WPP boss warns US uncertainty can strike again October 24, 2013 UNCERTAINTY has shaken the US advertising market, WPP chief executive Sir Martin Sorrell said yesterday, blaming the political stalemate in Washington DC that nearly led to the country defaulting on its debt. Sorrell, whose company reported a five per cent jump in third quarter revenues yesterday, said he is worried the issue could easily crop [...]
UK superfast broadband rollout reaching 72 per cent of homes October 24, 2013 NEARLY three quarters of UK homes are ready to receive superfast broadband, according to an annual Ofcom report. The number of customers using the superfast speeds has doubled over the past year, reaching 4.8m UK customers this year. “Superfast broadband is rolling out fast across the country, and 4G mobile will reach at least 98 [...]
Spirent hit by shipment delay October 24, 2013 TELECOMS testing company Spirent Communications said yesterday fourth-quarter revenue would be $12m (£7.4m) lower than it had estimated due to a delay in customers taking delivery of its products. The company, which tests 3G and 4G wireless networks and devices, said revenue from the delayed shipments would be recognised in the first half of next [...]
AZ Electronic sees sales fall October 24, 2013 SPECIALTY chemicals maker AZ Electronic Materials yesterday posted a decline in its revenues for the third quarter, and said second half revenues would be around the same level as the first half. Third quarter revenue fell 10 per cent to $182.9m (£112.4m), but it left its earnings expectations for the year unchanged. It said it [...]
Shire ups 2013 forecast after new chief executive tackles cost base October 24, 2013 BRITISH drugmaker Shire raised its full-year earnings forecast yesterday after lower-than-expected costs and accelerating sales helped it to beat forecasts for the third quarter. Chief executive Flemming Ornskov said Shire, which makes drugs to treat hyperactivity and expensive medicines for rare diseases, was resetting its cost base. That, combined with faster product sales growth, enabled [...]
Unilever hit by sales slowdown in key markets October 24, 2013 UNILEVER, the consumer goods giant behind Wall’s ice-cream and Persil laundry detergent, reported a 6.5 per cent slump in turnover in the third quarter after suffering a dramatic slowdown in emerging markets. The FTSE 100 group has been hit by a slowdown in countries such as Indonesia, Brazil and India after uncertainty over whether the [...]
Analyst Views: Have Unilever’s third quarter figures altered your outlook? October 24, 2013 MARTIN DEBOO INVESTEC “We read third quarter sales as in line with expectations, no great surprise given the 30 September warning. Despite the downbeat tone, Unilever are sticking to full-year guidance and their expectation of a better fourth quarter. We keep faith, but continue to urge more radical action on foods disposals. KEITH BOWMAN HARGREAVES [...]
Pernod warns of slower profit growth as spirits dip in China October 24, 2013 PERNOD Ricard yesterday warned profit growth would slow in its current financial year after weakness in Chinese demand for its Martell cognac and Ballantine’s whisky hit sales in the first quarter. The world’s second-largest spirits group by sales – after Diageo – said it expected demand in China to start improving only from the second half [...]
Kering’s Gucci posts weakest revenue growth for four years October 24, 2013 GUCCI, one of the world’s biggest luxury brands in terms of sales, yesterday posted its weakest growth in four years with a 0.6 per cent rise in like-for-like revenue in the third quarter. Gucci, which accounts for more than half of the valuation of parent Kering, has been hit like arch-rival LVMH’s Louis Vuitton by [...]
Primark and Loblaw pay out to factory victims in Bangladesh October 24, 2013 BRITISH clothes retailer Primark and Canadian grocer Loblaw laid out plans yesterday to pay more compensation for the collapse of a Bangladeshi factory that killed almost 1,130 people, as protesters demanded that other brands follow suit. The disaster on 24 April has galvanised most of the clothing industry’s big names to try to improve safety [...]