Shares in Petra Diamonds fail to sparkle despite record production October 27, 2014 MINING firm Petra Diamonds has reported its highest quarterly production since the company launched in 1997, at 833,744 carats for the first quarter of 2014-15, up two per cent from the 816,735 carats recorded at the same time last year. Revenue also grew to $100.8m (£62.5m), up 55 per cent on $65.1m in 2013-14, despite [...]
Profit warning from APR kicks up uncertainty October 27, 2014 EMERGENCY power supplier APR Energy’s shares fell by 6.6 per cent yesterday after the company warned that profit may fall at the lower end of expectations for 2014 in its third quarter results published yesterday. Despite improved revenue of $122m (£76m) in the quarter, up from $84m this time last year, the firm said recent [...]
City watchdog ends its probe of Partnership October 27, 2014 UK PENSION provider Partnership Assurance revealed yesterday that the Financial Conduct Authority (FCA) had ceased its investigation into the company in relation to possible breaches of the regulator’s Retail Distribution Review (RDR) rules. Partnership was notified in September 2013 that the FCA would investigate its distribution agreement with one unnamed advisory firm. At that time, [...]
LV’s life arm sees sales go up while motor business declines October 27, 2014 INSURER LV has announced sales of £1.14bn in its life business during the first nine months of 2014, up from £1.03bn last year. On the general insurance side of the company, gross written premiums (GWP) fell from £1.13bn to £1.08bn, despite the number of in-force policies growing from 4.4m to 4.5m. This was largely due [...]
UK’s Innovation Group wins two year contract October 27, 2014 SERVICES and software provider Innovation Group has been contracted by Zurich Insurance in Germany to provide its customers with access to vehicle repair bodyshops. Innovation Group will also provide training to Zurich claims handlers to help them allocate repairs to the network. The initial contract will last for two years, commencing 1 January 2015, with [...]
Condor in £6m deal with IFC October 27, 2014 MINING company Condor Gold has finalised the terms of an equity subscription agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to raise approximately £3.51m. This completes Condor’s total fundraising of £6.41m, announced in September. The remaining £2.9m was raised through a share placing on Aim. Condor stated [...]
Hatfield deep coal mine holds last-ditch talks to remain open October 27, 2014 Management at Hatfield colliery in South Yorkshire must convince electricity generators, including Drax, EDF and Eon, to continue paying more than the market price for its coal before the end of the year, or face closure in 2016. Hatfield, which was used to film scenes for the 1995 film Brassed Off and falls within Labour [...]
Armadale gold mine sees value jump to $55.3m October 26, 2014 INVESTMENT company Armadale Capital has revealed that its Mpokoto Gold Project in the Democratic Republic of Congo has increased in post-tax value by 68 per cent to $55.3m (£38.4m). The mine, which was purchased by Armadale in August 2013, was previously valued at $33m in a scoping study carried out in April. The new value, [...]
Ophir ready to snap Salamander up if sale to Sona falls through October 26, 2014 Oil firm Ophir Energy is preparing a takeover bid for London-listed Salamander Energy, in competition with Spanish energy company Cepsa. The offers could value Salamander at more than £275m. Salamander was up for sale earlier this year, but took itself off the market and instead agreed in June to sell a 40 per cent interest [...]
Smaller energy players forcing drop in prices October 26, 2014 ENERGY secretary Ed Davey advised households that they could save £200 on average by choosing a new energy tariff due to increased competition in the market. “I want people to get a better deal on their energy bills. Some of the new smaller suppliers are cutting prices and forcing bigger players to respond. Over two [...]
