Holidaybreak sees sales slump February 16, 2010 Holidaybreak said yesterday that sales fell after bookings were delayed and capacity reduced in its camping business. The group, which sells Eurocamp and Keycamp holidays, said sales for the year to date are down two per cent from the same time last year. Holidaybreak said it is on track to perform in line with expectations [...]
Costain wins £115m contract February 16, 2010 Costain has won a £115m civil engineering job to maintain motorways and main roads in the north-east of England. The Highways Agency has awarded the contract to carry out improvement works in the area covering Tyne and Wear, Durham, Northumberland and North Yorkshire. Earlier this year, EnterpriseMouchel won a £149m civil engineering job to maintain [...]
Daniel Stewart places shares February 16, 2010 Daniel Stewart yesterday announced it has placed new ordinary shares, raising £500,000 for the company. The proceeds of the placing will be used by the stockbroker and corporate finance adviser for general working capital. An application has been made for the new shares to be admitted to trading on AIM and dealings are expected to [...]
Businessmen yet to return to IHG hotels February 16, 2010 THE world’s biggest hotel firm InterContinental (IHG) has warned that without a return of business customers its fortunes will not improve after profit fell 34 per cent last year. InterContinental – which owns the Crowne Plaza and Holiday Inns brands – said yesterday that trends in the fourth quarter of last year showed some improvements. [...]
AIMA fears EU protectionism February 16, 2010 THE hedge fund industry association has added its voice to concerns that the EU’s proposed directive on alternative investment funds risks protectionism. As Brussels reviews the directive, the Alternative Investment Management Association said a rule restricting EU investors from putting money into funds in non-EU countries would have serious consequences for free trade. A clause [...]
Premier Foods boosted by appetite for branded food February 16, 2010 STRONGER sales of branded food products helped boost profits at Premier Foods by 4.5 per cent in 2009 with further growth expected in the coming year. The maker of Hovis bread and Branston pickle reported a trading profit of £323m for the year to 31 December yesterday, in line with previously issued guidance. Sales climbed [...]
NEWS | IN BRIEF February 16, 2010 Toyota to cut back US output Toyota will shut down production at two of its US assembly plants for a total of at least 11 days as it grapples with slower sales after a wave of safety recalls. The shutdowns, announced yesterday, will affect Toyota’s San Antonio, Texas, and Georgetown, Kentucky, plants following the product [...]
Bharti will pay Zain $10bn February 16, 2010 Bharti Airtel will finance its $10.7bn (£6.78bn) bid for Kuwaiti telecom firm Zain’s African assets with foreign currency loans. India’s top mobile operator is believed to be in talks with Standard Chartered, Barclays, State Bank of India, Goldman Sachs and Nomura to secure funding. State Bank of India had already agreed to provide $2bn in [...]
Public turns against Kraft over Cadbury deal February 16, 2010 Peter Mandelson has expressed his “disappointment” at the manner of Kraft’s take-over of Cadbury, and the public, as measured by BrandIndex, seems to agree. Graph one shows what has happened to perceptions of the Kraft and Cadbury brands – measured as the proportion that are positive out of all those with a view, here with [...]
DIAMOND TAKES HARD LINE ON BONUS ROW February 16, 2010 AS AN investment banking doyen continually under the cosh these days with regard to bonus payments, it must be tough to keep a calm and unruffled façade at all times. Bob Diamond, the president of Barclays and head of its money-spinning investment bank Barclays Capital – yesterday kept mostly schtum at the group’s annual results [...]