Tenon hails ninth profit rise in a row September 16, 2009 ACCOUNTANCY firm Tenon hailed a ninth straight year of profit growth in its full-year results yesterday, as the firm continued to outperform recession-hit rivals. Andy Raynor, chief executive of the self-styled “adviser to entrepreneurs”, described the profit rise as “an achievement”. He boosted the firm’s dividend seven per cent to 1.5p a share, as its [...]
UK Coal will raise 100m to pay debt September 16, 2009 LOSS-MAKING miner UK Coal’s £100m share placing will be priced at a 37.6 per cent discount to Tuesday night’s closing price of 120.25p. The issue of 142m shares is priced at 75p a share, and will see the company’s market value almost double. UK Coal’s biggest shareholder, Peel Holdings – which owns 28.28 per cent [...]
Eurasian eyeing African rival September 16, 2009 MINING group Eurasian Natural Resources (ENRC) said yesterday it was in advanced talks to buy the Central African Mining and Exploration Company (Camec), in a deal which could be worth £574m. The Kazakh company, which produces raw materials for steelmaking and provides them to Russia and China, said it was considering a cash offer of [...]
Zara owner Inditex posts forecast-beating profits September 16, 2009 INDITEX, the owner of fashion chain Zara, yesterday released forecast-beating profits, and said new store openings had buoyed sales. The group reported net profit fell eight per cent to €375m (£334m) for the six months to July, ahead of analyst expectations of €355m. Sales were up by nine per cent from the same period last [...]
Chi-X follows LSE in speedy IT overhaul September 16, 2009 AN ARMS race has broken out between the world’s top stock exchanges as they rush to revamp their computer systems in a bid to improve performance and win back business from their newer rivals. Chi-X, which launched in March 2007, will today announce an agreement with IBM to use the IT giant’s high-speed messaging technology [...]
National Express strikes are off September 16, 2009 Strikes on National Express’ East Anglia route, which were set to last for six days, have been called off. Drivers’ union Aslef and the rail company reached a deal on pay after weeks of talks. The union will take a 3.5 per cent pay rise over two years, plus a productivity settlement which may mean [...]
Chemring buys 80m company September 16, 2009 Defence group Chemring yesterday spent £80m buying a US engineer which specialises in the controlled explosions used during space missions. Hi-Shear’s pyrotechnics are used to create the small blast which separates spent fuel tanks from rockets, and to blow off the roof of a fighter plane before it launches an ejector seat. Chemring’s energetics division [...]
Alkane Energy’s profits soar September 16, 2009 Alkane Energy, the coal mine methane specialist which gets no renewable-energy subsidy, said yesterday its half-year underlying profits had risen 25 per cent to £1.4m, as it increased production from its current 20 megawatts to a three-years target of 50 megawatts – enough energy to power a small town. The firm is seen as a [...]
BROWN UNDER FIRE OVER SECRET CUTS September 16, 2009 GORDON BROWN’S longstanding bid to downplay the need for swingeing spending cuts was finally exposed yesterday, after leaked documents revealed that his officials had been planning large reductions for many months. The leaked Treasury plans – which were dated just before the Budget and passed on to the Tories – revealed that the government was [...]
Balfour set for cash call September 16, 2009 Balfour Beatty, the engineering, construction and services group, is set to launch a surprise rights issue of around £350m within days, City A.M. can confirm. A team of bankers, including JP Morgan Cazenove and RBS Hoare Govett, have been appointed to work on the fundraising. Balfour, which last month reported a 14 per cent rise [...]