Rentokil’s growth impresses despite disposal charge August 14, 2013 RENTOKIL boss Alan Brown impressed investors with his final set of results yesterday, which sent shares in the pest-killer up more than six per cent. The FTSE 250 firm said half-year revenues rose 3.7 per cent at constant currency to £1.17bn, while adjusted pre-tax profit was up 1.8 per cent at £87.66m. A [...]
Analyst Views: How is Rentokil looking as chief exec Alan Brown hands over the reins to Andy Ransom? August 14, 2013 MIKE ALLEN PANMURE GORDON The outlook statement looks positive with a pick up expected in the second half. However, we do not think this will drive consensus earnings upgrades with no pick up in Europe seemingly on the horizon. We maintain a ‘neutral’ stance on the shares. CAROLINE DE LA SOUJEOLE CANTOR FITZGERALD The [...]
China to launch a new pharmaceutical probe August 14, 2013 CHINA is intensifying its investigation into bribery in the pharmaceutical and medical services sector with a fresh three-month probe slated to begin today, the official Xinhua news agency reported. The probe by the State Administration for Industry and Commerce (SAIC), one of China’s anti-trust regulators, is aimed at stamping out bribery, fraud and other anti-competitive [...]
ENRC earnings hit by slump in commodities August 14, 2013 PROFITS at under-fire mining group ENRC have slumped in the first half of the year as costs rose and the value of commodities fell. The firm, which is caught up in a takeover offer from its founders as well as a Serious Fraud Office investigation, said revenues fell one per cent to $3.2bn (£2.06m) while [...]
Glencore Xstrata shares climb after strong production update August 14, 2013 GLENCORE Xstrata’s share price rose yesterday after the miner trader unveiled a strong increase in first-half production across most of its commodities. The FTSE 100-listed firm – which is due to post its half-year earnings next week – said that copper output soared 20 per cent, while gold rose 14 per cent and coal production [...]
Lonmin recognises union on the anniversary of miner massacre August 14, 2013 PLATINUM miner Lonmin yesterday formally recognised South Africa’s AMCU trade union, averting the threat of further strikes and paving the way for pay talks. The accord was reached ahead of tomorrow’s first anniversary of the Marikana massacre, which saw police kill 34 miners at a Lonmin mine in the north of the country. Pay talks are [...]
Centamin posts record quarterly output but court ruling looms August 14, 2013 RECORD quarterly production was not enough to stop gold miner Centamin’s share price sliding over five per cent yesterday, as uncertainty around legal cases and Egypt’s civil unrest continues to shake investors. Gold production rose eight per cent quarter-on-quarter to 93,624oz. However, earnings fell 22 per cent to $63.7m (£41.1m), mainly due to the declining [...]
Balfour’s shares nosedive after profits fall 70pc August 14, 2013 INFRASTRUCTURE group Balfour Beatty posted a 70 per cent fall in first-half pre-tax profit yesterday as the already well-flagged problems in its British and Australian businesses took their toll, causing shares to plunge almost seven per cent. The group’s British regional construction unit, under new management since April, made an operational loss of £41m in [...]
Countrywide shares tumble as investors cash in £200m shares August 14, 2013 COUNTRYWIDE’S private equity backers Oaktree and Apollo sold £200m worth of shares in the estate agents yesterday, cashing in on the revival in the UK housing sector. The group saw shares fall 4.5 per cent last night following the share placing, which saw Oaktree and Apollo whittle down their shareholding in the company by [...]
CLS Holdings’ value hits £1bn August 14, 2013 CLS HOLDINGS has seen the value of its property break the £1bn mark for the first time since the financial crisis, thanks to its large schemes in Vauxhall on London’s Southbank. The developer said yesterday its net asset value rose six per cent to 1,223.7p per share in the six months to 30 June while [...]