Hobbycraft sees surge in earnings July 26, 2012 Arts and crafts chain Hobbycraft yesterday reported an 8.3 per cent rise in total earnings before interest, taxation, depreciation and amortisation to £15.6m. The retailer, owned by private equity firm Bridgepoint Capital, saw an 11.9 per cent jump in revenue to £106.5m in the 12 months to 19 February. Hobbycraft, which opened 10 new stores [...]
AstraZeneca tops forecasts yet sales dive July 26, 2012 PRESSURE on the pharmaceutical industry from generic competition and government-squeezed prices was evident again yesterday as AstraZeneca reported a 21 per cent drop in second quarter sales. The loss of exclusivity on the firm’s top-selling antipsychotic drug Seroquel was responsible for 15 percentage points of the revenue decline, while pre-tax profits tumbled by a third [...]
UK still in top 3 for M&A despite European crisis July 26, 2012 THE MERGERS and acquisitions market is still in the doldrums, yet the UK and other established venues are not currently missing out on a swathe of lucrative deals at the expense of newer markets, according to research from Ernst & Young (E&Y) and the Cass Business School. M&A activity in developing markets has remained steady [...]
Exxon Mobil hit as price of gas and oil tumble July 26, 2012 EXXON Mobil, the world’s largest publicly traded oil company, posted lower-than-expected quarterly earnings yesterday as its oil and gas output sagged and weak margins hurt its chemicals business. Weaker global oil prices have weighed on earnings across the sector and Exxon also felt the sting of decade-low US natural gas prices, especially in the United [...]
Hammerson reveals Croydon centre plans to rival Westfield July 26, 2012 HAMMERSON yesterday unveiled its plans for the redevelopment of Croydon’s Whitgift Centre as the battle between the property developer and Australian rival Westfield escalated. Plans to revive the 1960s shopping mall came to a halt this year after its leaseholders – Royal London Asset Management and Irish Bank Resolution – and the freehold owners – [...]
Gambling firm 888 wins big July 26, 2012 Online gaming company 888 Holdings yesterday said second quarter revenues rose 17 per cent to $92m but added that it was not yet clear what effect the London Olympics would have on its business. The firm said third quarter trading started in line with expectations, with July’s average daily revenue 10 per cent above a [...]
New orders slide at Siemens July 26, 2012 Manufacturing giant Siemens yesterday posted a 23 per cent drop in quarterly new orders, steeper than expected, as customers wary of Europe’s debt crisis increasingly refrained from making investments. Order intake – a barometer of future sales – declined to €17.8bn (£13.9bn) in the third quarter, missing a €19.5bn forecast. Profit at at the firm’s [...]
Promethean boss steps down July 26, 2012 The boss of education technology specialist Promethean World is leaving the business to pursue a new challenge, it was announced yesterday. Jean-Yves Charlier, the US-based chief executive of the Blackburn classroom interactive whiteboard supplier, revealed his intention to quit as the company revealed half year operating losses of £148.5m, compared with a profit of £4.1m [...]
PwC fields team of athletes from across the globe July 26, 2012 ACCOUNTANTS may not be well known for their daredevil spirit or attention grabbing antics, but several employees of big four firm PwC are doing their best to prove the stereotypes wrong. First up, Iain Mackay – part-time PwC trainee, part-time Team GB Hockey hero. The midfielder’s dedication to his sport has seen him undertake intensive [...]
Torch comes to the City July 26, 2012 THE Olympic torch made its way through the City yesterday, setting off from Camden and pausing at St Paul’s and the Museum of London before continuing to Trafalgar Square and Downing Street. During the day it was carried by (clockwise from above left): Daniel Mccubbin at St Pancras, M&S chairman Robert Swannell, Esa-Pekka Salonen, conductor and composer of [...]
