Associated British Foods adjusts earnings guidance as Primark profits rise July 10, 2014 Associated British Foods (ABF) has raised its annual earnings guidance after a 22 per cent rise in sales from its budget fashion brand Primark offset the continued weakness of the sugar market. ABF now said it expected its adjusted earnings per share to be above the 98.9 pence paid in 2012-13. Previous guidance had indicated [...]
Burberry’s Christopher Bailey receives sales boost ahead of pay package showdown July 10, 2014 Burberry's new chief executive Christopher Bailey, who is facing questions over his lucrative pay package, received a boost today as the luxury goods brand beat estimates to report strong sales growth of 12 per cent for the three months to June. Retail revenue rose nine per cent to £370m for its fiscal quarter to June, [...]
Barratt Developments expects to build strong profit growth July 10, 2014 Housebuilder Barratt Developments has continued the trend of construction companies predicting increases in pre-tax profits, completions and average sales price. Like Bovis Homes, Taylor Wimpey and Galliford Try before it, Barratt announced a sizeable increase in the average cost of one of its houses; up 13 per cent to £220,000 in the financial year. Completions were [...]
Galliford Try acquires Miller Construction for £16.6m July 10, 2014 After posting record group profits yesterday, housebuilder Galliford Try today announced the acquisition of Miller Construction for £16.6m. Miller, which operates only in the UK, made a £4m loss last year but has exited several loss-making contracts and hopes to return to profit this year. Galliford and Miller Group have agreed the transfer of Miller Construction [...]
Royal Mail sale set for new probe July 9, 2014 The government has launched an investigation into the way it disposes of state assets like Royal Mail, ahead of a report to be published tomorrow that slams the sale of the postal business last October. Business secretary Vince Cable has appointed former Labour City minister Lord Myners to lead the probe, which will look at [...]
Fat Face boss keeps the float dream alive July 9, 2014 FAT FACE chief executive Anthony Thompson would not rule out a second attempt at listing shares in London yesterday, just weeks after market nerves forced the retailer – whose casual clothes are modelled above – to abandon plans for a £300m-plus flotation. Thompson said the firm would have “to see what happens”.
Tories will take action to limit public sector strikes in manifesto July 9, 2014 David Cameron announced yesterday that his party will take tough action on strikes if he is re-elected in 2015, as schools across the country prepare to walk out today. During Prime Minister’s Question time in the House of Commons yesterday, Cameron condemned the union walkout which will affect thousands of children, telling MPs “the time [...]
AbbVie’s bid to take over Shire weakens amid mixed messages July 9, 2014 US drug firm AbbVie’s bid to take over UK rival Shire softened again yesterday after shares fell for a second day. The drop added to the US group’s woes after it was forced to issue an embarrassing clarification about shareholder support for the proposed deal. Chief executive Rick Gonzalez said shareholders backed him but yesterday [...]
BNP Paribas offers guilty plea to US for violating sanctions July 9, 2014 BNP Paribas last night pleaded guilty in a New York court to charges that it conspired to violate US international sanctions against Sudan, Cuba and Iran. The admission was part of a deal by the French bank, including a whopping $8.97bn (£5.23bn) charge for breaking sanctions against several countries for an eight- year period. US [...]
SSP prices its shares to go July 9, 2014 Upper Crust sandwich shop owner SSP will price its London stock market debut at the lower end of the range today at 210p. The group, which narrowed the price range from 200p to 240p to between 210p and 230p on Tuesday, will debut with a market cap of nearly £1bn. Investor demand for the issue [...]