Press Association falls into red May 21, 2009 The Press Association yesterday said turnover for 2008 was up 8 per cent – but that it fell to a pre-tax loss of £8m. Privately-owned parent firm PA Group said profit before exceptionals was up 11 per cent, but that it had been forced to write down £8.8m of assets at its sport business. PA Group [...]
PartyMarkets in loyalty scheme May 21, 2009 PartyMarkets.com, a subsidiary of PartyGaming, is launching a cash loyalty programme for the financial spread betting market today. Called TradeBack, the loyalty programme gives a rebate to the customer based on the number of trades executed, regardless of whether they have made a profit or loss.
Western & Oriental in profit May 21, 2009 Shares in Western & Oriental gained 3.6 per cent yesterday, as the specialist luxury travel group reported a swing to pre-tax profit for the six months ended 31 March 2009. The company posted first-half pre-tax profit of £100,000 against a £2m loss in the year previous, while gross profit margins came in significantly ahead of [...]
Re-think for Tesco’s US venture May 21, 2009 Tesco is making major changes in its US Fresh & Easy stores as analysts worry that the one-and-a-half year old chain is still searching for a successful niche. In what it calls an “evolution,” Tesco is putting more focus on value and adding about 1,000 items to its small-format Fresh & Easy stores’ current 3,500-product [...]
More jobs go as DMGT falls into the red May 21, 2009 DAILY Mail and General Trust (DMGT) said yesterday that had fallen into the red, posting a pre-tax loss of £239m for the six months to 29 March – forcing it to cut more jobs. The owner of the Daily Mail and the Mail on Sunday said that it had been hit by a £188m non-cash [...]
Eurozone data brings cheer May 21, 2009 THE eurozone’s services and manufacturing sectors contracted less than expected in May as firms saw the pace of decline in new orders ease, hinting the worst of a deep recession may be over, surveys showed yesterday. Markit’s Eurozone Flash Services Purchasing Managers Index (PMI) rose to 44.7 in May from 43.8 last month, beating the [...]
ACS raises 43.75m to fund further acquisitions May 21, 2009 ADVANCED Computer Software, the healthcare IT services provider, said yesterday it had conditionally raised £43.75m in a share placing to provide funding for future acquisitions. The placing of 145.25m shares at a price of 30p a share was handled by Seymour Pierce and Mirabaud Securities. ACS said it now has over £55m in the bank [...]
Sony halves suppliers on cost-cutting May 21, 2009 Sony will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 per cent this year, the consumer electronics giant said yesterday, stepping up restructuring efforts amid mounting losses. Analysts saw the move as positive. It comes on top of a plan to cut fixed costs [...]
NOT SO HAPPY BIRTHDAYS May 21, 2009 GREETING cards retailer Clinton Cards placed its Birthdays chain of 332 stores into administration, putting over 2,000 jobs at risk, after the unit was hit by the economic downturn and dire trading. The company, which also operates 692 Clinton Cards stores, said Zolfo Cooper, the turnaround specialist, has been appointed as administrator to the Birthdays chain.
CITY MOVES WHO’S SWITCHING JOBS May 21, 2009 AltiumThe investment banking group has appointed a number of new hires to its London team. Steve Medlicott, pictured, a top-rated capital goods analyst, joins from Singer Capital Markets, while Andrew Burdis joins the institutional sales team from Numis. Ian Williams joins the economics and strategy team from Blue Oar Securities, Clare Banham joins the equity [...]
