Water companies say finances impervious to floods February 14, 2014 One thing that hasn't been soaked in the ongoing deluge – Severn Trent's finances. FTSE 100 utilities company has said this morning that the floods currently besetting Britain won’t be financially damaging to it: "We currently anticipate no material financial impact from the present floods." In a separate statement, Pennon Group, which owns South West Water, said [...]
Anglo American makes progress but still sees 7pc loss February 14, 2014 2013 was another year of loss for Anglo American as it saw underlying earnings fall seven per cent to $2.7bn (£1.6bn). Expectations had been for earnings to fall to $1.88bn. However, the earnings exclude $1.9bn of impairments from several of its platinum mines where South African workers are on strike. Cost-cutting and currency gains helped [...]
Male directors more likely to break rules February 13, 2014 More directors are being disqualified after their companies collapse, but the insolvency specialist Zolfo Cooper has warned that not enough execs are being banned for misconduct. The restructuring specialist said 235 directors were disqualified in the last three months of 2013, up from 181 in the previous quarter. 85 per cent of those banned were [...]
Tate and Lyle’s cut outlook sends shares crashing 17pc February 13, 2014 Tate and Lyle has scaled back its financial outlook for 2014, sending shares tumbling almost 17 per cent. Like Rolls Royce, the sweetener and ingredients supplier has said that it expects no profit growth this financial year, as growth seen in emerging markets was offset by “softness in developed ones”. Last financial year, adjusted profit was [...]
Comcast to buy Time Warner Cable for $45.2bn February 13, 2014 The deal's been confirmed. Comcast has agreed to pick up all of Time Warner Cable's stock at $158.82 (£96) a share – valuing Time Warner Cable at around $45.2bn. Time Warner have already rejected a $133 a share deal from Charter Communications and Liberty Media, just eight months ago. That offer was then dismissed as [...]
Rolls Royce shares plummet on SFO corruption probe February 13, 2014 Rolls Royce shares have taken a hit this morning, currently down almost 15 per cent after the engine manufacturer confirmed that it may face prosecution for alleged corruption in overseas dealings. What's more, it also saw reported profit before tax plunge 36 per cent – to £1.8bn in 2013 from a year earlier – due in part to [...]
Royal Mail rival DX to float February 13, 2014 Deja vu. We've got another delivery company initial public offering on its way, by the looks of things. Delivery company DX announced its intention to float on the Aim this morning. The London float would see the nearly 40 year old company valued at considerably less than its once nationalised peer, but willing to put [...]
Lloyds returns to profit and ups bonus pool 8pc February 13, 2014 Lloyds Banking Group has reported it returned to profit in 2013 – the first time since its bailout six years ago. Statutory profit before tax stood at £415m for the year – an 140 per cent increase from the £606m loss it made in 2012. The results, said boss Antonio Horta-Osorio, confirm the 33 per [...]
City prepares for Merlin Entertainments results magic show February 12, 2014 Merlin Entertainments is set to announce its maiden set of results on 27 February since its successful return to the market in November, sparking a flurry of analyst notes this week predicting good things from the Alton Towers owner. In a note from Deutsche Bank, analysts have restated a “buy” recommendation and target price [...]
Energy networks to face MP grilling February 12, 2014 Energy suppliers could breathe a (brief) sigh of relief today as the Energy and Climate Change Committee’s latest inquiry isn’t about them. As the public furore into rising energy bills rumbles on, the committee of MPs is now looking into energy network costs, which regulator Ofgem estimates make up around 23 per cent of a [...]