Antitrust body in Ryanair ruling August 27, 2013 Ryanair boss Michael O’Leary is set for disappointment this morning when the Competition Commission tells the airline how much of its near-30 per cent stake in Aer Lingus it must sell off. The CC said in May that the holding “could reduce competition on routes between Great Britain and the Republic of Ireland”. Ryanair has [...]
Sentances keep musical talent in the family August 27, 2013 EARLIER in the year The Capitalist invited readers to send word of any business-related songs they had come across in the workplace. The request led not only to the door of economist-slash-rocker Andrew Sentance, but also ex-MBA tutor – and friend of Sentance – Peter Cook. Now The Capitalist hears that the musical pair treated [...]
Omnishambles and bitcoin make it into Oxford Dictionaries online August 27, 2013 WORDSMITHS in the Square Mile will be pleased today, as Oxford University Press (OUP) has announced the latest additions to its online dictionaries. The Capitalist enjoys seeing City lingo making it into everyday lexicon – and the new round of entries includes plenty of financial vernacular. OUP’s 2012 Word of the Year omnishambles – “a situation that [...]
Kentz posts rise in profits as bid battle continues August 27, 2013 ENGINEERING and construction firm Kentz’s takeover approach from Amec reached a stalemate yesterday, after its first-half results failed to impress the larger rival’s management or shareholders, City A.M. understands. The FTSE 250-listed firm posted a two per cent rise in revenue to $775.2m (£498.8m) and a 2.9 per cent increase in pre-tax profit to [...]
Bottom Line: Takeover chatter won’t go away so Brown is right to aim high August 27, 2013 KENTZ boss Christian Brown made it clear yesterday that the firm was not ready to compromise on price in its ongoing takeover battle with various suitors. Yesterday’s results, including new orders valued at $979m (£630m) and a $2.8bn backlog, should certainly give the industry veteran some breathing room – especially if what he’s really after is [...]
Bunzl chief executive eyes more acquisitions as its revenues climb August 27, 2013 DISTRIBUTION firm Bunzl yesterday unveiled solid first-half results and two new acquisitions, and hinted more potential deals are on the horizon. The FTSE 100-listed group reported a 13 per cent increase in revenue to £2.96bn and a 12 per cent rise in pre-tax profits to £167.7m. It increased its dividend by 14 per cent to [...]
Stricken Aussie surfer blown out water after brand valued at zero August 27, 2013 TROUBLED Australian surfwear maker Billabong yesterday said its flagship brand is now completely worthless. The Australian listed company, which fell to a loss of A$859.5m (£496.6m) for the year ending June, wrote down the carrying value of the famous Billabong brand label from A$252m to zero. It also said its Von Zipper, Palmers and Element [...]
Antofagasta dampens special dividend hopes as earnings fall August 27, 2013 COPPER miner Antofagasta dampened hopes of a special dividend for 2013 yesterday after posting a drop in first-half profit and forecasting challenging market conditions. Shares in London-listed, Chile-focused Antofagasta have long traded at multiples at the top end of the sector, not least because of its generous shareholder rewards. The company has paid special dividends [...]
Petrofac fuels growth hopes August 27, 2013 Oil services group Petrofac hopes to deliver “modest” growth in full year profits despite a 25 per cent fall in first half earnings to $243m. The company expects net profit to be “significantly weighted” toward the second half of the year. The firm also revealed a three-year contract, worth $95m, to provide maintenance, engineering and [...]
Overground firm stays on track August 27, 2013 MTR Corporation, the Hong Kong-based transport firm that jointly operates the London Overground, said yesterday revenues were up 12 per cent and underlying profits rose 5.1 per cent in the first six months of the year. MTR gave no financial details for London Overground Rail Operations Limited, which it owns with Deutsche Bahn, but said [...]