Unipol keen to sell Alitalia stake May 19, 2014 Italian insurer Unipol would sell its 0.3 per cent stake in Alitalia if it were asked to do so as part of ongoing talks with Abu Dhabi airline Etihad about investing in the Italian carrier, its chief executive said yesterday. “It is not a large stake. If we were asked to (as part of negotiations [...]
Mitie profits up 4.3pc despite disposal costs May 19, 2014 MITIE shrugged off the woes of the wider outsourcing sector yesterday by unveiling in-line results for the year, which showed a 5.2 per cent rise in organic revenue growth and a 4.3 per cent rise in pre-tax profit. The FTSE 250-listed outsourcing firm, which holds contracts with a range of organisations including Network Rail, the [...]
Analyst Views: What did you make of Mitie’s full-year results? May 19, 2014 CAROLINE DE LA SOUJEOLE | CANTOR FITZGERALD The headline numbers were broadly in-line with expectations but exceptional items are significantly higher than anticipated which raises questions over the quality of earnings. The shape of the group has changed significantly in recent years, and the business is now operating in more attractive markets. JOE BRENT | [...]
Government cuts boost Babcock earnings May 19, 2014 UK ENGINEERING firm Babcock yesterday gave an upbeat outlook for the year ahead, as it unveiled a 15 per cent rise in full-year profits. The FTSE 100 company posted a nine per cent rise in revenue to £3.5bn and pre-tax profits of £316.1m. Babcock, which generates more than half its revenue from the Ministry of [...]
Mears reveals £110m in deals May 19, 2014 MEARS, the social housing support group, yesterday said it is trading in line with expectations and has secured new contracts totalling £110m this year to date. The London-listed company said it has now secured 94 per cent of the £904m revenues forecast for 2014, with an order book of £3.8bn and a bid pipeline of [...]
Circassia cracks on with trials May 19, 2014 CIRCASSIA, the newly-listed allergy drugs company, said yesterday its clinical trials are progressing as planned. The firm expects results for two studies in the second half of the year and is pressing on with bringing its Cat-Spire treatment to market, it said in a trading update. Circassia raised more than £200m when it floated on [...]
Russia and Ukraine weigh on ITE May 19, 2014 Exhibitions firm ITE Group reported a 64 per cent boost in profits to £18.2m during the six months to March, but warned it expects a lower level of growth in its key Russian and Ukraine markets for the rest of the year due to political uncertainty in the region. “The group experienced mixed trading conditions [...]
WANdisco prepares for US push May 19, 2014 WANdisco, the Sheffield-based firm that specialises in online collaboration software and big data products for businesses, yesterday changed its nominated adviser to Investec, just six months after it appointed UBS to the role, as the firm said it looks to continue to strengthen its US presence. WANdisco said it will retain former nominated adviser UBS [...]
Innovation’s profits slip on deals May 19, 2014 Innovation Group, the business software and processes firm, yesterday reported like-for-like revenues that rose two per cent to £101.7m during the six months to 31 March. Innovation’s profits fell 29 per cent to £4.8m due to the cost of acquisitions during the period and the amortisation of certain assets. “We made two material acquisitions in [...]
City Moves for 20 May 2014 | Who’s switching jobs May 19, 2014 IO The multi-let industrial estates management firm has announced the appointment of Oliver Bowditch to handle acquisitions. He joins from JLL, where he focused on providing valuation advice to banks, institutional investors and property companies. BDO The accountancy and business advisory firm has appointed Chris Bellairs as a partner in its financial services practice. He [...]