Polymetal on a spending spree as it ramps up capital expenditure March 15, 2017 FTSE 250 metal mining company Polymetal has boosted its revenues by 10 per cent but it has also ramped up spending at the same time, the company has said in its preliminary results for the year ended 31 December 2016 The figures Polymetal said capital expenditure has risen by 32 per cent to $271m (£220.54m) [...]
Profits soar at landscape gardening specialist Marshalls March 15, 2017 Landscaping group Marshalls’ share price jumped up by as much as six per cent in early trading as the builders’ merchants and garden centre supplier reported bumper profits in its 2016 full-year results. The figures Profits before tax rose by 31 per cent to £46m from £35.3m last year on flat revenues of £396.9m, up [...]
Intercontinental Exchange could push back London clearing launch as it seeks to assert gold dominance March 15, 2017 Intercontinental Exchange (ICE) could push back the launch of clearing for London’s gold price auction as it seeks to get all participants on board. The New York Stock Exchange owner was set to go live with its clearing plans at the end of this month. But City A.M. understands the launch could now be put [...]
Financial data giant MSCI denies receiving £9bn takeover offer from S&P Global March 15, 2017 Market index compiler MSCI has insisted it has not received a takeover offer from financial data giant S&P Global. The company’s response came after media reports suggested the firm behind the Dow Jones Industrial Average index and the S&P 500 index is plotting a $11bn (£9bn) bid for MSCI. Read more: Berkeley boss gives up [...]
It looks like Brewdog’s about to land a big new investor, make a major shake-up of its shareholdings and eventually IPO March 15, 2017 Popular "punk" craft beer maker Brewdog has said it's about to land a new investor and also revealed it's considering a time frame for an IPO. In a letter to its shareholders, many of whom backed the brewer through crowdfunding, it said it has been in talks with a number of potential investors and is now [...]
Why the FTSE 100 rises when sterling falls – explained in two charts March 15, 2017 | City Talk The FTSE 100's strong recovery after the Brexit verdict in last June's referendum caught some investors off guard. After an initial wobble, the index surged. Three months later, it was 10.4% higher. But why? There may have been some other factors at play in those months, but one of the strongest drivers in the fortunes [...]
“Paypal of renting” proptech startup Goodlord just landed millions more from investors Ribbit Capital, LocalGlobal and Global Founders Capital March 15, 2017 A startup aiming to be the Paypal of renting, making lettings easier for tenants, landlords and agents, has landed millions more in funding from top investors. Goodlord has landed £7.2m from Silicon Valley's Ribbit Capital and existing investors: Robin Klein's LocalGlobal and Global Founders Capital, the fund founded by Rocket Internet's Samwer brothers, following on from £2m raised in May [...]
FinnCap chief executive Sam Smith on IPOs, MBOs and the value of skin in the game March 14, 2017 FinnCap is a unique business grown from unusual circumstances. The leading City broker was established in 2007, when Sam Smith, its chief executive, orchestrated the management buy-out (MBO) of a small broking subsidiary of a private client stockbroking firm. Most significantly, FinnCap is now almost entirely owned by its employees – something that was a [...]
How to know when you’re ready to list on the stock market March 14, 2017 You don’t need to IPO to achieve rapid growth. Just ask Richard Branson. Founders generally also want to keep their equity close, both for control and so they can enjoy as big a percentage of any value growth as possible. But for some businesses, floating on the stock market can be the ideal way to [...]
Crude oil prices take a further hit as Saudi Arabia reports a rise in production in Opec report March 14, 2017 The price of crude oil has dropped sharply after a report by the oil producers’ cartel showed rising volumes being extracted in Saudi Arabia. Production of crude oil by Saudi Arabia rose by 263,000 barrels per day in February compared to the month before, according to the directly communicated figures reported in the monthly report [...]