CRH chief to retire February 26, 2013 BUILDING materials group CRH said this morning that its chief executive is to retire, as full-year operating profit fell three per cent. Myles Lee will retire from the FTSE firm at the end of this year, following a five-year tenure. Operating profit came in at €845m (£728m) for the full year, down from €871m [...]
Profit leaps at GKN February 26, 2013 PROFITS jumped 19 per cent over the full year for car and aeroplane parts maker GKN, as it was boosted by record profit from all four of its divisions. GKN, which includes driveline, powder metallurgy, aerospace and land systems units, this morning posted a pre-tax profit over the year of £497m, up from £417m [...]
BBA gives green light to Libor handover February 25, 2013 THE British Bankers’ Association (BBA) has approved the handing over of running Libor rates to a new operator, after it was stripped of overseeing the benchmark last year. The City watchdog stripped the banking lobby group from governing the benchmark last September. An independent body will be selected by open tender, run by Sarah [...]
FTSE shrugs off downgrade February 25, 2013 THE blue chip index rose this morning – led by headline mining and banking shares – on signs that the US and Japan would continue loose monetary policy for some time. The FTSE 100 was up 0.7 per cent in early deals, as the market brushed off Moody’s downgrade of the UK’s AAA credit rating, [...]
Primark boosts AB Foods outlook February 25, 2013 ASSOCIATED British Foods forecast higher results this year than last, driven by an “outstanding” performance from subsidiary Primark. Adjusted operating profit will be higher than last year, while earnings per share for the first half will be “substantially” ahead of last year, AB Foods said this morning in a trading update. Primark sales in the [...]
Pearson unveils restructuring plan as it forecasts flat earnings February 25, 2013 EDUCATION group Pearson said this morning it expects its 2013 earnings to be broadly flat on the prior year, as it launched a £150m restructuring plan. Sales rose five per cent at constant exchange rates to £6.1bn over the full year, with digital and services businesses contributing 50 per cent of revenues. Adjusted earnings per [...]
Bunzl hikes dividend as revenues rise February 25, 2013 OUTSOURCER Bunzl this morning hiked its dividend seven per cent, as revenue jumped six per cent over the year to December. Group revenue increased to £5.4bn over 2012 – up from £5.1bn in 2011 – driven by recent acquisitions. At the start of this year Bunzl snapped up four businesses for around £140m, including Chilean [...]
FSA finds positive horse meat tests as more companies drawn into scandal February 15, 2013 The Food Standards Agency said this afternoon it had found 29 positive tests for horse meat after demanding samples from UK retailers. In a scandal that is spreading across Europe, the agency said this afternoon it had conducted 2,501 tests, 2,472 of which had come back negative for horsemeat levels above one per cent, with [...]
Mixed mining shares weigh on FTSE February 15, 2013 The blue chip index edged down in early deals after a mixed performance from headline mining shares. Anglo American was the biggest riser, adding more than three per cent in early deals, despite it posting a sharp drop in 2012 earnings as it was hit by last month’s $4bn write-down on Brazilian project Minas Rio. [...]
Retail sales fall unexpectedly in January February 15, 2013 UK retail sales slumped unexpectedly in January, as snowfall kept consumers at home. Sales including fuel fell 0.6 per cent month on month from December, according to official figures from the Office for National Statistics. On an annual basis, retail sales slumped 0.6 per cent in January. The ONS said that the food sector suffered [...]
