IT’LL BE ALRIGHT ON THE NIGHT: THE PITFALLS OF LIVE BUSINESS TELLY December 2, 2009 So the countdown is firmly underway; but unfortunately this one doesn’t include an advent calendar or any nice surprises at the end. Or even a man with a beard. I’m talking of course about the Pre Budget Report. The midnight oil may be burning at HM Treasury as they try to work out how to [...]
Tories slam Post Office reform December 2, 2009 THE TORIES yesterday hit out at government plans to overhaul the Post Office, saying plans to start offering financial products through branches was too little too late. A public consultation will be launched into plans to reform the ailing service, business secretary Lord Mandelson said yesterday, which include offering account access from each of the [...]
Accuma chief executive makes bid to go private December 2, 2009 ACCUMA Group chief executive Charles Howson has launched a £5m bid to take the debt management company private. Howson, who bought Accuma in 2003, has teamed up with the Manchester-based financial services company Zeus Group to pay 15.5p a share for Accuma, 88 per cent higher than Monday’s closing price. The deal has already received [...]
Numis upbeat despite falling to yearly loss December 2, 2009 INVESTMENT bank and stockbroker Numis yesterday reported a slip into the red last year due to the credit crunch, but said its new financial year had got off to an “excellent” start. Numis racked up £14.7m of investment losses and charges in the year to 30 September, leading to a statutory pre-tax loss of £10.5m [...]
BEST OF THE BROKERS December 2, 2009 DUNELMAltium Securities yesterday gave Dunelm Group a “buy” rating and forecasted earnings growth of about 30 per cent for 2010, partly based on the company’s reported £24m of net cash at the end of 2009, following a £30m net cash inflow the previous year. It said that Dunelm’s financial strength and capacity for expansion position [...]
Enoc will keep hold of Dragon Oil December 2, 2009 Dubai-controlled refiner Emirates National Oil Company (Enoc) will retain control of explorer Dragon Oil, quashing speculation of a sale based on Dubai’s need for cash to meet its pressing debt obligations. Enoc said yesterday it remained committed to a 2 November bid for the remaining 48 per cent of the London-and-Dublin-listed firm for about $1.8 [...]
C&W reveals 60m AXA deal December 2, 2009 Cable and Wireless Worldwide yesterday announced a six-year, £60m telephony transformation contract to take on the management of the entire AXA UK telephony estate. The estate, which spans 30 sites around the UK, encompasses 3,000 telephone agents and 12,000 users in total. Cable and Wireless said the deal would enable AXA to deliver an improved, [...]
Telford Homes increases profits December 2, 2009 East London residential developer, Telford Homes, reported a leap in pre-tax profits to £6.5m from £0.3m a year ago while revenue jumped from £35.6m to £85.9m. The builder remains on course to match full-year forecasts as it legally completed 224 open market homes during the period, nearly double the 119 it reported during the previous [...]
Sceptre Leisure credit facility December 2, 2009 Sceptre Leisure announced yesterday that it has agreed to a £6m revolving credit facility and £0.5m overdraft with Lloyds Banking Group to replace an existing £3m overdraft, which was due to expire on 31 December 2009. The group reduced its net debt from £19.3m to £16.7m in the six months to 31 October.
Redundancy costs and the effects of the crunch hit Brewin Dolphin profits December 2, 2009 STOCKBROKER Brewin Dolphin announced lower annual profits due to redundancy costs and tough trading in investment banking and warned of more woe. Brewin reported pre-tax profit of £21.9m for the year to 27 September, down from £32m a year ago, after cutting an undisclosed number of jobs. The group said its investment banking division started [...]
