Fresnillo sees silver price lift its profits March 6, 2012 FRESNILLO, the world’s largest primary silver producer, said high metals prices boosted 2011 profit and helped more than double its final dividend, offsetting rising electricity prices, wages and the cost of tighter safety controls. The Mexican miner has no debt and $685m (£434m) in cash on its balance sheet at the end of 2011, but [...]
Wood Group profits rise is fuelled by engineering unit March 6, 2012 OIL industry services group John Wood yesterday reported a better than expected 16 per cent rise in full-year profits, helped by a strong performance at its core engineering unit where it expects to see further growth this year. The company, which designs, builds and maintains oil and gas facilities and pipelines, said increased exploration and [...]
Meggitt growth lifts off March 6, 2012 British aircraft parts supplier Meggitt expects to benefit from airlines renewing fleets with more fuel-efficient planes this year, after that trend helped it deliver strong growth in 2011 profit. The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, said yesterday 2011 pre-tax profit rose 26 per cent to £323m on sales [...]
Cape sees record revenues March 6, 2012 Industrial service firm Cape said yesterday it had achieved record revenues in its first year in the FTSE 250. The company provides insulation, painting, industrial cleaning and training. Revenue jumped 11.1 per cent to £722.5m in 2011 with adjusted pre-tax profits of £69.4m compared with £69.1m the year before. In spite of delays to key [...]
Ashstead helped by weather March 6, 2012 Plant hire group Ashtead yesterday reported record third quarter pre-tax profits. For the three months to 31 January the group saw profits of £21m compared with a £2m loss the same period a year ago. Improved weather conditions helped the company as more outdoor building work was possible. Meanwhile revenue rose 21 per cent to [...]
Lib Dems and Labour back industry aid March 6, 2012 LEADING politicians from Labour and the Liberal Democrats yesterday promised manufacturers they will resurrect the idea of an active industrial policy, using the government’s influence and funds to support British business. Labour leader Ed Miliband told the EEF conference that spending money to boost jobs, rather than just supplying good public services, is a patriotic [...]
Inflation slows across world thanks to cooling energy prices in late 2011 March 6, 2012 INFLATION across the developed world dropped again in January as energy price rises slowed, figures suggested yesterday. Data from the Organisation for Economic Co-operation and Development showed inflation fell to 2.8 per cent in the year to January across its 34 member countries. That represents a small decline from the 2.9 per cent seen in [...]
House price slump not finished yet March 6, 2012 HOUSE prices fell again in February, reversing January’s rise and continuing the slow downward trend of the year. Prices dropped 0.5 per cent in the month, following January’s 0.6 per cent rise, taking the average price to £160,118. Over the last three months, prices are down 1.1 per cent, and 1.9 per cent on February [...]
Do you think the UK is becoming more protectionist? March 6, 2012 Ed Miliband has called for a new “Made in Britain” label to encourage people to buy British. The government has asked British firms to stop hiring foreign workers instead of British ones. And multinational firms say they are finding it hard to bring in talent from abroad due to the immigration cap. So what do [...]
CITY VIEWS: WOULD YOU BE MORE LIKELY TO BUY SOMETHING MADE IN BRITAIN? March 6, 2012 MARK WILLIAMS | PEEL HUNT “No. What an absurd idea. Items should be made in countries that have a competitive advantage. Making goods in the UK is ridiculous, unless they are specialised high-value items.” RICHARD THOMAS | GATEHOUSE BANK “No. It might work for tourists but it is unlikely to appeal to British consumers. For [...]