UK Oil and Gas Investments share price slides after funding announcement June 11, 2015 Shares in the firm exploring oil reserves in the Weald Basin near Gatwick airport have opened lower following a new round of funding. UK Oil and Gas Investments shares were as much as four per cent lower in early trading after it announced a share sale raised £6m after Wednesday's market close. Shares closed down [...]
Mulberry share price rises as it shows signs of recovery despite profits plunging 74 per cent June 11, 2015 Mulberry is starting to see light at the end of the tunnel, despite posting a loss for its full-year trading this morning. The figures: The bag brand's pre-tax profits plummeted 74 per cent to £4.5m – but this was actually better than expectations. After tax the British firm made a loss of £1.4m, down [...]
Argos sales fall 3.9 pc in disappointing quarter for Home Retail Group June 11, 2015 Argos sales for the first quarter of 2015 were disappointing, with market declines leading to sales in electrical products falling. The figures Like-for-like sales at Argos declined 3.9 per cent to £846m over the 13 weeks to the end of May, with total sales falling 2.6 per cent on 2014, after "declines in key electrical and seasonal product [...]
HSBC’s job cuts and Asian pivot could have “negative” impact on credit rating, Fitch warns June 11, 2015 Ratings agency Fitch has warned that HSBC risks having its credit downgraded over its new strategy revealed this week. HSBC is looking to cut $5bn (£3.25bn) through a number of initiatives, including cutting around 25,000 jobs. It is also exiting Turkey and reducing its operations in Brazil, and planning to focus more energy and [...]
Big four supermarkets will keep getting squeezed says Moody’s June 10, 2015 The leading big four supermarkets are expected to lose another four per cent of their market share by 2020 to discounters Aldi and Lidl, as competition in the grocery retail market intensifies. A report published today by credit rating agency Moody’s predicts Aldi and Lidl’s combined market share will reach 12-15 per cent by 2020, [...]
Malcolm Walker’s many lives: How Iceland hopes to fight off profit slump June 10, 2015 Malcolm Walker has more business lives than a cat. He built his frozen food empire Iceland from a humble shop in Shropshire in 1970 into a £2bn turnover business 30 years later, before hitting a financial iceberg. Walker was forced to step down as chairman in 2001 after the Financial Services Authority launched an [...]
Cairn Homes IPO: Firm becomes first Irish housebuilder to float in 20 years June 10, 2015 The first Irish housebuilder to list in London for over two decades made its debut yesterday, with shares rising over five per cent. Cairn Homes, a venture set up last year by Alan McIntosh and Michael Stanley, raised €384.9m (£280m) from investors after fees, giving it a market cap of €429.7m. Separately, McIntosh and Stanley [...]
UK aerospace and defence sector flies high amid booming sales June 10, 2015 The UK aerospace and defence sector enjoyed a record year last year, with industry pundits predicting the boom times will be here for a while. The UK currently controls 17 per cent of the sector’s market share – second only to the US. “We are in a global growth market which could top £3.6 [...]
FirstGroup share price rises after US progress helps offset UK rail losses June 10, 2015 Shares in bus and rail operator FirstGroup closed up 6.37 per cent yesterday, after it announced positive results. It announced adjusted profit before tax of £163.9m, and adjusted operating profit of £303.6m for the year ending March 31. The group’s rail business in the UK rail has suffered after it failed to win contracts to [...]
Box share price soars on strong revenue and user growth June 10, 2015 Box's revenue increased substantially in the first quarter and investors are very happy The figures The online storage company's revenue was $65.6m (£42.24m) the first quarter – a 45 per cent increase on the equivalent period last year. Net loss per share was also better at $0.28 on 119.4 million shares outstanding – a [...]