Glencore deal bonanza helps prop up a struggling market March 22, 2012 THE M&A MARKET might be moribund in 2012, but a handful of massive deals have helped prop up activity figures – and the rankings of several top banks. Glencore’s long-awaited advances on Xstrata in February added $48.9bn to Thomson Reuters’ M&A values for the first quarter of the year. And the army of banks working [...]
Next calls for Sunday boost as sales jump March 22, 2012 NEXT CHIEF executive Lord Simon Wolfson said a permanent relaxation of Britain’s Sunday trading hours could add £40-£50m to the fashion retailer’s annual turnover. In Wednesday’s Budget chancellor George Osborne said he will introduce legislation lifting the six-hour limit on opening hours for larger stores over eight weekends from 22 July covering the Olympics. Wolfson [...]
WHAT DO YOU MAKE OF NEXT’S PERFORMANCE? March 22, 2012 FREDDIE GEORGE | SEYMOUR PIERCE Next has been an outstanding performer over the last year and has risen over the last quarter by 13 per cent despite the slightly disappointing trading over Christmas…The company will continue with the share buyback programme, £200m planned in the full year to 2013, and we believe the company still [...]
B&Q owner sees profits surge March 22, 2012 KINGFISHER, the owner of B&Q, yesterday announced it had beaten forecasts with a 20 per cent rise in annual profit to £807m as it set out plans for further growth. Sales at the group, which also controls Castorama and Brico Depot in France, rose 3.6 per cent to £10.8bn, while the full-year dividend was lifted [...]
Success for the lucky few that don’t rely on the high street March 22, 2012 IT’S bleak out there on the high street, about that there is no doubt. Non-food sales volumes fell by 1.5 per cent in February compared to a month earlier (see facing page). With Christmas long gone and the heavily-discounted January sales a distant memory, consumers have little to look forward to. Inflation might be less [...]
OCADO CHIEFS FORFEIT BONUSES March 22, 2012 EXECS at online grocer Ocado will not receive a bonus this year, after the firm failed to generate a pre-tax profit. Chief executive Tim Steiner’s (above) total pay has slumped 38 per cent to £354,000 for the year to November 2011 as the company grew sales but suffered supply problems. Finance chief Andrew Bracey, who [...]
Sofa chain sees dent in profits March 22, 2012 Sofa chain DFS said it would continue with its expansion plans despite posting a 31 per cent drop in first-half underlying profits to £28.3m yesterday. The retailer, which opened eight stores in the first six months of the year, plans to launch a further four sites by the end of its financial year, creating 500 [...]
Hermes hikes dividend 33pc March 22, 2012 Hermes showed its confidence in the global luxury goods market by raising its dividend 33 per cent after tourist spending in Europe and buoyant demand in Asia and the Americas fuelled full-year profit. The 175-year-old French company, which is 72 per cent owned by Hermes family shareholders, reported a 40.9 per cent rise in net [...]
Portmeirion eyes jubilee boost March 22, 2012 Portmeirion forecast a £1m boost to sales this year from the Queen’s diamond jubilee after demand for commemorative goods to mark the marriage of her grandson helped to lift 2011 profits. The china maker, whose products range from plates and gravy boats, said pre-tax profits rose 20.6 per cent to £6.3m.
Consumers cut back spending due to fears for UK economy March 22, 2012 CONSUMER worries over job security resurged and retail sales fell in February, fresh data revealed yesterday. Sale volumes fell 0.8 per cent from January although they rose one per cent compared with February 2011, according to the Office for National Statistics (ONS). Food sales fell 0.1 per cent month-on-month, while shops sold 1.2 per cent [...]