BEST OF THE BROKERS October 29, 2009 GLAXOSMITHKLINECollins Stewart increased its price target for GlaxoSmithKline from 1,360p to 1,383p due to higher long-term forecasts for selected products. It made minor changes to its shorter-term forecasts following a third-quarter performance that was generally in line with forecasts. The broker reiterated its “buy” recommendation. TRINITY MIRRORGoldman Sachs downgraded Trinity Mirror from “buy” to “neutral” [...]
Henderson assets up despite outflows October 29, 2009 FUND manager Henderson yesterday said the recent market rally boosted assets under management over the third quarter, despite the firm suffering from client withdrawals. Henderson, which took over stricken rival New Star in April, said it had £57.7bn under management at the end of September, up nine per cent from the £53bn it posted three [...]
Virgin Media beats City expectations as users pay more October 29, 2009 VIRGIN Media yesterday beat analysts expectation to reveal a 1.3 per cent increase in third quarter revenue, narrowing its losses, as customers spent more than ever on its services. The cable operator said that average revenue per user (Arpu) rose to a record £44.24 per month, driven by demand for superfast broadband and video on [...]
Glass ceiling hasn’t been smashed yet October 29, 2009 BRITAIN has slipped to 15th in the international league table for gender equality, it emerged yesterday, as a number of high-profile City women told City A.M. that they believed that glass ceiling still exists. Britain has slid to 15th place, down from 9th in 2006 for gender equality, according to the World Economic Fund. Top [...]
AstraZeneca hikes profit forecast as early swine flu sales boost revenues October 29, 2009 ASTRAZENECA, the UK’s second biggest drug company, yesterday increased its full-year outlook for the second quarter in a row yesterday as profits jumped 24 per cent, beating forecasts. The group reported pre-tax profits of $3.03bn (£1.83bn) for its third quarter as revenues rose by five per cent to $8.2bn, helped by earlier-than-expected sales from its [...]
Blacks fights for survival as losses soar October 29, 2009 OUTDOOR retailer Blacks Leisure yesterday revealed it had submitted a rescue restructuring plan to its bankers, after reporting its losses had more than doubled in the first six months of the year. Blacks Leisure posted a pre-tax loss of £18.1m in six months to 29 August, compared to the £6.7m loss it reported a year [...]
INM profits dive but says ad market is stabilising October 29, 2009 TROUBLED media group Independent News & Media (INM) said yesterday it had seen a 37 per cent fall in operating profits for the year to 23 October. The Independent publisher cut its full-year operating profit guidance range to between €170m (£153m) and €190m, down from a previous estimate of €200m to €230m. But the group [...]
Bond issues help out at Moody’s October 29, 2009 MOODY’S, parent of Moody’s Investors Service, reported better-than-expected quarterly earnings yesterday on a pickup in bond issuance, and raised its outlook for the full year. Moody’s, whose main business is providing ratings for debt, and its main rival McGraw-Hill’s Standard & Poor’s, were hit hard by a slump in debt issuance during the recession, but [...]
Mobile broadband future is bright for Orange but fixed-line looks dim October 29, 2009 ORANGE said yesterday it broke through the 17m customer barrier in its third quarter, despite haemorrhaging fixed-line broadband subscribers. France Telecom’s UK operation said fixed-line broadband customers dropped by 12.2 per cent to 899,000 during the three months to September, from 1.023m last year. But mobile broadband subscriptions rose 64 per cent year-on-year to a [...]
Cond Nast profits slump October 29, 2009 Condé Nast’s London-based international arm saw its profits fall 12 per cent to £33.5m in 2008, as both advertising and subscriptions were hit by the recession. The Vogue publisher’s annual accounts filed at Companies House showed that its UK magazines subsidiary, Condé Nast Publications, saw profits drop by 14 per cent to £18.9m in the [...]