance secretary to the Treasury said in a statement yesterday that he is proposing to introduce new legislation on the treatment of capital distributions, with expectations that uncertainties for UK companies around tax payments on dividends will be removed. Timms said new legislation will have to be introduced into the Finance Bill to [...]
US airlines look for consolidation February 24, 2010 United Airline and US Airways are both open to mergers as the industry prepares for consolidation and a return to profitability, the companies said yesterday. US airlines have long been in trouble suffering from weak balance sheets and ongoing restructuring. “Consolidation is one of the major ways this industry can become profitable,”Derek Kerr, US Airways [...]
Microsoft bags the top spot in brand contest February 24, 2010 Microsoft pulled off a rare coup against its deadly rival Google yesterday when it was named the strongest business brand. Google finished fifth after a surprise fall in the rankings, behind Rolls-Royce, and BlackBerry, in the Business Superbrand Top 500 survey. The internet giant held the top spot in 2008 and 2009. Microsoft came second [...]
Rathbone warns of uncertain year ahead February 24, 2010 RATHBONE Brothers has warned that the year ahead would be unpredictable with an election ahead and low interest rates. The wealth manager said pre-tax profit from continuing operations last year fell 30 per cent to £29.5m from £42.3m. It said its bottom line was badly hit by a drop in net interest income, as low [...]
St James’s Place sees profits outstrip forecasts February 24, 2010 WEALTH manager St James’s Place posted full-year operating profits at the top end of market forecasts. The firm – which is 60 per cent owned by Lloyds Banking Group – combines life assurance with investment services. It said operating profit on an embedded value basis was at £228.9m in 2009, up from £204.3m a year [...]
Northern Rock to scrap savers’ 100 per cent guarantee February 24, 2010 THE Government is to withdraw its 100 per cent guarantee to Northern Rock savers. In three months time the guarantee – introduced to save the stricken lender – will be scrapped. However, savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). Financial Services Secretary Paul Myners [...]
Barratt in housing market boost February 24, 2010 HOUSEBUILDER Barratt Developments saw its losses narrow in the second half of the year as the housing market showed further signs of finding its feet. Pre-tax losses came in at £178.4m compared to a loss of £594.5m a year earlier. However, it took a £129.9m hit from finance costs following its £720m placing and rights [...]
Travis Perkins profit dips after “worst year ever” February 24, 2010 BUILDERS’ merchant Travis Perkins has posted a drop in profits of 11 per cent and issued a warning of the “fragile” state of trading. Pre-tax profits for 2009 were £180m, down from £202.5m in the previous year, as revenue dropped 8 per cent to £2.9bn. The firm, which owns the Wickes chain, dubbed trading conditions [...]