CITY MOVES WHO’S SWITCHING JOBS October 19, 2009 Charles Stanley SecuritiesThe stockbroker has appointed Nick Redfern as head of institutional sales, responsible for small and mid-cap distribution. Redfern started his career at Smith New Court before moving to Dresdner Kleinwort, where he spent six years as a managing director responsible for pan-European emerging company sales. He also worked at Arbuthnot and Oriel Securities, [...]
William Hill revenue dips on sport wins October 19, 2009 Bookmaker William Hill yesterday reported a three per cent drop in third-quarter revenues after a punter-friendly season knocked results. Football results went against the bookies this August and September – by the end of last month there had been just four draws in the Premier League. Draws normally represent 25 per cent of outcomes. Most [...]
WHAT IS YOUR VIEW OF WILLIAM HILL’S RESULTS? October 19, 2009 MATTHEW GERARD INVESTECAfter much publicised weakness in sports margins and a profit warning from Ladbrokes, this statement is much better than we had anticipated. We believe the weakness in sports margins is a temporary phenomenon and that this is a good opportunity to buy into a cash generative, strongly positioned UK leisure retailer.NICHOLAS BATRAM KBC [...]
Bunzl targets companies for takeover October 19, 2009 Distribution and outsourcing group Bunzl said yesterday it traded in line with expectations in the third quarter and is in talks with possible acquisition targets. The firm said in a trading update sales rose eight per cent in the three months to the end of September, boosted by favourable foreign exchange movements. Although core sales [...]
BATTERSEA HOMES PLAN October 19, 2009 BATTERSEA powerstation could be the site of a new £5.5bn housing complex, after a planning application was submitted for 3,700 homes to be built alongside offices, shops and restaurants on the 40-acre site. Developers Treasury Holdings UK, who have submitted the plan, have spent two years in discussions about the site’s future.
St Ives slashes dividend amid tough markets October 19, 2009 Printer St Ives posted a sharp fall in full-year underlying pre-tax profit as all its businesses were hit by tough market conditions, slashed its dividend and said outlook for the markets it supplies remained uncertain. It declared a final dividend of 0.5p, taking the total dividend for the year to 2.25p, down 87 per cent [...]
City boosts office take up in London October 19, 2009 BOOSTEDby a surge in City office deals, central London office take-up in the third quarter rose to 2.6m sq ft, up from a low of 1.1m sq ft in the first quarter, according to new research from property firm CB Richard Ellis. In addition, the amount of space under offer lifted to 2.4m sq ft [...]
Tullett, BGC court case to be postponed for a week October 19, 2009 THE High Court battle between inter-dealer brokers Tullett Prebon and BGC Partners faces another setback this week as it is postponed indefinitely due to a barrister being taken ill. It is understood the court will not reconvene for at least a week after Andrew Clarke QC, a barrister at Littleton Chambers acting for BGC, was [...]
IMF warns against stimulus cuts October 19, 2009 The International Monetary Fund (IMF) yesterday warned countries not to scale back stimulus measures to fight the global recession as that could jeopardize a return to weak growth next year. “This is no time to take risks with premature withdrawal of the stimulus,” said the IMF’s John Lipsky. He said recovery forecasts were based on the [...]
BSM ties up with Barclays October 19, 2009 The British School of Motoring (BSM) and Barclays Commercial Bank yesterday announce a landmark financial partnership. Barclays will embark on a four-year funding line for the award-winning Fiat 500, which was recently announced as the new fleet vehicle for the driving school. The deal will see Barclays Commercial Bank funding a significant percentage of the [...]
