ANALYST VIEWS: WHAT’S ON THE HORIZON FOR GLAXOSMITHKLINE? July 22, 2009 SAVVAS NEOPHYTOU PANMURE GORDONWe are encouraged by good gross margins and strong revenue growth across GlaxoSmithKline’s portfolio, particularly in vaccines. GSK is building towards a diversified business model that will be attractive to risk-averse investors and, although we are not fans of conglomerates, we remain buyers. JAMES KNIGHT COLLINS STEWARTPharma companies have a proven ability [...]
The FSA’s enforcement Queen says she will not stop fighting big cases July 21, 2009 IT is never easy to focus on the task at hand when the future of your organisation is in doubt – so even the Financial Services Authority’s (FSA) sternest critics should spare a thought for the beleaguered watchdog’s staff, who are all wondering what will happen to them over the next 12 months. But many [...]
NO SIGN OF A TRUCE IN BATTLE OF BROKERS July 21, 2009 THE long-standing tustle between inter-dealer broker Tullett Prebon and BGC Partners looks set to rumble on well into the autumn. Tullett is currently leading a High Court battle to stop its rival pinching any more of its staff. The pair have been at loggerheads since last year, when former Tullett chief operating officer Tony Verrier [...]
DTZ slashes payout after dismal year July 21, 2009 TROUBLED commercial property agent DTZ yesterday announced it was axing its dividend after the economic turmoil sent it plunging into the red. The London-based group reported a £36.1m pre-tax loss for the full year to 30 April compared with a £20.1m profit the year before. The slump in commercial property values and transactions meant the [...]
BEST OF THE BROKERS July 21, 2009 CABLE & WIRELESSCable & Wireless maintained guidance at both division and group levels in its first-quarter interim management statement, and Royal Bank of Scotland still considers the equity story one of the most compelling of European telecoms companies. The broker has a “buy” recommendation on the stock, with a target price of 200p. AUTONOMYInvestec believes [...]
Yell to confirm progress on reduction of debt pile July 21, 2009 DIRECTORIES publisher Yell Group will tomorrow say it has cut its debt-pile by nearly 11 per cent, to £3.8bn, since its 2008 year-end report and that refinancing conversations with its key lenders are continuing. Earlier this month, the owner of Yellow Pages said it had entered talks regarding a debt restructuring – just eight months [...]
Speedy Hire sees light on horizon July 21, 2009 Tool hire group Speedy Hire said yesterday it had seen signs that difficult trading conditions were starting to ease, though it remains cautious about the short-term outlook. Speedy, which recently completed a £100m rights issue to shore up its balance sheet, said revenue for the first quarter of the financial year was down 30 per [...]
Hornby wins 2012 licence July 21, 2009 Toy maker Hornby said yesterday that it has won a licence to make a range of toys and collectables for the London 2012 Olympic Games across its Corgi, Hornby, Scalextric and Airfix brands. The company said the 2012 products would include model London taxis and London buses, die-cast figurines, model trains, Airfix models of the [...]
Luxury spending boosts Hermes July 21, 2009 French luxury goods group Hermes saw a better-than-expected improvement in trading in the second quarter, helped by consumers’ crisis-proof appetite for its elegant handbags and stronger perfumes sales. Hermes said yesterday that it still expects full-year sales to remain flat and operating profit to fall slightly, which investors interpreted as too conservative but in line [...]
Deutsche Bank spying scandal claims first scalps as shadow hangs over bank July 21, 2009 DEUTSCHE Bank has sacked two senior managers, according to sources, as it faces a possible probe by state prosecutors into a surveillance affair at Germany’s biggest bank. The bank yesterday said it was waiting for the outcome of its own investigation and declined to comment further on the surveillance of a non-executive director or the [...]