Mitie Group share price jumps as profit doubles May 23, 2016 UK outsourcer Mitie shook off a string of "unanticipated macroeconomic headwinds" to double profit in the year ended 31 March. The figures: Revenue from continuing operations fell 1.8 per cent to £2.2bn in the year ended 31 March, down from £2.3bn a year earlier. But pre-tax profit rose 133 per cent to £96.8m during this period, up from [...]
IP-O2: Mobile operator strongly considering stock market float May 22, 2016 O2 is strongly considering a stock market flotation, City A.M. understands. An initial public offering (IPO) is one of a number of options being looked at by the mobile operator following its failed merger with Three. However private equity firms are understood to be planning bids for O2, owned by Spanish company Telefonica, which could be [...]
London set for IPO market recovery after referendum… but it may have to wait until the autumn May 22, 2016 The UK’s flagging flotation market is expected to recover from a slow start to 2016 – but not until the autumn. Activity on London’s initial public offering (IPO) market has dropped significantly on 2015 levels, with uncertainty around the upcoming EU referendum widely cited as being one reason for the slowdown. The state of the [...]
It’s only Logicor: Private equity firm encouraged to float warehouse company in London May 22, 2016 The private equity owner of a commercial landlord giant is being encouraged by banks to float the business in London. City A.M. understands Blackstone has yet to decide whether to make an initial public offering (IPO) on Logicor, the owner of 600 warehouses. The flotation, which would be expected to value the company at more [...]
Canada’s oil heartland has some evacuation orders lifted May 21, 2016 Evacuation orders have been lifted on two oil sites in Canada's wildfire-ravaged energy heartland, as a spell of cold weather and rain helped to tame the flames. Authorities in the oil town of Fort McMurray in Alberta lifted the lifted the mandatory evacuation orders on Suncor Energy's base plant and Syncrude's Mildred Lake facility, as well as nearby camps [...]
RAC: Petrol prices to be “kept in check” if oil prices overshoot $50 per barrels May 21, 2016 The RAC assured motorists it expects fuel prices to remain in check, despite a recent uptick in the oil price due to production outages across the world. Supermarkets slashed petrol prices to below £1 per litre in the run-up to Christmas, citing savings from oil prices which had fallen from over $110 per barrel in the middle of [...]
Russia isn’t expecting much from Opec’s next meeting May 20, 2016 Russian energy minister, Alexander Novak, isn't expecting much from the fractured Organisation of Petroleum Exporting Countries' when it meets early next month. "In my opinion, any decisions on coordination which would require an obligatory fulfilment, are unlikely to be taken," Novak told Russian state TV in an interview. Read more: Opec faced with waning influence [...]
Circle Oil share price plummets after it warns “little or no value” left for shareholders May 20, 2016 Circle Oil tumbled as much as 75 per cent to 0.5p per share this morning, after it warned shareholders there could be "little or no value" left. The bleak assessment is based on the Aim-listed firm's $77.5m (£53.2m) outstanding debt position, as well as "indicative proposals" it's received to date. Read more: Will oil prices fall [...]
Brent crude oil price edges away from $50 a barrel May 20, 2016 Brent crude edged away from the $50 mark in early afternoon trading, despite worries about the situations in Canada and Nigeria sent investors into a buying frenzy. Brent crude was down 0.4 per cent at $48.60 at lunchtime, while WTI crude – the US benchmark – was down 0.2 per cent, at $48.04. That was a reversal of gains in [...]
S&P: Energy firms drive corporate defaults to highest since post-financial crisis May 20, 2016 The commodity crunch helped push the number of firms defaulting on their debt to the highest level since 2009, according to credit ratings agency Standard & Poor's. Energy and natural resources companies accounted for more than half of the 72 corporate defaults so far this year. Of these, 29 were in the struggling oil and gas sector, while 12 came [...]