Eurozone bank lending keeps on contracting August 28, 2013 THOUGH the Eurozone’s 18-month recession officially ended in the second quarter of this year, bank lending is still shrinking, down 1.9 per cent in the year to July. The decline in lending is the fastest in the Eurozone since the beginning of the single currency. Yesterday’s figures, released by the European Central Bank (ECB) also [...]
Retail sales smash expectations August 28, 2013 THE RETAIL sector is returning to a better state of health according to a widely-regarded business survey published yesterday. Sales in the year to August grew at their fastest rate since November last year, smashing the expectations of economists, the Confederation of British Industry (CBI) said. Nearly half (49 per cent) of the 125 firms surveyed by [...]
Modelzone to vanish from high street August 28, 2013 Modelzone administrators Deloitte yesterday confirmed that all of the model and toy retailer’s stores are set to close after failing to find a buyer for the business. The business advisory firm will close the remaining 18 shops next month, resulting in 126 job losses. Modelzone, which opened its first store in Brighton in the 1930s, [...]
Former M&S exec joins hotel group August 28, 2013 Former Marks & Spencer finance head Ian Dyson has added a new non-executive role to his portfolio by joining the board of Intercontinental Hotels. Dyson, who is a non-executive at Punch Taverns and is joining the Asos board in October, spent several years as the financial controller of Hilton Group.
Chime bullish despite sports slump August 28, 2013 Communications & sports marketing group Chime Communications yesterday reported a two per cent rise in pre-tax profit to £11.2m for the six months to 30 June. However, profits at its sports division slumped 40 per cent after a bumper Olympic summer last year proved a tough comparative. But the division, chaired by Lord Coe, is [...]
Randall & Quilter sees profit slide August 28, 2013 Insurance investment specialist Randall & Quilter saw pre-tax profit slide to £3m in the six months to 30 June. Chairman Ken Randall said the results were adversely affected by a decline in the values of investment assets. He said the outlook was “promising” and the full year would meet management expectations.
Smartphone gambling lifts bookies’ profits August 28, 2013 THE RISE of mobile and online gambling lifted the profits of two online gaming companies yesterday. Irish bookmaker Paddy Power reported a rise in pre-tax profits of 12 per cent for the first half of the year on the back of its online business. The group’s profits reached €77m (£66.4m), up from €68.7m in 2012, [...]
Analyst Views: What did you make of Paddy Power’s results? August 28, 2013 RICHARD STUBER NOMURA INTERNATIONAL “We see full year downgrades as reflective of one-off events and currency and not indicative of the underlying long-term growth potential of Paddy Power’s online businesses. We reiterate our ‘buy’ recommendation based on… its targeted retail expansion plans and its attractive balance sheet. IVOR JONES NUMIS “Even after recent falls Paddy [...]
EE’s 4G headstart reaches new milestone ahead of rivals’ launch August 28, 2013 EVERYTHING Everywhere (EE), the UK’s largest mobile network operator, announced yesterday that its superfast 4G mobile network is now available in over 100 towns in the UK. The news came ahead of rivals O2 and Vodafone launching their 4G networks today. EE, which owns Orange and T-Mobile, said yesterday it will continue rolling out its [...]
Johnston Press loses £250m August 28, 2013 REGIONAL newspaper publisher Johnston Press yesterday reported a pre-tax loss of £248.7m for the first half of the year. The publisher put the loss down to a £194.5m non-cash impairment charge on the value of its newspapers and a £57.9m write-down on the value of its printing assets. Revenues in the first six months of [...]