WPP expands Brazilian presence July 3, 2012 WPP-owned subsidiary Ogilvy & Mather yesterday unveiled the purchase of a majority stake in Foster, a Brazilian digital agency. Ogilvy acquired 70 per cent of the 19 year old company, whose clients include Metro, Danone and Goodyear. Foster, which generated revenues of R$5m (£1.6m) last year, will contribute to WPP’s Brazil-based revenues of $800m (£510m) [...]
Anite’s profits jump 75 per cent July 3, 2012 Software company Anite boosted its dividend yesterday after an “exceptional year” in which pre-tax profits climbed 75 per cent to £28m. The final dividend was increased by 53 per cent as revenues jumped by almost a third to £122.5m and earnings per share almost doubled to 6.5p. The London-listed company said all three of its [...]
Real good food gets sugar rush July 3, 2012 Sugar producer the Real Good Food Company said yesterday that a robust performance from Renshaw and Garrett Ingredients helped lift earnings before interest, tax, depreciation and amortisation by 62 per cent to £9.1m in the year to December. The firm, which is moving its reference date from 31 December to 31 March, posted sales of [...]
CITY MOVES | WHO’S SWITCHING JOBS July 3, 2012 Mayer Brown Alexandria Carr, the lead legal adviser at HM Treasury on EU financial services strategy, has been appointed by the law firm to its financial services, regulatory and enforcement group in London. She has worked for the UK government for 13 years, the last five of which were spent at the Treasury. Close Brothers [...]
BEST of the BROKERS July 3, 2012 BTG Merchant Securities has initiated coverage of the speciality healthcare group with a “buy” rating and a target price of 490p, seeing what it calls a tantalising growth story after three development and distribution companies were combined to produce two direct sales operations. As a result the broker is forecasting a significant increase in revenues [...]
Man Utd unveil IPO in New York to pay off debts July 3, 2012 MANCHESTER United last night filed documents for an initial public offering (IPO) of shares to be sold on the New York Stock Exchange. The size of the offering has initially been listed at $100m yet analysts expect that the figure could change significantly, with the price and quantity of shares yet to be decided. The [...]
FTSE edges up as Barclays chief quits July 3, 2012 The FTSE 100 edged up in early trading to continue two sessions of strong gains fuelled by hopes that the Eurozone could avert collapse. Significantly Barclays edged up slightly after chief executive Bob Diamond quit with immediate effect over the Libor rate-rigging scandal. Britain’s third-largest bank also accepted the resignation of chairman Marcus Agius on [...]
UK construction slumps July 3, 2012 British construction activity fell at its fastest pace in two-and-a-half years in June as underlying business conditions worsened and an extra public holiday hit output, a survey showed. The gloomy data will make grim reading for the government and Bank of England who are facing increasing calls to act and boost growth in an economy [...]
BlackRock to buy Swiss Re private equity business July 3, 2012 US investment management firm BlackRock is buying Swiss Re’s European private equity and infrastructure fund of funds franchise, it said. BlackRock said the terms of the all-cash deal, which also includes a strategic alternative investments deal with the world’s second-biggest reinsurer, were not being disclosed and it expected the deal to be completed by the [...]
Persimmon says new strategy paying off July 3, 2012 British housebuilder Persimmon said it had made an excellent start to its new strategic plan by completing more new homes, attracting more viewers and selling them for a higher fee, giving it confidence for the full year. Britain’s largest householder by market value followed other property developers by saying that market conditions had been relatively [...]