Bumper year at consumer care unit helps boost Croda results February 26, 2013 SPECIALITY chemicals group Croda posted a jump in pre-tax profit over the full year, boosted by a bumper performance from its consumer care division. Pre-tax profit at Croda, which counts Procter & Gamble and Unilever among its customers, rose by 6.6 per cent to £253.2m over the 12 months, on sales 2.3 per cent higher [...]
Glencore’s Glasenberg attacks record of mining industry CEOs February 26, 2013 IVAN Glasenberg, the billionaire boss of commodity giant Glencore, has launched a blistering attack on mining industry executives, saying they have “really screwed up”. He told investors that industry CEOs made the “catastrophic” decision to over-invest in new mines, pushing down prices at the expense of shareholder returns. “We’ve always been wanting to keep building and [...]
Progress made at RSM Tenon February 26, 2013 RSM Tenon yesterday heralded a “significant turnaround” as it narrowed its losses to £10m for the six months to the end of December, from £70.6m a year ago. The audit firm, which is recovering from a string of profit warnings and a change in management in early 2012, said revenues fell 10 per cent to [...]
GKN earnings leap as it warns on softening Europe car market February 26, 2013 CAR and aeroplane parts maker GKN yesterday warned of a sluggish European car market this year, as profit jumped 19 per cent over the full year. While GKN – which operates across four divisions – expects 2013 to be “a year of good progress” for the group, it expects another bleak year for European car [...]
St Modwen raises £50m in New Covent Garden share placing February 26, 2013 ST MODWEN yesterday raised £49m in a share placing to help fund the £2bn regeneration of Britain’s biggest flower and vegetable market. The developer and joint venture partner Vinci were chosen last year to redevelop New Covent Garden Market in Nine Elms on the South Bank. The project will see the complete overhaul of the [...]
Redrow profits up 50 per cent February 26, 2013 HOUSEBUILDER Redrow posted a 50 per cent rise in first-half profit yesterday and said it was cautiously optimistic for the second-half as the housing market stabilises. Chairman Steve Morgan, who led a failed takeover bid for the group last year, said improvements in the mortgage market as well as a focus on margins had aided [...]
Shell to buy Repsol assets February 26, 2013 SPANISH oil group Repsol yesterday confirmed that Shell will buy some of its liquid natural gas assets for a total of $6.7bn (£4.4bn) in cash, leases and debts. Repsol has agreed to sell off assets in Trinidad & Tobago, Peru and Spain in a deal intended to cut net debt at the firm. The Spanish group [...]
BP’s cost-cutting criticised at trial February 26, 2013 BP put cost-cutting before safety in the run-up to the 2010 Deepwater Horizon spill, an oil engineer said yesterday at the first day of testimony in the oil giant’s lengthy civil trial. Engineering expert Robert Bea was the first witness to be called. “There is ample evidence of intense pressure within the system to save [...]
Goals Soccer Centres scores growth February 26, 2013 Five-a-side football pitch operator Goals Soccer Centres yesterday reported a three per cent rise in annual profits to £9.48m, in line with forecasts. Sales were up seven per cent to £32.5m owing mainly to the removal of VAT on league bookings last year.
Costs hurt Devro profits February 26, 2013 Sausage skin maker Devro said yesterday it would continue to ramp up investment in its production facilities, after reporting a five per cent dip in full-year profits. The firm, which warned in October that profits would be lower than originally expected, said pre-tax profits fell to £40.8m last year from £43m, on revenues 5.9 per [...]