Commerzbank moves to end its reliance on state support September 9, 2009 COMMERZBANK will move quickly to end its use of state support, chief executive Martin Blessing said yesterday at a bankers’ conference in Frankfurt. He said the bank would stop issuing bonds backed by state guarantees and added that the lender would move to pay back Berlin’s 25 per cent equity stake by 2012 at the [...]
CITY VIEWS: DO YOU AGREE THAT THE UK IS STILL AN EASY PLACE TO DO BUSINESS? September 9, 2009 MARK LINDSEY HSBC“It isn’t as easy as it was and, given the way the UK is going on taxes, it seems the government does not realise that the world wants to move in on what we’ve got. And as well as our unfavourable tax regime, the City is also archaic in terms of computer systems.” [...]
Sports Direct profits climb September 9, 2009 SPORTS Direct, the sports retailer founded by Newcastle United owner Mike Ashley, yesterday upped its profit forecast for the year as it revealed encouraging trading figures for the summer period. The group, which owns the Sports World and Lillywhites chains, said gross profit for the 13 weeks to 26 July increased to £157m from £150m [...]
HOW SUCCESSFUL IS SPORTS DIRECT’S STRATEGY IN COMPARISON WITH ITS CLOSEST COMPETITORS? September 9, 2009 JONATHAN PRITCHARD ORIEL SECURITIESSports Direct is benefiting from better demand on the high street for its wares but also making hay whilst its competition is struggling, and as we approach the World Cup next June we see sales growth accelerating further. Given the problems at JJB and the change of tack at JD Sports, Sports [...]
Cartier owner Richemont sees sales fall in slump September 9, 2009 RICHEMONT, the luxury goods group behind Cartier jewellery and Chloe handbags, struck a cautious note about future demand yesterday amid signs the rate of decline in its sales was slowing. Demand between April and August for Richemont’s goods, which include watches from prestigious brands like IWC and Jaeger-LeCoultre, Montblanc pens and Lancel accessories, slipped 16 [...]
Thorntons says the end of recession is now in sight September 9, 2009 CHOCOLATE retailer Thorntons yesterday posted a 4.5 per cent fall in full-year profit, as tighter margins offset a rise in sales, but said the recession appeared to be easing and trade was improving. The 98-year-old chocolate maker on reported a pre-tax profit of £81m for the year to June 27, including a one-off £1.8m pension [...]
Laura Ashley profits hit by forex losses September 9, 2009 FASHION and homewares retailer Laura Ashley said it was hopeful of an improved second-half performance yesterday after first-half profit was dented by foreign exchange losses. The firm posted a pre-tax profit of £1.1m for the 26 weeks to 1 August, a fall of 77 per cent, attributed to currency losses of £5.5m. Total sales did, [...]
Frasers bucks retail misery September 9, 2009 DEPARTMENT store chain House of Fraser yesterday revealed that underlying profits jumped over the first half of the year as sales strengthened despite the challenging retail environment. House of Fraser, which was taken private in 2006 by a consortium that included now-bust Icelandic investor Baugur, Scots entrepreneur Sir Tom Hunter and the firm’s chairman Don [...]
Travelzest plugs 2m gap and brings shares online September 9, 2009 TRAVELZEST, the tour operator that offers holidays to naturist resorts, has secured a further £2m to meet a shortfall in its planned share placing, and has been able to lift a suspension on its shares. The group has completed its £5.7m capital raising and restructured its debt pile, issuing 142.m shares in total at 5p [...]
Johnson says it is confident on the year ahead September 9, 2009 DRY cleaning-to-clothes-hire firm Johnson Service Group posted a surge in first-half adjusted pre-tax profit yesterday, aided by robust trading amid tough market conditions. It said it was confident of achieving satisfactory results for the year. The company also said it would resume dividend payments with an interim payout of 0.25p per share. “Against a difficult [...]
