Cartier owner Richemont sees sales fall in slump September 9, 2009 RICHEMONT, the luxury goods group behind Cartier jewellery and Chloe handbags, struck a cautious note about future demand yesterday amid signs the rate of decline in its sales was slowing. Demand between April and August for Richemont’s goods, which include watches from prestigious brands like IWC and Jaeger-LeCoultre, Montblanc pens and Lancel accessories, slipped 16 [...]
Thorntons says the end of recession is now in sight September 9, 2009 CHOCOLATE retailer Thorntons yesterday posted a 4.5 per cent fall in full-year profit, as tighter margins offset a rise in sales, but said the recession appeared to be easing and trade was improving. The 98-year-old chocolate maker on reported a pre-tax profit of £81m for the year to June 27, including a one-off £1.8m pension [...]
Laura Ashley profits hit by forex losses September 9, 2009 FASHION and homewares retailer Laura Ashley said it was hopeful of an improved second-half performance yesterday after first-half profit was dented by foreign exchange losses. The firm posted a pre-tax profit of £1.1m for the 26 weeks to 1 August, a fall of 77 per cent, attributed to currency losses of £5.5m. Total sales did, [...]
Frasers bucks retail misery September 9, 2009 DEPARTMENT store chain House of Fraser yesterday revealed that underlying profits jumped over the first half of the year as sales strengthened despite the challenging retail environment. House of Fraser, which was taken private in 2006 by a consortium that included now-bust Icelandic investor Baugur, Scots entrepreneur Sir Tom Hunter and the firm’s chairman Don [...]
Travelzest plugs 2m gap and brings shares online September 9, 2009 TRAVELZEST, the tour operator that offers holidays to naturist resorts, has secured a further £2m to meet a shortfall in its planned share placing, and has been able to lift a suspension on its shares. The group has completed its £5.7m capital raising and restructured its debt pile, issuing 142.m shares in total at 5p [...]
Johnson says it is confident on the year ahead September 9, 2009 DRY cleaning-to-clothes-hire firm Johnson Service Group posted a surge in first-half adjusted pre-tax profit yesterday, aided by robust trading amid tough market conditions. It said it was confident of achieving satisfactory results for the year. The company also said it would resume dividend payments with an interim payout of 0.25p per share. “Against a difficult [...]
Prezzo posts profits falls as yield on cash tumbles September 9, 2009 PIZZA restaurant chain Prezzo posted a marginal fall in first-half pre-tax profits yesterday, mainly due to a sharply reduced yield on cash assets, but said it was currently trading in line with expectations. The company said it completed the first restaurant opening of the year and confirmed there were several more in the pipeline. For [...]
ART WORLD HAILS ITS HEDGE FUND SAVIOUR September 9, 2009 IT’S not often City folk are presented with an opportunity to make millions and do some good for the community, so hedgie supremo Mike Platt, the boss of BlueCrest Capital Management, must be pleased as punch with the way his newest venture is going. Last year, Platt teamed up with art world expert Joe La [...]
Genting plans rights issue in Singapore September 9, 2009 CASINO operator Genting Singapore is raising $1.2bn (£725m) in a rights issue for possible acquisitions, leading a bout of fund-raising by casino companies in Asia taking advantage of rising stock markets. The Singapore firm also said yesterday its Resorts World at Sentosa casino development is on track, both in terms of project costs and timing, [...]
Expect a wave of City bankers suing for bonuses September 9, 2009 AT FIRST glance the news that a group of City workers is suing a bank for refusing to pay out guaranteed bonuses seems to have few wider implications for the Square Mile’s financial institutions. According to a claim filed yesterday, 72 former Dresdner Kleinwort employees are seeking €33m (£29m) they say they were promised as [...]