B&M European Value Retail in talks to buy stores from six retail chains November 18, 2014 B&M European Value Retail said yesterday it was in talks to buy stores from at least six retailers which are downsizing their portfolios as the bargain chain continues its UK expansion spree that will see it double in size over the next eight years. The retailer, which opened its 400th store last month, said it [...]
UK Mail share price bounces despite pallets crunch and Eurozone slowdown November 18, 2014 Deliveries business UK Mail reported resilient profits for the third quarter yesterday, despite struggling with the economic slowdown in the Eurozone. Its financial results took a hit from a goodwill writedown of £7.3m in its pallets business, but the other units proved relatively healthy. Group revenues slid 0.8 per cent on the year to £241.4m, [...]
Peppa Pig owner Entertainment One doubles its profit to £2.4m but revenues fall November 18, 2014 Entertainment One, the company behind Peppa Pig, yesterday said it was confident in producing profit growth in line with full-year expectations as it forecast improvements in film box office performance. Its forecast came despite weaker film revenues offsetting growth in television in its first half. The FTSE 250-listed company posted a pre-tax profit of £2.4m, [...]
Funding Circle hopes to grow enough to tap securitisations November 18, 2014 CROWDFUNDING company Funding Circle hopes it will be big enough in the coming years to parcel up loans and sell them on to external investors, opening up a new source of finance for the alternative lender. Currently, it is backed by individual and institutional investors, and makes loans to small businesses. In the final quarter [...]
Bombardier wins £145m contract to give Gatwick Express a facelift November 18, 2014 Trainmaker Bombardier has won a £145m contract to build 100 new railway carriages for the Gatwick Express route, operated by Govia Thameslink. The deal will refresh current stock on the line, which dates from the 1980s and has limited space for luggage onboard. Bombardier said yesterday that it would introduce 27 new trains into operation [...]
Informa sells shares to fund £237m Hanley Wood purchase November 18, 2014 MULTINATIONAL publishing and events company Informa yesterday announced a share sale to fund the £237m acquisition of American trade show firm Hanley Wood Exhibitions. The London-based Informa said it was to place 60.4m new shares – accounting for 10 per cent of its capital – with both existing and new institutional investors. It said the [...]
City Moves for 19 November 2014 | Who’s switching jobs November 18, 2014 Quinn Emanuel The business litigation firm has announced the appointment of Nick Marsh as a partner in its London office. A commercial litigator and international arbitration specialist, he joins from DLA Piper, where he was a member of its dispute resolution group. Morningstar Jeremy Beckwith has been appointed director of manager research in the UK [...]
Best of the Brokers for 19 November 2014 November 18, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com CENTRICA Whitman Howard reiterated its “buy” rating. The broker said Centrica remained well placed, as it was financially sound and the negatives to the company were “already reflected in the current low rating”. It added: “The positive movements in managerial progression is also [...]
FTSE rises as energy firms expect Opec to cut production – London Report November 18, 2014 BRITAIN’S top share index yesterday climbed to a seven-week high, helped by better-than-expected German investor sentiment data and a rally in energy stocks on speculation that oil producing countries may agree to cut output. The blue chip FTSE 100 index closed up 0.6 per cent at 6,709.13 points after rising as high as 6,714.12, the [...]
Dow soars to record high – New York Report November 18, 2014 THE DOW and S&P 500 closed at record highs yesterday, lifted by further gains in healthcare shares and hopes for a stronger global economy. The S&P 500 scored its fourth straight day of gains. The Dow Jones industrial average rose 40.07 points, or 0.23 per cent, to 17,687.82, a record high. The S&P 500 gained [...]