Premier Foods profits jump 50 per cent July 23, 2013 BRITISH food producer Premier Foods, which owns brands such as Hovis and Bisto, today reaped the rewards of its cost cutting strategy to report a 50 per cent increase in first-half trading profit. Profits rose to £47.4m over the period and full-year profit is expected to be around the top end of market expectations, the [...]
Ryanair to sell Aer Lingus stake ahead of hotly contested Competition Commission ruling July 23, 2013 Ryanair has offered to sell its stake in Aer Lingus to another EU airline, it announced today. In May, the UK Competition Commission said it was concerned that Ryanair’s 29 per cent stake could reduce competition on routes between the UK and Ireland and would obstruct Aer Lingus’s ability to merge with other airlines to [...]
Spanish recession moderates as GDP shrinks by 0.1 per cent in the second quarter July 23, 2013 The Bank of Spain has announced that GDP shrunk by 0.1 per cent in the second quarter, from a 0.5 per cent downturn in the first quarter. Strong exports drove he moderation of recession, adding 0.4 percentage points to GDP growth. The central bank now sees annual GDP growth of -1.8 per cent in the [...]
Lenders and housebuilders summoned for Help to Buy meeting July 23, 2013 CHANCELLOR George Osborne has summoned Britain’s housebuilders and mortgage lenders for a meeting today, to discuss the second phase of the Help to Buy Scheme. The scheme was first launched four months ago and allows people to buy new homes with just a five per cent deposit. The biggest lenders, including Lloyds, RBS, Nationwide and [...]
Netherlands woes hit Carpetright sales July 23, 2013 CARPETRIGHT today unveiled a 3.5 per cent decline in quarter sales, impacted by challenging trading conditions in the Netherlands. The carpet retailer said that like-for-like sales in the UK were down 1.9 per cent, while total sales declined by 10.9 per cent in mainland Europe. “Trading in our rest of Europe business continues to be [...]
Premier Food shares jump as cost cutting boosts profits (but underlying sales are falling) July 23, 2013 Premier foods, the company behind the Hovis bread and Mr Kipling brands, expects full-year results to be at the top end of forecasts after reporting a 50 per cent jump in first half underlying trading profit (release). It now expects cash flow for 2013 to be between £50m and £70m – up from previous expectations [...]
Carpetright like-for-like sales drop 1.9 per cent in the first half as Netherlands remains tough July 23, 2013 Retailer Carpetright has seen like-for-like sales drop by 1.9 per cent in the first half of the year, with total sales in the UK down by 3.3 per cent (release). Like-for-like sales in the Rest of Europe (Netherlands, Belgium and the Republic of Ireland) decreased by 10.6%. Total sales declined by 10.9%. After the impact [...]
French business climate better in July with signs of cyclical improvement July 23, 2013 (Source: INSEE) New data shows that French business climate has improved from 93 to 95 in July, beating expectations of a rise to 94. The turning point indicator swings to the favorable area, indicating a cyclical improvement. While export order books decreased slightly, total order books improved. Nevertheless, global and export order books are still [...]
Before the open – 23/07 July 23, 2013 Asian markets have performed well overnight as hints of Chinese easing have given traders confidence in equities. Now we're expecting that exuberance to translate into some mild gains for the FTSE and other European markets. Good morning – looking ahead to the open here are the forecasts for indices: FTSE100 +15 at 6638; DAX +20 [...]
Nation celebrates as 8lb 6oz prince is born at 4.24pm at St Mary’s Paddington July 22, 2013 BRITAIN’S future king was welcomed by jubilant crowds yesterday after the Duke and Duchess of Cambridge’s son was born, weighing 8lb 6oz. A mass of wellwishers outside Buckingham Palace cheered the new arrival, echoing the joy of the royal family. The Duke of Cambridge said simply: “We could not be happier.” A Kensington Palace statement [...]