Jaeger storms back into fashion as a five-year revamp looks good November 27, 2014 FASHION retailer Jaeger yesterday reported that its five-year revival plan was beginning to bear fruit as it announced massively improved annual sales and reduced losses. Owned by John Moulton’s Better Capital, Jaeger generated a 12 per cent rise in sales to £79.4m in the year to 1 March. Like-for-likes grew 10 per cent, while pre-tax [...]
Charles Stanley suffers a £3.9m loss in first half November 27, 2014 BRITISH investment manager Charles Stanley has recorded a £3.9m loss in the first half ended 30 September, the firm announced yesterday. The London-based firm’s loss was substantial when compared to its £4.9m profit in the first half of last year. The listed company also saw its underlying profit before tax plummet 81 per cent on [...]
Impax Asset Management Group reports growth across the board November 27, 2014 IMPAX Asset Management Group has recorded growth across the board in its audited results for the year ended 30 September, the company announced yesterday. The London-based firm increased assets under management (AuM) by 21 per cent to £2.8bn and saw its revenues rise to £20.4m, from £18.5m last year. The British asset manager also saw [...]
Electra boosts net asset value by 15pc despite Sherborne worries November 27, 2014 UK PRIVATE equity firm Electra has seen a 15 per cent rise in its diluted net asset value per share over the year ended 30 September, the company reported in its audited results yesterday. Numis analyst Ewan Lovett-Turner said: “These are strong results, with healthy valuation gains across most of the portfolio, albeit mostly coming [...]
Bank lending down despite fund injection November 27, 2014 BANK lending to businesses dived again in the third quarter, the Bank of England said yesterday, despite the economic recovery. Institutions drew down almost £2bn from the Funding for Lending Scheme (FLS) in the three-month period – cheap funds intended to spur the provision of credit to businesses. But net lending to firms fell by [...]
Pubs operator Marston’s records steady year despite profit loss November 27, 2014 BRITISH brewer and pub operator Marston’s yesterday reported a steady year of growth in its preliminary results for the year ended 4 October, despite posting a drop in profits. The Wolverhampton-based company’s underlying group revenue increased one per cent to £787.6m in the period, but its profit before tax fell 3.6 per cent to £83m. [...]
Disappointing data piles more pressure on European officials November 27, 2014 WEAK price pressures in Germany and Spain and a record number of jobless in France has put further pressure on the European Central Bank (ECB) to boost stimulus plans. Annual inflation dipped to 0.5 per cent in Germany in November, according to official figures released yesterday. Spain witnessed stronger deflation as prices declined by 0.5 [...]
Credit and money growth show early signs of euro policy failure November 27, 2014 EUROPEAN policies are failing to inspire any revival in credit and money growth, official figures showed yesterday. Eurozone bank lending to the private sector fell by 0.5 per cent year-on-year in October. Growth in the European Central Bank’s (ECB) headline measure of money in the economy remained flat at 2.5 per cent year-on-year. The headline [...]
City Moves for 28 November 2014 | Who’s switching jobs November 27, 2014 RPC The law firm has announced the appointment of Anna Cook as a senior litigation partner. She joins from Radiant Law, the technology and outsourcing boutique, where she set up its dispute resolution team in 2012. Cook was also formerly a partner at Wedlake Bell. Kleinwort Benson Andrew Shiels has been appointed global chief risk [...]
Best of the Brokers for 28 November 2014 November 27, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com SAINSBURY’S Stockbroker Shore Capital has downgraded Sainsbury’s from “hold” to “sell”, after the company announced that it expected like-for-like sales to be negative for several years. It added that the much anticipated price/margin reset by Tesco could impact Sainsbury’s negatively. THOMAS COOK Stockbroker [...]