Persimmon builds on improving sentiment with jump in profits August 20, 2013 AN IMPROVING housing market, a pick-up in mortgage availability and a rise in consumer demand have helped to boost Persimmon’s profits and margins in the first half. Britain’s largest housebuilder by market value yesterday reported a 40 per cent jump in underlying pre-tax profits to £135.3m in the six months to 30 June, compared to [...]
Employers’ body attacks Labour position on zero-hours contracts August 20, 2013 THE INSTITUTE of Directors slammed the Labour party’s stance on zero-hours contracts yesterday, defending the system as useful. The statement came after Labour held a summit on the employment practice, citing a report by researchers at the Resolution Foundation. According to the group, average hourly pay for someone on a zero-hours contract is £9, in [...]
Cineworld falls foul in arthouse cinema buyout August 20, 2013 CINEMA chain Cineworld could be forced to sell three venues belonging to the art-house Picturehouse chain after regulators said owning the sites could drive up prices for cinema-goers. The group, which runs 79 cinemas across the country, merged with Picturehouse in a £47m deal last December, giving the combined outfit a 26 per cent share [...]
Ex-Channel Five boss Dawn Airey takes Yahoo’s top European gig August 20, 2013 FORMER Channel Five supremo Dawn Airey was yesterday appointed as Yahoo’s most senior official for Europe, the Middle East and Africa. Airey, who in a long television career also held senior posts at Channel 4, Sky and ITV, will be based in London as a senior vice-president and work in Yahoo’s headquarter in California on [...]
Profits dip at John Menzies August 20, 2013 JOHN Menzies reported a slight fall in first-half profit yesterday as declines at the company’s newspaper distribution business took the shine off strong trading at its airport services business. The company, which provides airport services and distributes newspapers and magazines, reported an underlying pre-tax profit of £22.8m, down three per cent from £23.5m a year [...]
Canary Wharf signs six new retailers August 20, 2013 Canary Wharf Group has signed up six new retailers to an extension of its shopping mall in the financial district, due to open in November. Luxury brands Michael Kors and Monica Vinader, homeware store Tiger of Sweden, Schuh, the shoe retailer, sportswear brand Asics and chocolatier Godiva have exchanged contracts to open stores at Jubilee [...]
McCarthy & Stone seals refinancing August 20, 2013 McCarthy & Stone, the retirement home developer, said yesterday it has completed the restructuring of £518.9m, helping to cut its debt burden by £350m. The group said 24 investors injected £367m into the business as part of the deal and refinanced a further £160m with a new five-year term loan facility. A core group of [...]
September start for new BT chief August 20, 2013 BT’s incoming chief executive Gavin Patterson will formally take up the role on 10 September, the telecoms giant confirmed yesterday. Patterson, who heads the group’s retail business, will replace Ian Livingston, who is stepping down after five years to take a role in government as minister of state for trade and investment.
Wood Group hit by uncertainty in Canadian oil August 20, 2013 ENERGY services company John Wood Group said yesterday it expects weakening Canadian demand to restrict earnings growth for its oil and gas engineering division this year and into 2014, sending its shares sharply lower. The firm has been a strong performer in the European oil services sector while others have suffered from project delays this [...]
Cairn outlines ambitious drilling plans after Greenland campaign August 20, 2013 BRITAIN’S Cairn Energy has said that new exploration in north west Africa and Ireland, with drilling due to start in weeks, is more likely to succeed than in Greenland, where it has spent $1.2bn (£766m) without finding oil. After its primary focus on Greenland in 2010 and 2011, the company has spent the past 18 [...]