Wolseley plumbs new depths May 28, 2009 SHARES in plumbers and builders merchant Wolseley plunged yesterday after the company revealed an 80 per cent slump in nine-month profits and warned it saw no improvement in demand this year. The company, which recently squeezed shareholders for £1bn in a desperate attempt to prop up its debt-laden balance sheet, said pre-tax profits for the [...]
Heineken takes on debt from Globe Pub division May 28, 2009 DANISH brewer Heineken said yesterday it has acquired discount debt from its UK pub management firm, Globe Pub Company, in a bid to reduce its own debts. The beer-maker acquired a further 55.6 per cent of class A1 notes, representing a face value of £111.2m, issued by Globe, meaning it now owns 85.7 per cent [...]
Young’s sees profits dive after writing down the value of its pub chain by 11m May 28, 2009 BREWER and pubs veteran Young & Co yesterday said that full year pre-tax profit had plummeted by 63 per cent, as cash-strapped consumers opt to drown their sorrows at home. Profit before tax for the year ending 28 March fell to £4.2m from £11.6m the year before. Revenues were up 3.2 per cent to £126.1m [...]
BEST OF THE BROKERS May 28, 2009 QINETIQCazenove was disappointed by the subdued reaction to QinetiQ’s full year results, which were ahead of market expectations both in terms of earnings and balance sheet. But the broker retains its “outperform” rating on the stock, feeling comfortable that the company will continue to deliver strong organic growth in core divisions. SYNERGY HEALTHSynergy will report [...]
CITY MOVES WHO’S SWITCHING JOBS May 28, 2009 DeloitteThe business advisory firm has appointed Annette Olesen as an insurance partner. Olesen has previously led key aspects of the Solvency II debate throughout Europe in her role as chair of the actuarial profession’s Pillar 1 Solvency II working group, and has provided input directly to the European Union’s Committee of European Insurance and Occupational [...]
London still dominates EU hedge space May 27, 2009 LONDON still plays host to the top 15 hedge fund companies in Europe despite the massive losses and client withdrawals seen in the vehicles over the last year. The total assets managed by Europe’s top 50 hedge fund groups have plummeted by 30 per cent over the last year from £225bn to £178bn, according to [...]
Alexander David bucks small cap recession woes May 27, 2009 SMALL cap broker Alexander David said yesterday turnover at its trading subsidiary Alexander David Securities doubled on a like-for-like basis over the first four months of the year, shrugging off the effects of the recession. In addition, the group announced plans to raise £668,000 via a placing of 66.8m new shares. An estimated 21m shares [...]
KLEINMAN JOINS SKY AS ANSWER TO BEEB’S BUSINESS EDITOR PESTON May 27, 2009 ROBERT Peston must be quaking in his well-oiled boots. The media rumour mill has been going into overdrive over the past few days as industry veterans gossiped about Sky News launching a bid to up the stakes in its rivalry with the BBC by hiring the Sunday Telegraph’s Mark Kleinman to be its new City [...]
CITY MOVES WHO’S SWITCHING JOBS May 27, 2009 Blue Oar SecuritiesThe stockbroker has appointed Shamim Mansoor as a mining analyst from HSBC, where she was vice president of global metals and mining. Prior to that, she spent five years as a mining analyst at Investec. “The mining sector is experiencing an unprecedented period of change. As a global industry, its impact on the [...]
Morrisons outstrips its rivals May 27, 2009 Morrisons is growing at the fastest rate of the big four supermarkets with Tesco continuing to lag behind the pack, according to new industry data. Britain’s fourth-biggest grocer clocked up growth of 7.9 per cent in the 12 weeks to 17 May, lifting its market share to 11.6 per cent. Sainsbury’s, with 7.8 per cent [...]