Sage shares get a lift as growth stays on track January 22, 2014 SHARES in software developer Sage Group led the FTSE risers yesterday morning, climbing over three per cent higher after the software firm said it is on track to meet growth targets. The group, which makes business and accounting software, said legislative changes had helped to drive good performances across Europe, the UK and Ireland, despite challenging market [...]
United Technologies profit tops estimates despite revenue miss January 22, 2014 UNITED Technologies, the world’s largest maker of elevators and air conditioners, yesterday reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by stronger performances across its businesses. Revenue at United Technologies, which also produces Pratt & Whitney jet engines and Black Hawk helicopters, rose 1.9 per cent to $16.76bn (£10.21bn), it said [...]
Bags of competition drags down coach sales January 22, 2014 LUXURY handbag seller Coach said yesterday sales in North America fell further in the final quarter of 2013, as it loses share to fast-growing rivals such as Michael Kors Holdings and Kate Spade. North American sales fell nine per cent to $983m (£592.9m) in the quarter to 28 December – the third quarter in a row [...]
Findel turnaround plan pays off January 22, 2014 Findel, the UK home shopping and education supplier showed signs it is on the path to recovery, after reporting a 3.8 per cent rise in half-year sales yesterday. The company, which began a turnaround plan three years ago, said that year-to-date sales are 4.6 per cent ahead of the prior year with a strong performance [...]
British Land sells shopping centre January 22, 2014 British Land said yesterday it has sold its Eastgate Shopping Centre in Basildon to property investment group Infrared Capital Partners for £88.6m. The 700,000 square feet shopping centre is anchored by an Asda supermarket and a Debenhams department store, and also has two office buildings and a 696 space multi-storey car park. Head of retail [...]
Blur Group’s high value projects up January 22, 2014 Online services exchange Blur Group yesterday said it is seeing an accelerating trend towards more high value, longer duration projects, of which $50m (£30m) worth were submitted from September to December 2013. The company said that its revenue during 2014 is expected to be in line with expectations.
City Moves for 23 January 2014 | Who’s switching jobs January 22, 2014 Legal & General Martin Brookes has joined Legal & General Capital as director of investment strategy. He previously spent 27 years at the Prudential, where he was most recently director of portfolio management in its portfolio management group. KPMG The professional services firm has appointed Victor Abrams as a special adviser in its tax value chain management [...]
Best of the Brokers for 23 January 2014 January 22, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MICRO FOCUS INTERNATIONAL Panmure Gordon keeps the IT group at a “buy” rating with a target of 851p. The broker says Micro Focus is “sailing along nicely”, with a solid 10.1 per cent dividend yield, and that investors should take advantage of a [...]
London Report: Interest rate hike threat takes shine off FTSE’s bull run January 22, 2014 THE UK’S FTSE 100 eased off eight month highs yesterday after strong jobs data raised the spectre of interest rate hikes and analysts highlighted concerns about companies’ weak earnings and high valuations. Data showed the unemployment rate dropped to 7.1 per cent in the three months to November, below even the most optimistic analyst forecast [...]
New York Report: Wall St hit by weak results January 22, 2014 THE S&P 500 closed flat yesterday as as a mixed bag of corporate earnings failed to give investors the confidence to push equities higher with the index near record levels. For the second day in a row, the Dow posted outsized losses following weak results from one of its components while the Nasdaq climbed, with [...]