AbbVie in $21bn acquisition of cancer drug firm March 5, 2015 PHARMA giant AbbVie is to buy Pharmacyclics in a $21bn (£17.78bn) deal, giving it access to what is expected to be one of the world’s top-selling cancer drugs. It was reported that AbbVie had barely beaten Johnson & Johnson, which was said to have come close to agreeing, if not actually agreed, a deal hours [...]
More spin-offs ahead as execs bullish on deals March 5, 2015 ONE IN two company executives believe corporate spin-offs will accelerate this year amid higher levels of corporate merger and acquisition activity, a survey has found. Just over half (54 per cent) of the executives polled by EY said strategic sales will rise this year, with unsolicited approaches from opportunistic buyers sparking the increase. Most executives [...]
Betfair gives strong odds on 2015 trading and ups profit forecast March 5, 2015 ONLINE gambling giant Betfair yesterday increased its full-year profit forecast as trading continued to perform strongly following a better-than-expected third quarter. The London-based firm reported a 20 per cent rise in revenue in the three months to January 31, with sports and gaming income increasing as investment in products and marketing helped drive up customer [...]
Quindell in £7.1m sale of stake in accident repair firm Nationwide March 5, 2015 EMBATTLED insurance outsourcer Quindell yesterday announced it had sold its minority stake in Nationwide Accident Repair Service, after earlier denying it was looking to do so. Quindell said it had sold its entire holding – approximately 11m ordinary shares – in the British building society’s vehicle repair service at 65p a share. The company has [...]
Admiral’s profit slows but is still sweet enough March 5, 2015 ADMIRAL Group yesterday described its 2014 results, in which pre-tax profit fell year-on-year by four per cent to reach £357m, as a “Baked Alaska” with contrasting positive and negative elements. Earnings per share fell by two per cent to reach 103p, while group revenues amounted to £1.97bn, a drop of three per cent from 2013. [...]
British Airways boss Willie Walsh pockets £6.4m as firm recovers March 5, 2015 British Airways boss Willie Walsh saw his pay packet rise by a third last year, reflecting his ongoing success in turning parent company IAG around. The ex-trade unionist has become something of a star in the City after his successful handling of the BA and Iberia merger, and his ability to deliver good returns to [...]
Pawnbroker H&T takes a hit as more shoppers head to the web March 5, 2015 H&T GROUP said it needs to become “more relevant” to its customers and appeal to people who would not usually consider entering a pawnbroker, as its 2014 pre-tax profit fell by 17.9 per cent year on year to £5.5m. Basic earnings per share amounted to 11.78p, down from 13.44p in the prior year. The company, [...]
Genel swings to a loss amid an oil price slump March 5, 2015 GENEL Energy yesterday revealed its revenues jumped by 49 per cent year on year in 2014, but it swung to a pre-tax loss of $312.8m (£204.7m) after depreciation charges and write offs from exploration wells. Loss per share reached 112.97 cents, from earnings per share of 66.24 cents in 2013, when the firm achieved pre-tax [...]
City Moves for 06 March 2015 | Who’s switching jobs March 5, 2015 Dean Street Advisers Dean Street Advisers has announced that Evgenij Klenin is joining the firm. He previously worked at Arma Partners, where he focused on M&A transactions in the technology, media & telecommunications and aerospace & defence sectors. Savills The real estate firm has appointed Andrew Holden as director in its property management team. He [...]
Cobham’s rising orders fail to lift its bottom line March 5, 2015 SHARES in aerospace firm Cobham drifted down yesterday as full-year results revealed rising orders failed to translate into profits. The company’s reliance on defence contracts took its toll as governments around the world cut military budgets. Its US market, which alone accounts for 34 per cent of earnings, saw revenues fall four per cent as [...]