Entertainment One posts loss November 18, 2009 Entertainment One, the company behind the Twilight vampire films, said yesterday its first-half losses widened 44 per cent to £7.9m, compared to £5.5m in the previous year, as higher interest charges and write-offs offset higher revenues. The Aim-listed firm reported turnover 25 per cent higher at £164m, with underlying profits 38 per cent higher at [...]
Trafficmaster shares swerve November 18, 2009 DRIVING services firm Trafficmaster said it was “upbeat” about prospects for 2010 despite a 25 per cent drop in sales of consumer services like stolen vehicle tracking. Shares in the company fell 7.9 per cent as broker Panmure Gordon cut its price target from 56p to 52p on valuation grounds. Trafficmaster insisted operating profit would [...]
Belt tightening hits Restaurant November 18, 2009 RESTAURANT GROUP, the retailer behind Garfunkel’s and Frankie & Benny’s, yesterday warned of falling revenues. Sales were down three per cent year-on-year between January and October despite the opening of 17 new eateries. The company said rising unemployment, tight credit markets and high levels of household debt had made 2009 a “challenging” time to run [...]
Mothercare to focus on larger stores November 18, 2009 MOTHERCARE, the pregnancy and early childhood retailer, will increase the number of its large-format stores as it prepares to close up to 90 smaller high street locations. Chief executive Ben Gordon said the company’s out-of-town parenting centres, which combine the Mothercare and Early Learning Centre brands under one roof, account for 40 per cent of [...]
PAY OF ALLIED IRISH BOSS IS CAPPED November 18, 2009 COLM Doherty, the new head of Allied Irish Bank, has accepted a 20 per cent pay cut to take the reins at the bailed-out bank. Doherty, who led Allied Irish’s investment banking arm on a salary of €633,000 (£565,000), has had his pay packet capped at €500,000 after nationwide outrage at remuneration at state-backed banks. [...]
Capita slips as sales fall short of expectations November 18, 2009 CAPITA, Britain’s largest outsourcing company, was the FTSE’s worst performer yesterday on the back of a disappointing update that drew attention to its high trading multiple. The company’s paper lost 5.2 per cent to close the day at 721p after it revealed a slower than expected rate of organic growth. Capita won £1bn of work [...]
SocGen fears the worst November 18, 2009 French bank Société Générale has told its clients to prepare for a possible “global economic collapse” over the next two years. It says investors should draw up a defensive investment strategy to secure their wealth. The report, entitled “Worst-case debt scenario”, warns that government bailouts have simply transferred private liabilities onto state shoulders, rather than [...]
Telereal Trillium agrees debt November 18, 2009 Telereal Trillium, the property investment vehicle owned by the William Pears Group, has pulled off a £340m debt refinancing with four banks. The restructure, one of the biggest transactions this year, was arranged between Telereal Trillium and Barclays, Lloyds, Germany’s Eurohypo and Spain’s Santander. Graham Edwards, Telereal Trillium’s chief executive, said: “We are very grateful [...]
ALPHA MALE November 18, 2009 JUPITER Asset Management yesterday said Guy de Blonay, who it poached last month from Henderson, will join its star fund manager Philip Gibbs on the £1.4bn Financial Opportunities Fund next summer. Gibbs’ fund turned heads last year after it returned seven per cent despite markedly hostile market conditions.
Ex-Deutsche chief faces fraud charges November 18, 2009 THE former chief executive of Deutsche Bank has been charged with attempted fraud in the course of a long-running court feud with an ageing media entrepreneur. Prosecutors in Munich allege Rolf Breuer, who stepped down from Deutsche’s board seven years ago, lied to judges to avoid a conviction in a civil suit brought by TV [...]
